Formerly Famulary Law.
An Oregon resident must worry about federal gift tax, federal estate tax, and Oregon estate tax. Federal estate tax is assessed at 40% of a person's taxable estate over $5.34 (2014 number-adjusts for inflation). So if an Oregon resident has a $10 million taxable...
This is a follow-up entry to the entry titled "A Primer on Gift and Estate Tax in Oregon." Even though the gift tax rate and estate tax rate are the same and have the same exemption amounts, money can be saved by gifting instead of letting the assets pass...
Irrevocable trusts are complex and have endless variations. The following flow chart is meant to be a general guideline for the average irrevocable trust (if there is one) with an Upjohn Clause*, designed to keep assets out of the settlor's estate.
The phrase "Revocable Living Trust" has three parts that need to be discussed.First, a "Trust" in this context is an arrangement between three parties: the Grantor (sometimes called "Settlor" or "Trustor"), the Trustee, and the beneficiary. The Trustee is the legal...
In simple terms, an Irrevocable Life Insurance Trust (ILIT) is a irrevocable trust that holds a life insurance policy, generally on the grantor's life. The policy can be either term or permanent. Generally, the grantor will make cash gifts to the ILIT, and the trustee...
Every trust has a grantor. So why are some trusts called "grantor trusts" and others called "non-grantor trusts"? The phrase "grantor trust" is actually referring to an IRS term that means the grantor of the trust is treated as the owner of trust property for income...
As technology advances rapidly, people's digital assets become more and more important. Paying bills and taxes, storing important documents as well as media files, communicating with friends and loved ones are some of the things that people do online. Contact...
The Spousal Lifetime Access Trust (SLAT) is an irrevocable trust that holds a life insurance policy on the grantor's life. The SLAT has two tiers of beneficiaries. The initial beneficiary is the grantor's spouse; the secondary beneficiary is the grantor's child[ren]...
The Delaware Incomplete Non-Grantor Trust (DING, aka NING-for trusts settled in Nevada) is a sophisticated irrevocable trust that functions as follows: Grantor, an Oregon resident, has a substantial amount of stock with a low cost basis. Grantor settles a non-grantor...
A Gun Trust is a trust specifically established to purchase, own, and convey firearms at the grantor's death. Gun Trusts are usually established to purchase "Title II firearms", which include, but are not limited to machine guns, short-barreled rifles, and silencers....
