What is an Irrevocable Life Insurance Trust and What are the Benefits?

What is an Irrevocable Life Insurance Trust and What are the Benefits? An irrevocable life insurance trust is a trust that you establish to own your life insurance policy. You can’t reverse the trust, which means you cannot take the money back once you transfer the assets into the trust. Irrevocable trusts have many benefits, […]

What Is A Spendthrift Trust?

What Is A Spendthrift Trust? ‍ A spendthrift trust is a trust that’s irrevocable and protects the trust assets from being used to repay creditors and prevents voluntary or involuntary attempts by the beneficiary to access trust assets. The purpose of a spendthrift trust is to help protect the beneficiary’s assets from their inclination to […]

The Importance of Charitable Foundation Trusts

The Importance of Charitable Foundation Trusts Charitable foundation trusts are irrevocable trust structures that can be used to make charitable contributions, assist with estate planning and even manage an operational charity. The tax code has specific requirements for charitable trusts in order for them to receive tax-exempt status. However, if structured correctly, a charitable foundation […]

What’s the Difference Between Estate Planning and Drafting a Will?

What’s the Difference Between Estate Planning and Drafting a Will? Estate planning and drafting a will are two different things. While some people may think they are one in the same, they are actually quite different. Estate planning is concerned with the distribution of your assets while drafting a will is concerned with making sure […]

What Are Charitable Remainder Trusts and How Can They Help You?

What Are Charitable Remainder Trusts and How Can They Help You? A charitable remainder trust is a unique type of trust with both tax and charitable benefits. It’s used to help a person or family meet their financial needs while also putting their money to good use. A Charitable Remainder Trust (CRT) is the most […]

Dealing with the Unforseen: Irrevocable Life Insurance Trusts

Dealing with the Unforeseen: Irrevocable Life Insurance Trusts Life insurance is a unique asset. It’s a contract where one party – the insurer – promises to pay another party – the policyholder – a fixed cash amount at some point in the future. This future payment is known as a death benefit, or in more […]

3 Ways to Use an Individual Trust for Your Retirement Plan

An individual trust is a powerful estate planning tool. If you believe you don’t have enough money to set aside for retirement, an individual trust might be the answer. You can use it to provide income from your fixed assets during retirement. In addition, it can help you avoid probate and reduce taxes. It also […]

The Benefits of Joint Trusts for Your Family

Joint trusts are an excellent way to provide for your family after you’ve passed away. They allow you to manage assets during your lifetime while still protecting them from estate taxes. Here are the benefits of joint trust that make it a good choice for many families. 1) You can decide who will be in […]

What is a Durable Power of Attorney?

Affectionate grandparents

You may not know this, but a Durable Power of Attorney is a very important and often overlooked legal document that allows you to designate someone else to make financial and medical decisions on your behalf if you are unable to do so. If you live in the United States, it’s likely that you don’t […]