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Posts tagged "Trusts"

Add balance to your incentive trust

Are you thinking of using an incentive trust to give your heirs motivation as you pass your assets on to them? One of the most common ways that parents use an incentive trust is by specifying yearly payouts that are tied to employment. For instance, the child could get $10,000 per year from the trust for every year that they hold a job for all 12 months. In some cases, parents just stipulate that the trust pays out the same amount that the child earns, giving them extra incentive to work harder.

Can you ever alter an irrevocable trust?

The entire point of an irrevocable trust is to set the fund up so that it cannot be changed. This removes the money from your estate, with one of the benefits being that you can reduce the tax burden on that estate. By making it irrevocable, it shows that the money is really out of your control.

Choosing the right trust for your situation

People often understand the basic idea of using a trust in an estate plan. You put your assets into the trust, you write out instructions on how the trust should operate, and then the assets get used or distributed in accordance with those rules. A trust gives you control over your assets even when you are not around to make those decisions yourself.

The types of irrevocable trusts

Are you considering creating a trust? There's a lot that goes into drafting and funding a trust. As a trust grantor, you will need to understand how the law governs trusts. You need to determine who the beneficiaries of the trust will be, what resources you want to put in the trust and much more. Let's take a look at the different types of irrevocable trusts available for you to create in your trust.

How would a living trust benefit your estate plan?

Living trusts are identified by the word "living" because you create them while you're alive, and you have the ability to change them while you're alive. After your death, the trust will be set in stone and no one will be allowed to change it. This flexibility while you're still alive is one of the many benefits received from an estate planning perspective when someone chooses to set up a living trust.

Are you considering an irrevocable trust in your estate plan?

An irrevocable trust is just like it sounds — irrevocable. In other words, once you create the trust and transfer assets to it, you can't dismantle the trust and take back the assets. In this sense, the trust cannot be changed, modified or taken apart by anyone, including the grantor who initially created it.

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