The opportunity to give large, tax-free gifts to your heirs may soon diminish. With significant gift tax changes coming in 2025, the current federal gift tax exemption is set to be drastically reduced. Ensure your wealth stays in the family by revisiting your estate plan now. Understanding Gift Tax Changes in 2025 The Tax Cuts…
Irrevocable Gift Trusts for children and future lineal descendants provide a powerful and advantageous estate planning strategy. These trusts are particularly beneficial when individuals wish to transfer assets to the next generation but are concerned about the risks of gifting assets outright. When assets are transferred into an Irrevocable Gift Trust, they can benefit from…
Introduction to Living Trusts A living trust is a powerful tool in estate planning that allows individuals to manage and distribute their assets effectively during their lifetime and after death. It provides a structured approach to ensure that your assets are handled according to your wishes, minimizing legal complexities and potential disputes among heirs. Revocable…
Protecting Diverse Assets with Offshore Asset Protection Trusts Individuals may own a variety of assets, including cash, stocks, and intellectual property. An effective strategy to protect these assets involves using an offshore limited liability company (LLC) in conjunction with an offshore asset protection trust. This combination can safeguard both liquid and tangible assets, including real…
Understanding Trusts in Estate Planning Estate planning involves careful consideration of how your assets will be managed and distributed after your passing. One crucial tool in this process is a trust, a formal agreement that allows one person (the trustee) to hold assets for the benefit of another person or organization (the beneficiary). Trusts are…
In general, if the changes are minor, such as 1) adding or deleting specific bequests, 2) changing who will serve as successor trustee, or 3) updating a beneficiary’s or the successor trustee’s legal name due to marriage or divorce, then a simple trust amendment will be sufficient. There really aren’t any established written rules as…
A Pet Trust Estate Planning Attorney Joseph Hudack knows that you can establish a pet trust in your will, as a component of a revocable living trust, or as a separate trust. It’s crucial to remember when choosing a trustee that they could not always be the same person who will be caring for the…
Special Needs Trust There are special needs trust options, but you must ensure that they do not restrict the recipient’s access to public benefits. For instance, you may designate assets for the person with special needs directly in your estate plan, but you would need to make sure to account for the possibility of losing…
Qualify for Medicaid Estate Planning Attorney Joseph Hudack knows that many seniors find themselves in need of Medicaid to pay for their long-term care but are surprised to learn that their modest monthly income may disqualify them. The reason for this is that Medicaid is a “means-tested” benefit. In other words, you must not have…
What is Trust Administration? Trust administration is defined as the trustees’ management of trust property according to the trust document’s requests and for the benefit of the beneficiaries after the settlor’s death. Many steps are required to provide an effective administration. It’s recommended to work with an attorney to help in the process. Trust administration…