Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
If you are fortunate enough to have amassed a decent sized estate over the course of your lifetime, you may plan to pass some, or all, of that estate down to your children and/or other loved ones. The conventional method used to pass down assets is gifting them through a Last Will and Testament. What happens, however, if you are concerned about handing a beneficiary a sizeable inheritance all at one time? The Nashua estate planning attorneys at DeBruyckere Law explain how to avoid passing down a … [Read more...] about How to Handle a Lump Sum Gift in Your Estate Plan
A comprehensive estate plan can accomplish numerous important goals. Along with ensuring that your assets are distributed according to your wishes after your death, your plan can also help you achieve a wide range of additional, related goals. For you to achieve the maximum benefit from your estate plan, however, it must be reviewed and revised on a regular basis. To help you better understand the importance of this, a Beverly estate planning attorney at DeBruyckere Law Offices discusses what … [Read more...] about Updating An Estate Plan Is As Important As Creating One
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trusts (“IDGT”). The North Andover trust attorneys at DeBruyckere Law Offices explain why you might want to create an Intentionally Defective Grantor Trust. Intentionally Defective Grantor Trust Basics An … [Read more...] about Why Would I Create an Intentionally Defective Trust?
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more. … [Read more...] about Tax Reporting with Trusts
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Although once used almost exclusively by wealthy families, trusts are now commonly found in the average person’s estate plan. If you are contemplating the addition of a living trust to your estate plan, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. To choose the right person as your Trustee, you need a better understanding of what it means to administer a trust. To get you started the North Andover trust administration … [Read more...] about What Does It Mean to Be a Trustee?
One thing that all trusts have in common is the need to appoint a Trustee to oversee the administration of the trust. This is also where many people the mistake of appointing a spouse or close friend to the position without objectively considering the individual’s qualifications for the job. The North Andover trust attorneys at DeBruyckere Law Offices help you to understand the benefits of appointing a professional Trustee. What Does a Trustee Do? The overall job of a Trustee is to protect … [Read more...] about Benefits of Choosing a Professional Trustee