by Susan Grissom | Aug 16, 2022 | Estate Planning, Wills & Trust
An Irrevocable Life Insurance Trust (ILIT) is an estate planning tool that moves your life insurance policy into an irrevocable trust. Once the trust is created, the value of the policy is removed from your taxable estate and protected from any possible creditors if...
by Susan Grissom | Aug 9, 2022 | Estate Planning, Wills & Trust
Sometimes referred to as an AB Trust, or Bypass Trust, a Credit Shelter Trust is used when a couple either has a taxable estate or is likely to have a taxable estate by the time they pass. Although the current federal estate exemptions are high ($24,120,000 in 2022),...
by Susan Grissom | Aug 2, 2022 | Estate Planning
Most people do not think if estate planning until well after 40. However, even young people need an estate plan. If you own any assets, including a car, clothing, or bank account, you should have an estate plan since anything could happen at any time during your life....
by Susan Grissom | Jul 26, 2022 | Estate Planning, Wills & Trust
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...
by Susan Grissom | Jul 19, 2022 | Business, Estate Planning
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...
by Susan Grissom | Jul 12, 2022 | Estate Planning, Wills & Trust
With the uncertainty of estate and gift tax law changes on the horizon, people are looking for ways to save money. Spousal Lifetime Access Trust(s) (SLATs) are nothing new, but they are getting more attention. If the laws do not change before 2025, the gift and estate...
