Qualified Personal Residence Trusts and Their Potential Use In Meeting Estate Planning Objectives
1. What is a Qualified Personal Residence Trust? A Qualified Personal Residence Trust (QPRT) is a trust that holds a personal residence for a term of years, allowing the creator of the trust (grantor) to
Estate Planning: You Need an Incapacity Plan that Works When It’s Needed
Estate planning is not only about having a plan in place to deal with what happens after a loved one’s death, it is also about having a plan in place to deal with what happens
Gifting… An Easy and Satisfying Way to Reduce Estate Taxes
f you have a sizeable estate, you may want to consider giving some of your assets now to the people or organizations who will receive them after you die. Why? First, it can be very
Asset Protection Considerations for Business Owners
By Ryland F. Mahathey, Esq., CPA, LL.M. and Brad Milhauser, Esq., LL.M.Many business owners devote much time and energy “working in” their business to improve business operations and profitability; however, they often neglect to “work on” their business by not addressing certain asset
What Is An LLC? Limited Liability Companies In General
What is a Limited Liability Company? Basically, a limited liability company (LLC) is a legal entity that became available under Washington law. An LLC is an unincorporated association that provides its members with the beneficial
Inherited Retirement Accounts: 5 Things You Need to Know
Vice President, Educational Content, WealthCounsel Almost everyone has some kind of retirement account—whether a 401(k), IRA or pension—so proper estate planning for these funds is essential. From tax treatment to beneficiary designations, Matthew T. McClintock,
Estate Planning is a Woman’s Issue, Part Two: Married, Single and Charitably Inclined
Estate Planning is a Woman’s Issue, Part Two: Married, Single and Charitably Inclined Women have special estate-planning needs. In Part One we explained that, because women typically live longer than men, they need to plan
Estate Planning is a Woman’s Issue, Part One: Incapacity and the Caregiver
Estate Planning is a Woman’s Issue, Part One: Incapacity and the Caregiver All women—regardless of marital status and career choices—need to understand estate planning and need to have a plan of their own in place.
Should I Put My Life Insurance Policies In My Living Trust?
BY Vickie Schumacher Generally speaking, all titles and beneficiary designations should be changed to your living trust. But there are some exceptions, including IRAs and retirement plan benefits, and your attorney will be able
Living Trust Administration After Death of the Trustor
After the death of the Trustor of a living trust, or after the death of the surviving Trustor (if the revocable living trust is a joint trust), the following steps should be taken: Successor Trustee. Establish
What You Need to Know About the FLLC
One popular yet confusing estate planning tool is the Family Limited Liability Company (“FLLC”). FLLCs are frequently created as part of an estate planning strategy used to facilitate gift giving to a person’s children and
Three Ways to Transfer Your Family Business
For family business owners, estate planning is crucial to the success of the business. If you have not already drafted an estate plan that includes the succession of your business, begin today. Not only will