Making gifts are a great way to shift your assets to your intended beneficiaries as well as reduce your tax liability upon your death. The current laws for gifting in 2012 are some of the most favorable we've ever seen. This is definitely the time to start thinking about putting a gifting plan in place before year end.
The Trust Lawyers Blog
A life estate is a planning tool that is widely used to avoid probate, or help ensure your desired distribution of your real estate after death. However, it also features several significant drawbacks that must be carefully considered.
Senior citizens and low-income taxpayers beware: there's a new tax refund scam making the rounds that has already been responsible for thousands of fraudulent tax returns.
There are two (2) types of trusts: revocable and irrevocable. A revocable trust can be modified, revoked or changed during your lifetime, as opposed to an irrevocable trust, which is much less flexible. A revocable trust allows you to maintain full control over your assets; however, it cannot be used to protect your assets from potential creditor claims or medical costs, or reduce the value of your estate for estate tax purposes. If any of these is your goal, you may want an irrevocable trust.