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Articles, tagged with "beneficiaries", page 2
Estate Planning
Irrevocable life insurance trusts ("ILITs") are commonly used to keep insurance proceeds outside the estates of the grantor-insured, the grantor's spouse, and the grantor's descendants (if a generation-skipping trust is used). As the name indica...
Author: Julius Giarmarco, Esq.
Switching Irrevocable Life Insurance Trusts
26th March 2010Irrevocable life insurance trusts ("ILITs") are commonly used to keep insurance proceeds outside the estates of the grantor-insured, the grantor's spouse, and the grantor's descendants (if a generation-skipping trust is used). As the name indica...
Author: Julius Giarmarco, Esq.
Estate Planning
A “Crummey” Trust is a popular device used in making gifts that qualify for the $13,000/ $26,000 annual exclusion from gift tax. Most other forms of gifts that qualify for the annual exclusion require an immediate or at least a very early (i.e...
Author: Julius Giarmarco, Esq.
Spousal Lifetime Access Trusts
25th March 2010A “Crummey” Trust is a popular device used in making gifts that qualify for the $13,000/ $26,000 annual exclusion from gift tax. Most other forms of gifts that qualify for the annual exclusion require an immediate or at least a very early (i.e...
Author: Julius Giarmarco, Esq.
Estate Planning
Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under "creditors" are the IRS and divorced spouses. More sophisticated estate planners generally create multi-generat...
Author: Julius Giarmarco, Esq.
Using Trusts to Protect Heirs
25th March 2010Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under "creditors" are the IRS and divorced spouses. More sophisticated estate planners generally create multi-generat...
Author: Julius Giarmarco, Esq.
Trusts
IRC Section 72 governs the income taxation of annuity contracts. IRC Section 72(u)(1) taxes the income on an annuity contract owned by a “non-natural” person by treating it as though it was received by the non-natural owner. If, however, a non...
Author: Julius Giarmarco, Esq.
Trust-Owned Annuities
25th March 2010IRC Section 72 governs the income taxation of annuity contracts. IRC Section 72(u)(1) taxes the income on an annuity contract owned by a “non-natural” person by treating it as though it was received by the non-natural owner. If, however, a non...
Author: Julius Giarmarco, Esq.
Estate Planning
A key part of estate planning for business owners who want to keep their business in the family is deciding when and to whom to transfer the business. The particular tools and techniques used in a business succession plan will vary based on the goals and ...
Author: Julius Giarmarco, Esq.
Top 10 Uses of Life Insurance in a Family Business Succession Plan
25th March 2010A key part of estate planning for business owners who want to keep their business in the family is deciding when and to whom to transfer the business. The particular tools and techniques used in a business succession plan will vary based on the goals and ...
Author: Julius Giarmarco, Esq.
Estate Planning
An installment sale to a "grantor trust" can provide valuable income, gift and estate tax benefits. If the assets sold produce a total return (income and appreciation) in excess of the interest rate on the note, substantial wealth can be removed from the ...
Author: Julius Giarmarco, Esq.
Installment Sales to Grantor Trusts
25th March 2010An installment sale to a "grantor trust" can provide valuable income, gift and estate tax benefits. If the assets sold produce a total return (income and appreciation) in excess of the interest rate on the note, substantial wealth can be removed from the ...
Author: Julius Giarmarco, Esq.
Estate Planning
This article will compare three popular wealth transfer techniques that all produce potential estate tax savings by removing future appreciation from the transferor's estate, but without generating significant taxable gifts. Because these techniques produ...
Author: Julius Giarmarco, Esq.
GRATS, Sales to Grantor Trusts, or Private Annuities: Which One is Best?
25th March 2010This article will compare three popular wealth transfer techniques that all produce potential estate tax savings by removing future appreciation from the transferor's estate, but without generating significant taxable gifts. Because these techniques produ...
Author: Julius Giarmarco, Esq.
