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 | 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 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...
by Susan Grissom | Jul 5, 2022 | Estate Planning, Wills & Trust
When planning your estate, you have several choices in trusts to reduce the taxes on your estate after you die. A Qualified Personal Residence Trust (QPRT) is one such vehicle. The QPRT is an irrevocable trust with an expiration date. It allows you to transfer your...
by Susan Grissom | Jun 21, 2022 | Estate Planning, Wills & Trust
After moving to a new state, one of the first things you should do is meet with an attorney to determine if an update to your estate plan is needed. Every state has its own laws regarding estate planning. Documents such as powers of attorney, advance directives and...
