Advanced Strategies

Typically used in estates requiring estate tax planning, there are many fascinating approaches and strategies to help reduce or eliminate estate taxes.

Irrevocable Life Insurance Trusts: The Fundamentals


As discussed in this post on common uses for trusts, an irrevocable trust is a separate entity you can create for many different purposes. The “Irrevocable Life Insurance Trust”, or ILIT, is one type of irrevocable trust that is set up to own life insurance on your life. With the ILIT, your family can ultimately…

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Ownership, Beneficiaries and Disclaimers in Estate Planning


Today, we will again discuss how drafting wills and trusts are sometimes only part of the recommended strategy towards avoiding estate taxes.  Close inspection of your asset ownership, the naming of beneficiaries, and proper drafting of your estate documents are essential towards a complete estate plan. We discussed the mechanics of the A-B Trust plan…

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A Common Estate Tax Reduction Strategy


Much of the motivation behind many estate planning strategies is to simply avoid as much in estate taxes as possible.  We only have a couple months left of freedom from federal estate taxes, as they are pretty much assured to return in some form by January 1, 2011.  Read more...

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7 Important Concepts Likely Missed In Your DIY Estate Plan


Image by umjanedoan via Flickr I enjoyed this recent blog post by Massachusetts attorney Danielle G. Van Ess, which compellingly illustrates the rationale for delegating certain work, including estate planning, to trained professionals rather than using do-it-yourself methods.  Read more...

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Revocable and Irrevocable Trusts: Common Uses

A friend recently asked me about the differences between revocable and irrevocable trusts.  The following will provide a brief answer, including common uses along with advantages and disadvantages, but should not to be looked upon as exhaustive advice regarding either kind of instrument.  Read more...

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