Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental needs trust, a third-party […]
When developing your estate plan, it is nearly impossible to address every account or piece of property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally distribute any remaining items inadvertently left over during the estate or trust administration process to a named […]
Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved […]
Lifetime gifts are a popular way to reduce estate and inheritance taxes. Here in 2023, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts […]
