Archive for June 28, 2021

Trusts & EstatesFebruary 21, 2023 (No. 1)

There are a number of tax changes that took effect at the beginning of the new year. Given these recent changes, as well as the lack of certainty regarding actions Congress may take this year and in the coming years, especially as it relates to the federal gift/estate and generation-skipping transfer (“GST”) tax exemptions, it is of upmost importance for individuals to begin working with their advisors to review their current estate plans and implement any necessary changes and strategies.

This alert will outline the

The most common reasons people set up a Living Trust are:

You avoid Probate: If all your property is in trust when you die (or become incompetent), then legally you don’t own anything in your name. This means, if you die, no probate (formal court administration of a decedent’s estate) is needed to pass your property on to your beneficiaries.
Or if you become incompetent, no conservatorship (formal court proceedings to administer an incompetent person’s assets) is needed to manage your property.In either case, the person that you name in your trust