How To Create A Last Will And Testament?
Not many people are aware of what happens with their possessions, assets, and other responsibilities in case of their death. These decisions are generally taken with the help of a legal document signed before the person dies. This document is the last will and testament of an individual. What exactly is the last will and […]
What is a Land Trust?
A land trust is a legally enforceable trust arrangement between a property owner and a trustee that allows the trustee to keep the property either with or without surrendering the property’s title and control. A land trust’s purpose is determined by the kind of land trust. Real estate trusts, sometimes known as “Illinois land trusts” […]
What is a Charity Trust and How Does It Work?
A charitable trust is a means to build up your assets in such a manner that they benefit you, your beneficiaries, and a charity all at the same time. For philanthropically inclined people with non-essential assets such as stocks or real estate, a charitable trust might provide several financial benefits. But how do these trusts […]
What is a Qualified Terminable Interest Property (QTIP) Trust?
Qualified Terminable Interest Property Trust or QTIP Trusts are a smart estate planning strategy that enables a Grantor (the person who formed the Trust) to protect the future of their spouse, children, and legacy. This article will teach you all you need to know about the Qualified Terminable Interest Property Trust. Table of Contents What […]
What is a Qualified Personal Residence Trust?
QPRT (Qualified Personal Residence Trust) is a type of irrevocable trust intended to keep the value of your main or secondary residence out of your taxable estate. Creating a QPRT and thereby transferring ownership of your residence into that trust is a complicated process that cannot be reversed. QPRTs have both advantages and disadvantages. What […]
What is an Irrevocable Life Insurance Trust (ILIT)?
Many individuals are unaware that the proceeds from their life insurance policies may be included in their estates for tax reasons after they die. Depending on the policy’s value, this might result in an estate tax liability. It is, however, preventable. It is not an unbreakable rule, and there are exceptions. If you want to […]
What are Generation-Skipping Trusts?
A generation-skipping trust is one in which the beneficiary is a grandchild, great-niece or great-nephew, or anybody who is at least 37.5 years younger than the settlor. A generation-skipping trust is designed to avoid one round of estate tax. When passing on assets to heirs, generation-skipping trusts provide tax benefits by allowing you to skip […]
What is a Credit Shelter Trust?
A CST (credit shelter trust) is a trust established following the death of a married couple’s first spouse. Assets deposited in the trust are normally kept separate from the surviving spouse’s estate, allowing them to transfer tax-free to the remaining beneficiaries upon the surviving spouse’s death. The surviving spouse may benefit from the assets in […]
What is a Gift Letter?
If you are gearing up to give or receive a substantial financial gift, you should be aware of the importance of gift letters. Here are all the vital details you need to know about it. A gift letter is a formal, legal document that is a valid legal device to explain why you received a […]
4 Benefits of using Insurance in Estate Planning
Estate planning is a critical component of a complete financial plan for wealth protection, and life insurance may help in various ways, especially if you pass away unexpectedly and early. It helps by allowing you to access emergency cash in the case of a significant life event, such as the need for expensive medical treatment. […]
