What Is a Pour-Over Will? A Pour Over Will is a special type of last will and testament used in conjunction with a trust-based estate plan. A pour-over will is simply used to direct any assets that have not been funded into your revocable living trust to go there after […]
Estate Planning
17 posts
What is a Dynasty Trust? A dynasty trust is a long-term trust established to convey wealth from generation to generation. It does this while avoiding transfer taxes such as the gift tax, estate tax, or generation-skipping transfer tax (GSTT) during the duration of the trust’s assets. The longevity of the […]
What Is Cestui Que Vie? Cestui Que Vie is the person for whom a benefit exists and whose life measures the duration of a trust, gift, estate, or insurance contract. The term, Cestui que vie is French for “he who lives“. It is a legal term for a person who […]
What Is an FLP – Family Limited Partnership? A Family Limited Partnership (FLP) is a type of business organization in which family members pool their money to manage a company enterprise. According to the specific partnership operating agreement, each family member purchases units or shares of the firm. As a […]
What Is a Crummey Trust? A Crummey trust is an estate planning tool that takes advantage of the gift tax exclusion while limiting the recipient’s access to the funds. It allows you to give money or assets to another person while keeping the flexibility to place limits on when the […]
What Is a Living Trust? A living trust is a legal document that, like a will, contains your instructions for what you want to happen to your assets when you die. However, unlike a will, assets can transfer to a beneficiary while avoiding probate. A living trust is a legal […]