An intentionally defective grantor trust (IDGT) is a tool used by estate-planning attorneys to freeze assets to reduce the grantor’s estate tax.
You’re a planner. You set out goals and you achieve them. You’ve got a comprehensive estate plan that includes a will, named guardians for your children, irrevocable trusts for your dependents, a health care proxy, and an advanced care directive.
But what will happen to your beloved pets if you pass before they do?
No problem. Just have your estates and trusts attorney set up a pet trust.
Don’t be fooled into thinking you need to have a fat bank account and a mansion house at the Shore to need a sound estate plan – the area of law that covers wills, trusts, and probate. How much money you have is only one factor out of many that you need to consider when planning for the future. If you already have an up-to-date will, that’s a good and necessary start. But in many cases, it will not cover all the bases that should be considered ahead of time to make things easier for your heirs if you die...
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A Special Needs Trust is one that is designed to supplement the government benefits that your disabled child receives. Because of this, they are sometimes referred to as Supplemental Needs Trusts. Once parents have decided to create a Supplemental Needs Trust for their son or daughter, they may wonder when to move forward. Since the trust will help serve as a source of financial support for your special-needs child as they age, the answer is simple: the sooner the better. Life can be unpredictable, and since the trust is designed to help finance necessities that aren’t covered by governmental benefits, it’s best...
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As a child grows up, a parent’s biggest financial concern might be saving for college. But it might be wise to look ahead even further to help ensure your son or daughter is financially prepared for their future. Fortunately, that’s where a Supplemental Needs Trust (SNT) comes in. These special trust funds were instituted to help parents of special needs children have a secure place to save money for their child’s future, while ensuring that they remain eligible for their governmental benefits. The funds are designed to supplement your child’s future benefits - not replace them — and ultimately enable a...
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