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August 22nd, 2011

What is a Grantor Trust?

(Estate Planners) - One type of grantor trust that is useful in estate planning is a grantor trust. This trust allows the grantor (the individual who establishes the trust) to have control over the trust assets and receive income that is created from the trust. The grantor trust is often called a living trust or a revocable trust.

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July 25th, 2011

What is a Video Will?

(Estate Planners) - Customarily, when a person creates a last will and testament, or will, the will is drafted as a formal written document with specific language that is valid for the jurisdiction where the will is written. This will formally and legally dictates how the testator (the person making the will) wishes to dispose of and distribute their property and assets when they die.

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June 20th, 2011

What is a Pour Over Will?

(Estate Planners) - One type of testamentary instrument that is widely used in combination with a trust that was created during a person’s lifetime is a pour over will. A pour over will typically dictates that, when the testator passes away, all assets and property that they own that have not previously been transferred into the trust during the person’s lifetime automatically pour over into the trust.

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June 13th, 2011

What is an Oral Will?

(Estate Planners) - An oral will, also sometimes referred to as a nuncupative will, as the name suggests, is merely a verbal accounting of a testator of how he or she wishes for property and assets to be distributed upon death. The oral will is similar to a traditional (written) will, but is spoken. It is rare for an oral will to be used in modern times, although it is certainly a viable option in some circumstances, such as in an emergency situation where there is no time for a written will to be prepared before death occurs.

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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 7th, 2011

What is a Charitable Split-Interest Trust?

(Estate Planners) - A split-interest charitable trust will allow you to pass the wealth that you accumulate during your lifetime to your heirs in a manner that promotes tax efficiency while also allowing you to support your favorite charity, either now or on down the road. The split-interest charitable trust’s name is derived because the financial interest from these trusts is split between a charity and a non-charity (your heirs).

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February 7th, 2011

What is a Charitable Remainder Annuity Trust (“CRAT”)?

(Estate Planners) - Making decisions about how to distribute the wealth that you accumulate over the course of your life can be challenging. The charitable remainder annuity trust is a standard type of trust that allows you to have income for the remainder of your life while giving a favorite charity a substantial gift when you pass away.

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January 31st, 2011

What is a Generation Skipping Trust?

(Estate Planners) - A generation skipping trust is not just designed for the elite or wealthy. This type of trust provides a great way to safeguard any family’s assets from excess tax, creditors and ex-spouses looking for their “share” of the estate, just to name a few. The generation skipping trust also protects assets that might grow with time, like stocks.

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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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