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Wednesday, 21 November 2012 06:49
The Charitable Remainder Trust (“CRT”) is a type of trust specifically authorized by the Internal Revenue Code. These irrevocable trusts permit you to transfer ownership of assets to the trust in exchange for an income stream to the person or persons of your choice (typically you, your spouse or you and your spouse) for life or for a specified term of up to 20 years. With the most common type of Charitable Remainder Trust, at the end of the term, the balance of the trust property (the...

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Tuesday, 20 November 2012 14:49
In our practice, we are often asked to review a client’s existing will or trust, just to see if it is OK. Most of the time, when the client’s children are grown, the will or trust provides that the children receive their inheritance outright. Often, parents feel that if their will or Living Trust doesn’t provide that their children will get their inheritance outright, the children would be upset.

But my kids are mature adults; I don’t have to leave their inheritance in a trust, is a...

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Tuesday, 20 November 2012 12:49
At death, the death proceeds of life insurance you own are included in your estate for estate tax purposes. This adverse result can be avoided by transferring the life insurance policy to an irrevocable life insurance trust that would become the owner and beneficiary of the policy. The dispositive provisions of the trust would mirror the provisions of your revocable living trust or will. While this trust will be irrevocable, an independent trust protector can be granted significant flexibility...

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Tuesday, 20 November 2012 10:01
A Special Needs Trust is a trust that can supplement the needs of a special needs beneficiary while allowing the beneficiary to maintain his or her governmental benefits, including Supplemental Security Income (SSI), Social Security and Medicaid. With medical advancements, persons with disabilities are living longer and public benefits are often necessary, yet there is no guarantee that public benefits will provide adequate resources over the disabled person’s lifetime, or that existing...

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Tuesday, 20 November 2012 08:01
IRAs and qualified plans create a unique planning challenge in that these assets are subject to income tax when received by the beneficiary (this is discussed more fully under Planning for Tax Qualified Plans). One way to help reduce the tax impact is to structure these accounts to provide the longest term payout possible; deferring income tax as long as possible minimizes the overall tax impact and allows the account to grow taxfree.

To achieve this maximum "stretch-out", you should name...

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