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When your first child was born, you could not imagine caring for anyone more. Your children are your world and you would do anything for them. This includes making sure they are always taken care of and protected. But how can you ensure your children will be provided...
Estate planning, in its broadest sense, is a way to turn your wishes into a plan and make them legally binding. It encompasses things such as giving money for grandchildren’s college funds, stating who you would like to raise your children if you could not and...
So you read online somewhere about some guy named Anderson or Lawrence and how they went to jail for civil contempt because they settled an offshore trust. Scared? Don't be. Anderson and Lawrence (as well as every other case) are very fact-specific cases. Lets discuss...
To understand what a will is, you must first understand what Probate is. Probate is a court process where the court names an executor to gather property of the decedent, pay any creditors of the decedent out of that property, and ultimately distributes the property to...
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.
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...
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]...
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....
As you may be aware, if your child inherits your IRA, he can "stretch" out the withdrawals in order to continue the deferred tax growth for a number of years. Naming your child a beneficiary of your IRA can be a problem if: (1) your child is a minor and you don't want...
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...
