Are You Obligated To Leave Equal Inheritance To All Of Your Children?
Ever wondered if you're obligated to leave an equal inheritance to all your children? In this video, we at Sverdlov Law reveal that, contrary to common belief, you have the freedom to decide how your estate is distributed. From estranged relationships to financial disparities among children, we explore scenarios where an unequal...
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Reasons To Use An Irrevocable Life Insurance Trust
Irrevocable Life Insurance Trusts (ILIT) is a form of life insurance that helps to reduce or eliminate state and federal taxes on an estate after the person has passed away. An irrevocable life insurance trust results in more benefits to the beneficiary than a standard life insurance policy. The policy can be used to...
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Will My Child’s Spouse Inherit My Money?
Try as we might, we cannot control who our children marry. Though you may make an effort to get along with your children's spouses, sometimes things do not work out in your favor. You may also worry about what happens to the inheritance you leave for your married child if their marriage dissolves.
The animosity...
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Do You Need a New Will if You Just Had a Child? Do you need more than a Will?
Life comes at us fast, and we need to be prepared. There's no telling when tragedy will strike, so having an up-to-date will in place is imperative in ensuring your assets are distributed according to your wishes.
Wills need to change as our lives do. Having a child is a significant life event and will significantly...
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Why Every Parent Needs a Trust For Their Child
A trust fund is an estate planning tool not only meant for the wealthy. A person, or grantor, sets up an account containing assets for a beneficiary. The grantor decides how the assets get distributed eventually. The Trustee manages the assets. Depending on the type of trust fund, the beneficiary will be able...
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Simple Steps You Can Take Now to Protect Your Assets
As discussed in the previous article, there are very few of your assets that are protected from creditors in the event of a lawsuit. There are some simple steps that you can take to address your asset’s vulnerability to attacks by creditors. Buy insurance. You should have a liability...
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Is an Irrevocable Trust really that Irrevocable?
The word “Irrevocable” usually implies no ability to change. Most people believe that the Trustee is required to adhere to the wishes of the Trust’s creator, even though the times and circumstances have changed. Nonetheless, that is no longer true in the case of New York State.There are two circumstances where an Irrevocable Trust...
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Why would you want a Nevada Trust?
New York has a very strong policy against self-settled trusts. A self-settled trust is one where the Grantor transfers assets to an irrevocable trust but remains one of the Trust’s beneficiaries. While these transfers are legal, New York believes that they are “void as against creditors”. As a result, if the Grantor remains...
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Joint Revocable Trusts vs. Parallel Documents (cost saving vs. peace of mind)
Joint Revocable Trust: Lots of spouses opt to create a joint revocable trust. In many situations, it makes a lot of sense to do so: First, in long term marriages, a lot of assets are owned jointly, so it can be an extra and unnecessary hassle to separate them. Second, the children are common, so...
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How much do Corporate Trustees charge?
Family Trustees: Very often, the Trustee of a Trust is a family member. There are many reasons to create a Trust, but most often all transactions are kept within a family. In those circumstances, the family member Trustee will often get paid nothing, or a nominal amount. The work is done out of...
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