What is GRAT/GRUT?

A grantor retained annuity trust and grantor retained unitrust are two types of trusts commonly used in estate planning. Both affect the amount of death taxes you might pay if you pass the threshold, and both work to save your estate money. Both can be part of a plan...

What is a Family Limited Partnership?

A Family Limited Partnership (FLP) is a business entity that is used by many families with operating businesses. Sometimes an FLP is used because a family member wants to start a business but needs start-up capital. In this instance, the family member starting the...

Estate Planning Terms: What Does it Mean?

As an attorney, a large part of my job is working with clients to ensure that they understand their options and the plan we work with them to create. Over the next several weeks, our blogs will focus on providing general information about different trusts and entities...

The Benefits of Creating an Estate Plan

There are a lot of misconceptions about inheritance (see our blog on estate planning myths: https://grissomlawfirm.com/estate-planning-probate-myths/. In an effort to avoid probate, or to make things easier for family members who are caring for aging parents,...

Placing Your Home Into Your Trust

As part of your estate plan, we generally include the necessary deed preparation to put your real properties into your trust. Our firm files a quitclaim deed placing legal ownership of any real estate from your name as an individual to you as trustee. In the case of...