Estate Planning
A Grantor Retained Annuity Trust or “GRAT” is one of the most powerful and tax efficient wealth transfer tools available today. A GRAT allows a person to transfer the future appreciation of an asset to his/her children with little or no gift t...
Author: Julius Giarmarco, Esq.
Grantor Retained Annuity Trusts
24th March 2010A Grantor Retained Annuity Trust or “GRAT” is one of the most powerful and tax efficient wealth transfer tools available today. A GRAT allows a person to transfer the future appreciation of an asset to his/her children with little or no gift t...
Author: Julius Giarmarco, Esq.
Trusts
Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under “creditors” are the IRS and divorced spouses. More sophisticated estate planners generally create m...
Author: Julius Giarmarco, Esq.
Using Trusts to Protect Heirs
19th March 2010Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under “creditors” are the IRS and divorced spouses. More sophisticated estate planners generally create m...
Author: Julius Giarmarco, Esq.
Estate Planning
It is a legal document that can, in some cases, partially substitute for a will. With a revocable living trust (also known as a revocable inter vivos trust or grantor trust), your assets are put into the trust, administered for your benefit during your li...
Author: swapnamanikssys
What is a revocable living trust?
15th March 2010It is a legal document that can, in some cases, partially substitute for a will. With a revocable living trust (also known as a revocable inter vivos trust or grantor trust), your assets are put into the trust, administered for your benefit during your li...
Author: swapnamanikssys
Estate Planning
Probate is a court-supervised process for transferring a deceased person’s assets to the beneficiaries listed in his or her will.Typically, the executor named in your will would start the process after your death by filing a petition in court and se...
Author: swapnamanikssys
What is probate?
15th March 2010Probate is a court-supervised process for transferring a deceased person’s assets to the beneficiaries listed in his or her will.Typically, the executor named in your will would start the process after your death by filing a petition in court and se...
Author: swapnamanikssys
Legal
In some point in life a person need to make his last will and testament. Understanding what is Last Will and Testament document is very helpful. It is described as a legal document executed by a person before his death, subdividing his property to h...
Author: James Kahn
Understanding the Last Will and Testament Forms
20th January 2010In some point in life a person need to make his last will and testament. Understanding what is Last Will and Testament document is very helpful. It is described as a legal document executed by a person before his death, subdividing his property to h...
Author: James Kahn
Taxes
There are many ways of mitigating or avoiding the burden of Inheritance Tax but the most common way is to give away assets during your lifetime. Whilst this can be achieved by way of an outright lifetime gift, there may be reasons why this is not appropri...
Author: Connor O’Daly
Using Trusts in Inheritance Tax Planning
10th December 2009There are many ways of mitigating or avoiding the burden of Inheritance Tax but the most common way is to give away assets during your lifetime. Whilst this can be achieved by way of an outright lifetime gift, there may be reasons why this is not appropri...
Author: Connor O’Daly
Trusts
If you consider protecting your wealth, take into account creating a beneficiary trust. This trust is an irrevocable process since you agree to give up control over your welfare in your beneficiary's behalf. A beneficiary can be anyone you wish. This pers...
Author: Klik Sail
Protect Your Welfare With A Beneficiary Trust.
25th November 2009If you consider protecting your wealth, take into account creating a beneficiary trust. This trust is an irrevocable process since you agree to give up control over your welfare in your beneficiary's behalf. A beneficiary can be anyone you wish. This pers...
Author: Klik Sail
Trusts
Each human being has a weakness when it comes to wealth. If you care about your future generations, consider creating a dynasty trust. It gives you the opportunity to protect your estate as well as to secure their future. The dynasty trust is a complex...
Author: Klik Sail
The Dynasty Trust, The Perfect Way To Protect Your Generations Welfare.
25th November 2009Each human being has a weakness when it comes to wealth. If you care about your future generations, consider creating a dynasty trust. It gives you the opportunity to protect your estate as well as to secure their future. The dynasty trust is a complex...
Author: Klik Sail