What is the purpose of an irrevocable life insurance trust (ILIT)?
An Irrevocable Life Insurance Trust, or ILIT, is a powerful estate planning tool designed to remove the proceeds of a …
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Does an irrevocable trust require a new tax ID number?
Generally, yes, an irrevocable trust does require its own unique tax ID number, formally known as an Employer Identification Number …
Who are the beneficiaries of a testamentary trust?
A testamentary trust, created within a will, directs the distribution of assets after someone’s passing, and the beneficiaries are those …
Can I support language preservation through legacy funds?
The question of whether one can support language preservation through legacy funds is becoming increasingly relevant as globalization and modernization …
Can I assign financial penalties for misuse of inheritance?
The question of whether you can assign financial penalties for misuse of inheritance is complex, deeply rooted in estate planning …
Can a CRT support innovation challenges or competitions hosted by a charity?
Charitable Remainder Trusts (CRTs) are powerful estate planning tools, but their use in directly funding innovation challenges or competitions hosted …
Can I make provisions for cryptocurrency in my estate plan?
The increasing prevalence of digital assets like Bitcoin, Ethereum, and other cryptocurrencies necessitates careful consideration within estate planning. For many …
Can I leave instructions for organ donation in my estate plan?
Absolutely, incorporating organ donation wishes into your estate plan is a compassionate and proactive step, ensuring your desires are known …
Can I fund a testamentary trust before death?
Testamentary trusts are created within a will and only come into existence *after* a person’s death, so directly funding one …
What should I record or screenshot before fixing trust issues?
The phone slipped from Maria’s grasp, clattering onto the hardwood floor. Tears welled in her eyes as she stared at …