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Generation Skipping Trusts Tag

Sussan, Greenwald & Wesler > Posts tagged "Generation Skipping Trusts"

How Grandparents Can Double the Benefits of Their Estate Planning and Help Their Grandkids or Other Younger Beneficiaries in the Process

How Grandparents Can Double the Benefits of Their Estate Planning and Help Their Grandkids or Other Younger Beneficiaries in the Process

 

  • Are you a grandparent who is concerned for your grandchildren in this post-pandemic era?
  • Worried that your adult children may not be able to provide for the grandkids as much as you’d like?
  • Would you like to reduce your taxable estate?

Type of Trusts

There are two basic types of trusts: living trusts and testamentary trusts. A Living Trust or an “inter-vivos” trust is set up during the person’s lifetime. A Testamentary trust is set up in a will and established only after the person’s death when the will goes into effect. Living trusts can be either “revocable” or “irrevocable.” Revocable trusts allow you to retain control of all the assets in the trust, and you are free to revoke or change the terms of the trust at any time. With irrevocable trusts, the assets in it are no longer yours, and typically you can’t make changes without the beneficiary’s consent....

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