Nov 28, 2012 | Trusts
A Family Bank Trust, or Lifetime Bypass Trust, is a type of irrevocable trust that provides complete asset protection for your spouse and descendants, and removes the trust assets from your estate and the estates of your spouse and descendants for estate tax purposes....
Nov 28, 2012 | Trusts
The Grantor Retained Annuity Trust (“GRAT”) is a type of trust specifically authorized by the regulations interpreting the Internal Revenue Code. This type of irrevocable trust permits you to make a lifetime gift of assets to an irrevocable trust in exchange for a...
Nov 22, 2012 | Trusts
A “grantor” trust is a trust that contains certain provisions set forth in the Internal Revenue Code, which defines these types of trusts. With a carefully drafted irrevocable grantor trust, the income is imputed to you as the creator of the trust, but the trust...
Nov 22, 2012 | Trusts
Under the Internal Revenue Code, when someone sells an asset they must pay income tax on the amount above their “basis” in the property. In its most simplified sense, basis is the amount you paid for an asset when you purchased it, or if you received it by gift, it is...
Nov 21, 2012 | Trusts
The Charitable Remainder Trust (“CRT”) is a type of trust specifically authorized by the Internal Revenue Code. These irrevocable trusts permit you to transfer ownership of assets to the trust in exchange for an income stream to the person or persons of your choice...
Nov 20, 2012 | Trusts
In our practice, we are often asked to review a client’s existing will or trust, just to see if it is OK. Most of the time, when the client’s children are grown, the will or trust provides that the children receive their inheritance outright. Often, parents feel that...
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