For purposes of a federal gift tax and estate tax, a Qualified Personal Resident Trust, or QPRT is an irrevocable trust that removes the value of a primary residence or a second home from an individual’s taxable estate. To be clear, once an agreement has been signed for an irrevocable trust, it cannot be changed. … Read more
While probate laws and customs have changed over the years, its primary purpose is the same—people submit their intentions regarding the transfer of their property at the time of their death, usually in the form of a will. Thus, when a person dies, their property is collected, remaining debts are paid accordingly from their estate … Read more
Created specifically to benefit those with physical or mental disabilities, a special needs trust outlines the affairs of a beneficiary in regards to their needs in the future. This type of trust can last as long as it is needed, and this usually means that it will continue until the beneficiary dies or until funds … Read more
For those of us with aging loved ones, particularly aging parents, there comes a time when it’s our turn to care. From health and wellness concerns to financial decisions and questions regarding one’s estate, it’s important to weigh in on these matters before they become urgent. Thus, while some loved ones age well at home, … Read more
For business owners and other professionals, there are a number of vulnerabilities associated with taking responsibility for others and participating in various transactions in their respective fields. From medical malpractice to lawsuits stemming from business disputes, injuries sustained on personal property or liability involving misconduct, those conducting business or providing a service can benefit from … Read more
On television, childless older adults can be portrayed as carefree people, living without demands from dependents. In reality, having no children—or having relatives who aren’t available or reliable enough to handle your affairs—can leave you and your estate vulnerable if you become incapacitated. For this reason, one of your most crucial activities in life will … Read more
While both revocable living trusts and wills allow individuals to name beneficiaries for their property or estate, they serve different purposes. As an estate-planning tool, a revocable living trust is a document that can be changed according to one’s wishes or circumstances while he/she is living. Yet, they are mostly used to avoid the need … Read more
Probate is one of those words that people don’t typically understand until they’re in the middle of it. Probate is the process that happens in the courts after someone dies. It determines the legality of a will, who the legal heirs are, and how to pay the decedent’s remaining debts and taxes. If you’re the … Read more
A lot of online “legal services” are springing up, offering to perform comprehensive legal advice at a discount price. They tout their professionalism, and some offer “testimonials” citing how great their services are. While online legal services may seem like a bargain, the law is one area where it pays to work with trusted, experienced, … Read more
Imagine a single individual that lives alone, has no close or surviving family members, and is preparing for a major surgery. In turn, imagine a couple that is traveling out of the country for the next few months while their home is for sale. These are just two instances in which a power of attorney … Read more
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