- What Is a Private Trust Company?
A private trust company or family trust company is an estate planning tool that can be used to preserve wealth. This type of trust entity is most often used by high-net-worth and ultra-high-net-worth individuals. For example, someone who runs a family-owned business and has $150 million in assets may choose to establish a private trust… read more…
- Understanding Conventional Life Estates
A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust. Life estates are often used to provide housing for parents, spouses or offspring. On the death of the… read more…
- Who Is a Remainderman in a Life Estate?
Estate planning is complicated and there are many ways you can protect your assets after your death. One way is to establish a life estate for the person you want to live there for their lifetime. A remainderman is a beneficiary in a life estate who will inherit property after the life tenant’s death. There… read more…
- Attorney-in-Fact vs. Power of Attorney
When you need someone to make legally binding decisions on your behalf, you grant them that authority with a power of attorney form. There are many titles for the person who exercises this authority on your behalf. One such title… read more…
- How Charitable Lead Trusts Work
A charitable lead trust is a form of charitable trust that first distributes assets to the named charities. Once the assets have been distributed to the charities as specified in the trust, the named beneficiaries receive the remainder of the… read more…
- Gross Estate: Definition, Calculation and Formula
Estate planning when you have a small or moderately sized estate is complex enough. But it can become even more complicated with a larger estate. With more assets, the more likely you are to face taxes on a state or… read more…
- What Is an Attorney-in-Fact?
An attorney-in-fact is a person authorized by a power of attorney to act in the place of someone else. An attorney-in-fact, also sometimes called an agent, can have specific responsibilities, such as making decisions about medical care. Or the responsibilities may be very broad, authorizing the attorney-in-fact to sign legal documents and make investment and… read more…
- When Can a Trust Be Contested?
Trusts offer some unique advantages for estate planning and they can be a valuable tool for creating a legacy of wealth. But what happens when the beneficiaries of a trust disagree with its terms or the way the trustee manages it? Can a trust be contested? The short answer is that yes, in certain situations,… read more…
- How a Charitable Trust Works
A charitable trust holds assets and distributes them to charities. When you establish the trust you can specify how it will manage and invest its assets, as well as how it will make donations. There are some tax benefits to setting… read more…
- What Is the Prudent Person Rule?
Most of us are at least familiar with the premise behind the Golden Rule. Essentially, it states that we are to treat others how we’d want to be treated. When it comes to the relationship between investors and fiduciaries responsible… read more…
- How Pooled Special Needs Trusts Work
When it comes to setting aside money for someone with special needs, there are a few important considerations to keep in mind. For instance, how do you provide for everyday needs and living expenses while also maintaining eligibility for public… read more…
- Heirs at Law: Estate Planning Definition
When planning your estate, you should know who your heirs at law are and what that means if you die without a will or trust. An heir at law is someone who would inherit your property under state law if you pass away intestate. The rules vary by state, so it’s helpful to understand who… read more…
- Annuity Trust (CRAT) vs. Unitrust (CRUT)
Charitable trusts can be used to establish a legacy of giving while yielding some potentially valuable estate planning benefits. A charitable remainder annuity trust (CRAT) is one option; a charitable remainder unitrust (CRUT) is another. CRATs and CRUTs can both be used for estate planning and charitable giving purposes, though they aren’t exactly the same.… read more…
- Estate Planning: Can You Sue a Trust?
Trusts can provide certain benefits for estate planning, including asset protection. But can you sue a trust? It’s an important question to ask if you have a trust or plan to create one, are named as the beneficiary to a… read more…
- How an A-B Trust Works
An A-B trust, also known as a bypass trust, is a legal arrangement that allows married couples to avoid estate tax on certain assets when one spouse passes away. When one spouse dies, the estate’s assets are split into two separate trusts, A trust and B trust. As the size of the estate tax exemption… read more…
- Warranty Deed vs. Deed of Trust
When purchasing a home, there are a number of very important legal documents involved. Two such documents that you may encounter are a warranty deed and a deed of trust. A financial advisor could help you navigate through important financial decisions… read more…
- Joint Tenants vs. Tenants in Common
When it comes to sharing ownership of a property with others, two frequently used options are joint tenancy and tenancy in common. While there are many similarities between the two, it’s important to understand the differences and how they can affect your rights, as well as the rights of your beneficiaries. A financial advisor could help you… read more…
- What’s a Certified Probate Real Estate Specialist?
Unless your loved one puts their estate into a living trust or similar legal arrangement, the fact of the matter is that their assets will likely need to pass through probate when they die. Probate is a complicated, and usually lengthy, court process where assets are sold or distributed and any outstanding debts against the… read more…
- Executor vs. Administrator: Key Differences
When a person passes away, every asset and liability they leave behind is collectively referred to as the “estate.” This estate encompasses everything from bank accounts and investments to real estate, personal belongings and even outstanding debts. Because those items must be gathered, valued and ultimately distributed to heirs or creditors, a responsible party is… read more…
- How Does a Custodial Roth IRA Work?
Teaching your children how to save money can often be a difficult job. One avenue you can take is to open a custodial Roth IRA for them. Minor children cannot usually open a brokerage account on their own, but you… read more…
- Gift Tax, Explained: 2025 and 2026 Exemptions and Rates
The gift tax is a federal levy on the transfer of money or property to another person when equal value is not received in return. While it may sound cumbersome, most Americans will never pay a cent in gift taxes… read more…
- How to Set Up a Trust Bank Account
Understanding what you need to support your loved ones during and after your life can be a daunting task. Especially when it comes to the issue of assets and finances. Many people take steps like setting up a will or trust through a financial advisor. But beyond those legal agreements, a question arises about whether special… read more…
- Guardianship vs. Custody: What’s the Difference?
Both guardianship and custody describe legal relationships between an adult and a child. Custody refers to a child’s biological parents, whereas guardianship would be given to a non-biological parent. Thinking about custody may be a necessary part of a couple’s separation or divorce proceedings, whereas guardianship is usually a more long-term approach to this kind… read more…
- Power of Attorney vs. Guardianship
Both power of attorney and guardianship are forms of fiduciary relationships in which one person acts on behalf of another. They are tools you can use to name somebody who can act for you if you become incapacitated or unable to make financial decisions in particular. Circumstances will vary based on your personal financial situation, which… read more…
- A Complete Guide to Adult Guardianship
Caring for one’s own financial situation is a key part of one’s own independence. But there are some cases where a person needs help making legal and financial decisions. That’s where the concept of guardianship comes in. Guardianship is not… read more…