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August 8th, 2011

What is a Crummey Trust?

(Estate Planners) - Don’t let its name fool you; the Crummey trust is a very viable option in estate planning. The Crummey trust can be used to legally avoid the payment of estate or gift tax when transferring money or other assets to someone else. And as a bonus, the grantor (person establishing the Crummey trust) can still specify to a certain degree how the transferred money and assets are used.

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April 11th, 2011

What is a Testamentary Trust?

(Estate Planners) - The testamentary trust is a trust that is often created when a parent’s potential death might trigger the distributions of large sums of money, like life insurance policy proceeds, to minor children or young adult children. This type of trust often allows for a child to become more mature before being tasked with the responsibility of handling a lot of money.

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April 4th, 2011

What is a Spendthrift Trust?

(Estate Planners) - It is natural to worry about what will become of your children or other heirs when you pass away. After all, you’ve worked hard your entire life and built up your wealth. And now that it is time to consider how your estate will be passed on to your heirs, you may have concerns about its distribution. Hopefully, your heirs are well-grounded, successful and established people who are responsible.

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March 28th, 2011

What is a Special Needs Trust?

(Estate Planners) - The special needs trust, which is sometimes referred to by the term ‘supplement needs trust’ is a trust that is designed to benefit a disabled child after your death. This trust involves the appointment of a trustee who will hold property for the child’s benefit. The special needs trust can provide for the child’s needs without legally disqualifying the child from receiving the benefit of government programs like Social Security, Supplement Security Income, or Medicaid.

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February 14th, 2011

What is a Charitable Remainder Trust?

(Estate Planners) - Passing along the wealth that you accumulate in your lifetime can be challenging. You naturally want to leave your beneficiaries and loved ones well-provided for, but you do not want to see your money taken by the government in the way of estate tax and other tax when you pass away. You may also wish to see a favorite charity benefit from your estate.

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December 13th, 2010

Why You Need a Power of Attorney

(Estate Planners) - If you’re like most folks, you think of a power of attorney (POA) as being someone that is designated to carry out your wishes and stand in your stead when you’re really ill. In actuality, waiting until you are sick or incapacitated to make an important decision like selecting a power of attorney is foolhardy at best – and disastrous at worst.

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October 18th, 2010

What is Asset Protection?

(Estate Planners) - Asset protection is a term that is often referred to by estate and financial planners. The term can be used to explain a number of different concepts, but in most cases it refers to legal techniques that can be used to provide protection for an individual or company's assets. There are laws in place which have been designed to protect assets, such as investments, bank accounts and real

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September 21st, 2010

Estate Taxes

(Estate Planners) - Estate taxes, also known as inheritance or death taxes, are levied on the estate of a deceased person by the state or country where he lives. The rates of estate taxes at the federal level have decreased in recent years with the passage of President Bush.s Economic Growth and Tax Relief Reconciliation Act of 2001. This Act increased the amount of a deceased's

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