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In Trusts We Trust: Day 42

January 17, 2012 by admin

Public Trust A Public Trust is another name for a Charitable Trust. As the name implies, a Public Trust or Charitable Trust is an Irrevocable Trust established for charitable purposes.  This type of trust has one or more charitable beneficiaries, and may be set up during a donor’s life, or as a part of a […]

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In Trusts We Trust: Day 16

December 7, 2011 by admin

Crummey Trust A Crummey Trust may be used to describe what is more correctly called an Irrevocable Life Insurance Trust.  The trusts—which are named after D. Clifford Crummey, a Methodist minister who took on the IRS and won back in the 60’s—are Life-Insurance Trusts with provisions that allow gifts to the trust to qualify for […]

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In Trusts We Trust: Day 15

December 5, 2011 by admin

Credit Shelter Trust A Credit Shelter Trust is a type of trust that married couples would use to pass assets along to their heirs and avoid estate taxes while doing so.  A Credit Shelter Trust is also known as an A/B Trust.  The contingency is that a Credit Shelter Trust only works if you are married […]

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In Trusts We Trust: Day 8

November 24, 2011 by admin

Charitable Trusts, Day Three Over the past two days, we’ve covered Charitable Trusts.  Again, a Charitable Trust is an irrevocable trust established for the benefit of a specific charity; it also can potentially give the trust grantor a tax deduction. If executed correctly with the help of a qualified attorney, a Charitable Trust entitles the […]

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In Trusts We Trust: Day 7

November 22, 2011 by admin

Charitable Trusts, Day Two Charitable Trusts are established to both benefit a particular charity and to benefit the trust grantor as well.  The benefit to a particular charity is obvious; they gain much-needed funds.  The benefit to the grantor creating the trust is that they can lower the amount of estate taxes that the grantor […]

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In Trusts We Trust: Day 6

November 21, 2011 by admin

Charitable Trusts, Day One A Charitable Trust is an irrevocable trust established for charitable purposes.  This type of trust has one or more charitable beneficiaries, and may be set up during a donor’s life, or as a part of a trust that activates upon death of the donor. Why would a Charitable Trust be of […]

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In Trusts We Trust: Day 2

November 16, 2011 by admin

A/B Trusts An A/B Trust is a particular kind of trust for married couples; the contingency is that an A/B Trust only works if you are married at the time of your death.  The purpose of an A/B Trust is to save money that you’d pay in estate taxes—also known as death taxes—that the IRS […]

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On Steve Jobs, Day 5

October 22, 2011 by admin

You know how I always say, “Where there’s a will, there’s probate?”  You further know how I always recommend that you avoid probate at all costs because of—among other bad things—the process of probate is a public one?  Well, here’s proof of what I’ve always said. Of Steve Jobs’ death, ABC News wrote, “Future of […]

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Self-Employed Or Own A Small Business? The IRS Offers Help

August 12, 2011 by admin

If you are self-employed or have started your own small business, you may wonder what is the best way to proceed with questions you may have about taxes.  Here’s help from what you may consider an unusual place: The IRS.  The IRS Small Business and Self-Employed Tax Center www.irs.gov/smallbiz can help by providing important information […]

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Gifts To Grandchildren

June 8, 2011 by admin

Many of you have thoughts of wanting to leave a legacy to your family, sometimes, not only to your children but to your grandchildren as well.  I have been asked about gifting; specifically, many of my clients would love to give to their grandchildren while they are alive, while the season of giving is actually […]

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