by Jamie L. Larkin, Esq. Gene Hackman was a well-known actor, best known for his roles of playing both seriously tough and funny characters. In February 2025, the actor passed away, but controversy has sparked relating to his almost $80 million fortune that he left...
Preserving & Protecting Your Family’s Assets & Legacy
Trusts
What are the similarities and differences between an Irrevocable and a Revocable Trusts?
When it comes to making an estate plan, you often hear about people creating trusts. The two most common trusts mentioned are Irrevocable Trusts and Revocable Trusts. Similarities Let’s first begin with some of the similarities between the two. Both an Irrevocable...
Trusts: Revocable vs Irrevocable
A trust can become an important part of your estate plan. There are different types of trusts, and each type comes with its own benefits. Which type is appropriate depends on your goals, and the facts and circumstances of your case. There are two main categories of...
What is a special needs trust?
If you have a disabled child, grandchild or close family member and are concerned about their care after you pass away, there is a special kind of trust that you might want to consider. Supplemental or special needs trusts (or “SNTs”) are specifically designed for...
Trust funding is essential
While there are a multitude of different trust types, they all have one thing in common: Every trust must be “funded” with assets in order to receive the intended benefit. Funding a trust is arguably the most important (and most neglected) step when utilizing a...
Advantages of irrevocable “gifting” trusts
Individuals often wish to make lifetime gifts to their loved ones as part of their estate plan. They frequently desire to make direct gifts to their beneficiaries because it is less complex than creating and utilizing a Trust. However, a properly structured...
How do first – and third-party special needs trusts differ?
When you have a child with special needs, you may need to take extra steps when working on your estate plan so that you may preserve your child's eligibility for government help. Your child’s ability to collect certain types of benefits, such as Medicaid or...
Income Tax Rates for Trusts and Estates 2019
Update: Here are the 2020 income tax rates for trusts and estates The IRS has enacted revenue procedure 2018-57 which updates rules in the tax code, which updates include regular adjustments for inflation. Included in these updates are adjustments to the 2019 tax...
Does creating a trust make sense for you?
An estate plan can be created with a variety of different tools, but two of the most common options are a will and a trust. Most people are familiar with wills. You likely have heard of a trust, but may be unclear who should use a trust. Here are some of the benefits...
Trusts 101: Do you need one?
There are many options to consider when creating an estate plan. So much so, that all the terms can get confusing. Wills. Trusts. Powers of attorney. It's so confusing that one study shows only 40% of people have a will or trust. That's an alarming number, and may be...
An Elder Law And Estate Planning Law Firm On Your Side.