Leaving an inheritance to your children is a way to express your love and support them in building a secure future. However, simply handing them a lump sum might not be the most prudent decision. This is where trusts come in; these powerful legal tools can help ensure...
Trusts
How to use trusts to avoid or limit probate
Probate is the legal process wherein a deceased person’s assets are distributed to their heirs or beneficiaries and any outstanding debts are settled. Probate can be a time-consuming and costly process for families after the passing away of a loved one. Fortunately,...
What should you know about medical bills and trusts?
Creating an estate plan must be a priority for all adults. These plans have many components that help to ensure the creator’s affairs are taken care of if they’re incapacitated and that they’re able to pass down assets to their loved ones. One component of these plans...
Do you need a trust for your business?
When you have a small business, one of the things you should think about is obtaining a trust for your business. A trust is helpful because it will help your business continue its normal functions even if you are not there to run it yourself. Trusts have other...
What can trusts accomplish?
Creating an estate plan is a way to pass on your legacy. When you create a trust, it can be another way to transfer your assets to your loved ones. There are many types of trusts. While some transfer your assets after you pass away, others shelter your assets while...
When do revocable and irrevocable trusts actually end?
Creating a trust allows you to plan for the long-term future or your needs as you get older. A trust can also allow your instructions to continue affecting your property long after your death. There are many different kinds of trusts, but one of the most basic...
Which kind of trust is best for Medicaid planning?
There are several kinds of trusts that you may have an opportunity to open while trying to plan for Medicaid in the future. You want to protect your assets, so it makes sense to opt for a trust that will allow you to keep your assets safe while still helping you...
Setting up a special needs trust
You know that your son needs around-the-clock care. For years, you and your spouse have provided it as much as you could and with a little help from others. Your son is severely disabled with limited physical and mental capacities, requiring a wheelchair and extra...
Deductions permitted for estates and trusts
The IRS has determined that estates and nongrantor trusts in New York and around the country are now able to deduct certain expenses that are no longer considered miscellaneous deductions. Regulations have been released that offer clarity on the new rules and...
3 ways to pass business to family
An owner’s business is their life’s work. That work deserves careful planning to keep it intact for the family members who potentially own and run that business. As an owner, you want to find the most risk-averse strategy for transferring your business to your family....