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What Are Defective Grantor Trusts?

What Are Defective Grantor Trusts?

A Defective Grantor Trust (“DGT”) allows you to transfer assets out of your estate and ultimately reduce your estate tax liability. The DGT may also be referred to as an “Intentionally Defective Grantor Trust (IDGT),” a “defective trust” or a “grantor trust.” This tool is most effective […]

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Fiscal Cliff Deal: Impact on Estate Planning and Gifting

Fiscal Cliff Deal: Impact on Estate Planning and Gifting

The wait is over, at least for now. Congress passed a bill on January 1, 2013 that avoided the “fiscal cliff,” and is expected to be signed into law shortly. The new deal has some important consequences for estate planning and gifting. Estate and Gift Tax The […]

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Estate and Gift Tax Exemptions: Portability and Form 706

Estate and Gift Tax Exemptions: Portability and Form 706

With the year end fast approaching, there is no time to waste for those who want to take advantage of the current estate and gift tax exemptions. There is a current exemption for both estate and gift taxes of $5.12 million for each person and a maximum […]

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Estate Planning and Probate

Estate Planning and Probate

When a person deceases, whatever assets that person owns will either pass through probate or they will not. Probate is the legal way to transfer the assets of someone who has deceased, and involves the use of probate court proceedings. Probate occurs primarily in two scenarios; first, […]

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Durable Power of Attorney for Health Care

Durable Power of Attorney for Health Care

Little else causes us more stress, time, money, and grief than when our health, or the health of a close family member or friend, is seriously threatened. It is something we do not like to think about and hope never happens to us. Unfortunately, it is very possible that either […]

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What is a Living Trust?

What is a Living Trust?

A trust is a legal relationship where assets are transferred to a trustee for the purpose of using those assets for the benefit of one or more beneficiaries. The creator of a trust is known as the settlor, grantor, or trustor. A Living Trust, also known as […]

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Wealth is Not Required for Estate Planning

Wealth is Not Required for Estate Planning

One of the common misconceptions people have about estate planning is the idea that you have to be wealthy to execute an estate plan, or that an estate plan is not worth while unless you have accumulated a lot of wealth. Although wealthy individuals can take advantage […]

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