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Estate Planning
Lessons from James Gandolfini's Will
Paul Sullivan's recent article in the NYT, A Public Debate of the Wisdom of Gandolfini’s Will, is of interest to those of us who want to understand the basics of estate planning.
Trusts
Trusts are a key aspect of non-charitable estate planning. Yet they are important for gift officers to have a handle on, both because it works to your advantage to have a complex understanding of the potential goals and avenues available to your benefactors, and
Living Trust (Inter Vivos)
Living Trust (Inter Vivos) – A trust in which the person who establishes it benefits from it during his/her lifetime and, in common usage, is revocable by the donor.
There are no tax advantages to establishing a living trust--nor is there anything automatically charitable involved in such a trust.
QTIP Trust
WHAT IT IS: A Qualified Terminable Interest Property Trust (QTIP) is a type of Credit Shelter Trust.
WHO IT'S FOR: A QTIP is used by couples who have taxable estates. In function, it's a marital deduction trust that limits the surviving spouse's access to and control of the trust property.
The Estate Probate Process
Probate is the process by which an estate is administered and settled. Rules regarding the settling of an estate vary from state to state, but the process in general is as follows:
Crummey Trust
If someone has created a Crummey Trust you can be quite certain they're doing so in part to limit their estate tax liability.
A Crummey Trust is ideal for parents or grandparents who have some combination of the following factors:
Estate Planning
So many of us have not yet reached the time in life when we concentrate on our own estate plans.