S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, no more than one class
Typically, an estate plan includes accommodations for your spouse, children, grandchildren, and even future generations. However, you may overlook some older family members, such as your parents or in-laws. They
There are two trust types that do not require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the
If you are going through a divorce, you probably feel overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks
You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they also are useful for protecting
You may have good intentions in keeping a trust a secret from its beneficiaries. Perhaps you have concerns that, if your children or other beneficiaries know about the trust, they
Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the
You may have several different types of trusts in your estate plan. In general, to achieve the greatest tax savings, these trusts must be irrevocable, thus requiring you to give
Payable-on-death (POD) accounts provide a quick, simple, and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit, or even brokerage accounts.
No one said estate planning is easy, and this is especially true if you have a ‘blended family.’ The good news is that there are two trust types — a
