Author Archives: Steven W. Tarta, Esq.
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 »
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 »
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 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 »
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 »