What Is a Settlor in a Trust? A settlor in a trust is the individual who creates and funds the trust. The settlor decides how the trust will operate, who the beneficiaries are, and who will manage it (the trustee). There are many reasons someone might choose to become a settlor, such as avoiding probate,…
Power of Attorney vs Trustee “When planning your estate, it’s essential to understand the key differences between a Power of Attorney and vs Trustee. While both can act on your behalf, their responsibilities, authority, and roles in estate planning differ significantly. What Is a Power of Attorney? A Power of Attorney grants someone—your agent or…
A common question in estate planning is: What Is A Trustee? A trustee is the person or institution appointed to manage the assets in a trust, according to the instructions laid out by the person who created it (the grantor). Trustees have a fiduciary duty, which means they are legally obligated to act in the…
What Is Trust Administration and How Does It Work? Trust administration is the process of managing and distributing a trust’s assets according to the wishes outlined by the settlor (the person who created the trust). Whether the trust is a living trust or a testamentary trust, trust administration begins after the settlor’s passing and often…
Understanding Family Trust Beneficiaries Family trust beneficiaries are individuals or organizations named in a trust to receive assets or financial support after the settlor (the person who creates the trust) passes away. In most cases, family members are named as beneficiaries to ensure loved ones are cared for and assets are distributed according to the…
While the lifetime exemption considers the total amount of all gifts made throughout your lifetime or at the time of your death, another beneficial tax avoidance option may be used yearly and is available to you at all times. Because of the annual gift tax exemption, each taxpayer can provide taxable gifts to an unlimited…
In 2025, the laws surrounding gifts to a non-U.S. citizen spouse are updated to address tax exclusions and the potential estate tax implications. Spouses who are both U.S. citizens can transfer an unlimited amount of assets to one another without incurring any gift tax. This allows for the deferral of taxes until the death of…
When a loved one passes away, navigating probate can feel overwhelming. Understanding who is responsible for handling probate matters is essential to ensuring a smooth process for managing the estate. Named Executors in a Will If the deceased had a will, the person named as the executor is responsible for handling probate matters. The executor…
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…