Estate planning can introduce you to legal and financial terms you’ve never heard before. One of the more unusual ones is the “Rabbi Trust.” Despite the name, it isn’t a religious instrument; it’s a specialized financial structure originally designed for deferred compensation. Understanding what it is provides a glimpse into how many different tools exist […]
advanced estate planning
An Incentive Trust Can Promote Recovery and Protect Your Legacy
You want to leave something meaningful behind. But when a loved one struggles with addiction, a standard inheritance can do more harm than good. In these situations, an incentive trust can be a powerful tool. It gives you a way to provide support while encouraging long-term recovery. You don’t have to choose between compassion and […]
Estate Planning for Blended Families: Food for Thought
Families come in many shapes and sizes, and estate planning should reflect that. If you’ve remarried or share children from prior relationships, you may already know that blended families can present unique legal and emotional dynamics. When it comes to estate planning, these dynamics often lead to difficult decisions and competing interests. In New York, […]
Advanced Estate Planning: How Do You Account for Digital Assets?
You probably have more digital assets than you realize. From the photos on your phone to the online banking credentials you use every day, your life is tied to digital platforms in ways that often go overlooked during estate planning. When you’re thinking about what you’ll leave behind, your focus might go straight to real […]
Decanting a Trust: A Solution for Trust Modification
In the realm of estate planning, trust decanting is a relatively new yet increasingly popular concept. It’s akin to pouring wine from an old bottle into a new one, hence the term “decanting.” This process involves transferring assets from an old trust into a new trust, often with different terms, providing flexibility in trust administration […]
The Unique Benefits of an Intentionally Defective Grantor Trust
Navigating the maze of estate planning tools might seem daunting. Amid the sea of options, one stands out for its peculiar name and exceptional benefits: the intentionally defective grantor trust (IDGT). If you’re perplexed by the term “intentionally defective,” you’re in good company. Let’s dissect why this trust is a must-consider option for your estate […]
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