Category Archives: Trusts, Wills and Probate

Estate Tax Dispute Procedures

By | July 9, 2002

It is a widely held belief that one of the most unfortunate circumstances in modern society is to have a tax return selected for audit by the Internal Revenue Service (Service). Estate tax returns are subject to audit and adjustment like any other tax return. Under current law, an estate tax return must be filed by the Personal… Read More »

Qualified Personal Residence Trust (QPRT) reeserves the use of a residence

By | July 9, 2002

A Qualified Personal Residence Trust (QPRT) is a trust in which the person establishing the trust, call the Grantor, reserves the use of a residence (either the Grantor’s primary residence or a seasonal residence) for a specified term of years. In the trust agreement, the Grantor designates the individuals who will be entitled to the property at the… Read More »

The Most Frequent Estate Planning Mistakes

By | June 5, 2002

Underestimating Exposure to Estate Taxation Often people do not believe they are worth enough to be subject to Federal Estate Taxation. If your estate is larger than $1,000,000, the estate tax begins at 41 percent! It is common to hear a person undervalue real estate, especially in this portion of the country (Bergen and Passaic counties in New… Read More »

Choosing a Fiduciary

By | June 3, 2002

Your fiduciary is an integral part of your estate plan. Who should you appoint to coordinate your affairs upon incapacity or death? Consider these questions when making the selection: What are the responsibilities of my fiduciary? The fiduciary you select should be capable of handling the responsibilities of the appointed role. Personal Representatives and Trustees are charged with… Read More »

Qualified Personal Residence Trust

By | May 30, 2002

An Overview The Qualified Personal Residence Trust (often referred to by its acronym, “QPRT”) can be an effective estate planning technique for a high net worth individual. The concept is simple: the owner of a personal residence transfers it to a trust, but retains the right to live in the residence for a specified period of years. At… Read More »

Charitable Remainder Trusts

By | May 30, 2002

A charitable remainder trust (CRT) funded during the grantor’s lifetime can be a very effective financial planning took, providing the grantor valuable lifetime benefits. Take the case of 72 year-old Phillip Philanthropist who has $1,000,000 of highly appreciated tech stock. Phillip has charitable inclinations, but is worried about the rising cost of health care. He feels he cannot… Read More »

Dynasty Trusts

By | May 30, 2002

An Overview Dynasty Trusts are specialized irrevocable trusts designed to shelter assets from transfer taxes over multiple generations, while at the same time allowing your heirs to enjoy the fruits of those assets. Typically, after estate taxes and other settlement costs are paid, most people leave the bulk of their estate outright to their children. The children then… Read More »

Revocable Trusts

By | May 29, 2002

REVOCABLE TRUST: An Overview Why Should I consider a Revocable Living Trust as a planning tool? A Revocable Living Trust is a legal document that allows you to make instructions about the management and control of your property while you are alive and the distribution of your estate after your death. This is the important benefit of a… Read More »

Estate Tax Elimination

By | May 29, 2002

When considering whether there can be a repeal of the estate tax it is important to understand that politics, as well as economics, govern the system. The pure essence of this tax is to redistribute the wealth among the classes. The IRS is able to obtain a much greater rate of return auditing estate tax returns than income… Read More »