A gift causa mortis is a gift that is made by a person in anticipation of their death. The gift is usually made to a family member or close friend, and is generally made with the intention of making sure that the recipient is taken care of financially after the donor’s death. Gifts causa mortis … Read more
A gift in trust is a legal arrangement in which a person (the grantor) gives property to another person (the trustee) to hold and manage for the benefit of a third person (the beneficiary). The trustee has a fiduciary duty to manage the trust property for the benefit of the beneficiary in accordance with the … Read more
A trust is a legal arrangement in which one person, called the trustee, holds legal title to property for another person, called the beneficiary. The trustee has a fiduciary duty to manage the trust property for the benefit of the beneficiary. An exemption trust is a type of trust that is exempt from certain taxes, … Read more
What Is Probate and How Does It Work With and Without a Will? What are the disadvantages of putting your house in a trust? The primary disadvantage of putting your house in a trust is that it can be a complex and time-consuming process. You will need to work with an attorney or other professional … Read more
A mutual will is a will that is made by two or more people, typically a married couple, in which each person agrees to leave their property to the other person upon their death. This type of will can be very helpful in ensuring that your property is distributed according to your wishes, but it … Read more
The Uniform Transfers to Minors Act (UTMA) is a law that governs the transfer of property to minors. Under UTMA, property can be transferred to a minor without the need for a court-approved guardianship. The property is held in trust for the benefit of the minor, and the trustee has a duty to manage the … Read more
DNI is defined as the sum of a decedent’s distributable net income (as defined in section 643 of the Code), plus any distributable net income of any trust for which the decedent was a trustee at any time during the decedent’s taxable year. What is included in accounting income for a trust? In order for … Read more
The unlimited marital deduction is a federal tax deduction that allows spouses to transfer an unlimited amount of money or property to each other during their lifetimes or at death, without incurring any federal gift or estate tax. The deduction is available whether the couple is married or in a civil partnership. There are two … Read more
An estate is the property of an individual at the time of their death. All real and personal property, including money and other assets, are included in the estate. The estate is responsible for any debts and liabilities the individual may have. The estate is divided among the heirs according to the individual’s will or, … Read more
A waiver of notice is a document that is signed by the beneficiaries of a trust, which states that they have been made aware of the trust and have no objections to it. This document is often used when the trust is created without the beneficiaries being present, or when the terms of the trust … Read more
