Revocable Living Trust:
A device used to avoid probate and provide management of your property, both during life and after death.
Property Power of Attorney:
Instrument used to allow an agent you name to manage your property.
Health Care Power of Attorney:
Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.
Annual Gift Tax Exclusion:
Technique to allow gifts without the imposition of estate or gift taxes and without using lifetime exclusion.
Irrevocable Life Insurance Trust:
A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.
Family Limited Partnership:
An entity used to:
Provide asset protection for partnership property from the creditors of a partner;
Provide protection for limited partners from creditors;
Enable gifts to children and parents maintaining management control;
Reduce transfer tax value of property.
Children’s or Grandchildren’s Irrevocable Education Trust:
A trust used by parents and grandparents for a child’s or grandchild’s education.
Charitable Remainder Interest Trust:
A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids a capital gains tax on transferred property.
Fractional Interest Gift:
Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.
An entity used by higher-wealth families to receive charitable income, gift, or estate tax deduction while allowing the family to retain some control over the assets in the foundation.