A living trust is an estate planning tool that lets one retain control over the trust property while still living, and pass trust property outside of probate when they die. A successor trustee is typically named to automatically take the Grantor’s place and manage trust assets if they become incapacitated and can no longer handle their financial affairs.
A charitable trust is a trust established for the dual purpose of donating to charity and providing for a noncharitable beneficiary (such as one’s children). In this type of trust, one party receives the first or lead interest in the trust property and the second party receives the remainder or second-in-line interest.
A testamentary trust is a trust that is created by one’s Last Will and Testament.
An Executor is the individual or professional named in the Last Will and Testament that settles the estate of a decedent. The duties generally include collecting assets, paying final expenses, filing claims for insurance and retirement benefits, keeping detailed records of all estate transactions for the probate court, filing final income tax returns, and distributing assets to beneficiaries.
This service includes acting as an objective and reliable resource in the review and analysis of existing will, trust agreement, power of attorney, and other ancillary documents to ensure the estate plan aligns with one’s wishes.
Individual Retirement Account (IRA) Rollovers or Transfers
Also known as a Section 1031 exchange, is a tax deferred transaction that allows for the disposal of an asset and the acquisition of another similar asset without generating a current tax liability from the sale of the first asset. A Qualified Intermediary is typically used to ensure the sale is complete and within tax guidelines.