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  • How Do I Transfer Property to a Family Member Tax-Free?
    Takeaways There are several ways to transfer property to a child tax-free, including leaving it in a will, gifting it using lifetime and annual exclusions, selling it, or placing it in an irrevocable trust Capital gains are key Gifting property before death avoids estate tax but can subject the recipient (child) to high capital gains taxes if they sell later because the original cost basis
  • A Brief Overview of a Trustees Duties - ElderLawAnswers
    The following is a brief overview of a trustee's duties: Fiduciary Responsibility As a trustee, you stand in a "fiduciary" role with respect to the beneficiaries of the trust, both the current beneficiaries and any "remaindermen" named to receive trust assets upon the death of those entitled to income or principal now
  • Why and How to Change an Irrevocable Trust
    Why trusts may need fixing: Problems arise when laws change, family situations evolve (like divorce or disability), assets are different than expected, or the trust language is unclear or outdated Common fixes outside of court may include trust decanting, changing the trustee, or naming a trust protector
  • How to Choose a Trustee - ElderLawAnswers
    A trust is a legal arrangement through which a trustee holds legal title to property for another person, called a beneficiary The trust document will name the trustee, and there are several different types of trusts
  • What Is a Family Limited Partnership and Should I Form One?
    A family limited partnership (FLP) is a business structure that allows family members to pool assets for business and investing purposes
  • What Is a Trustee in Estate Planning? - ElderLawAnswers
    An independent trustee that specializes in trust fund management, such as an attorney, advisor, or accountant, a private fiduciary from an independent trust company, or a corporate trustee from a financial institution like a bank, can bring an unbiased, outside perspective that helps to avoid family discord
  • Living Trust vs. Irrevocable Trust: Whats the Difference?
    Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (living) and irrevocable trusts Eac
  • How Does Someone Without Family Get a Health Care Proxy?
    What is the best way for someone without family or close friends to plan for a medical surrogate (health care proxy) and a financial decision-maker in t
  • Probate Law: A Look Across States
    Trusts are a common tool for bypassing probate, but states offer other options as well These vary widely, underscoring the importance of understanding
  • Who Can Serve as Executor? - ElderLawAnswers
    In addition, some states don't allow executors who live in another state unless they are family members Your attorney can tell you who is qualified to serve in your state If you die without a will or the person named in the will can't serve as executor, the probate court will choose an executor State law dictates who has priority to serve





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