How Are Taxes Handled In Probate?
- September 9th, 2021
- David Greene
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Two kinds of taxes can arise during probate. One is the estate tax which does not come into play unless the estate is worth more than $11 million. These taxes, which can be at a rate of 50% or more,…
Should an IRA or 401k be transferred into a trust?
- August 25th, 2021
- David Greene
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It is definitely not a good idea! If you put your IRA or other qualified retirement account into your Living Trust, the IRS will consider it as a distribution and you will be taxed on the entire amount immediately. There…
What bequests should not be put in a will?
- August 23rd, 2021
- David Greene
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Thank you for your question. There are several items you do not want to put in your will. Here are some: (1) Any real estate in which title is held in joint tenancy with right of survivorship, (2) bank acccounts…
What happens to a trust after the trust maker dies?
- June 10th, 2021
- David Greene
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What happens after the trust maker dies depends on the language in the trust. Most trusts are Family Trusts with husband and wife as co-trustees. When the first spouse dies, the trust continues with the surviving spouse as trustee. When…
What are the advantages of having a trust?
- June 2nd, 2021
- David Greene
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First, one of the main advantages of having a trust is the avoidnace of probate. There are certainly other advantages as well. It can help insure passing of assets to children in the aftermath of a divorce, for instance when…
In light of COVID, does one going off to college need any estate planning documents?
- May 18th, 2021
- David Greene
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As more colleges return to having full time students, many fear that COVID cases will greatly increase among the young. In light of that you are wise to prepare your child as much as possible. There are two primary documents…
HAVE YOU MADE YOUR NEW YEAR RESOLUTIONS?
- January 13th, 2021
- David Greene
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Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…
New Year Thoughts
- December 29th, 2020
- David Greene
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As most of you know, the majority of my practice is dealing with IRS problems and Estate Planning. Today I want to pass along some thoughts about both of those areas. Even as the COVID-19 pandemic rages on, our problems…
Holiday Greetings
- December 23rd, 2020
- David Greene
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This is the week of Christmas and it comes as no other Christmas week I can remember. There is always joy, laughter and anticipation at Christmas time, but this year it seems muted as we all have been affected in…
What happens to money in a Special Needs Trust when the trust beneficiary dies?
- October 14th, 2020
- David Greene
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There are two kinds of Special Needs Trust, the First Party trust and the Third Party Trust. The First Party Trust contains money and assets in the protected person’s name, e.g. from a car wreck. The Third Party Trust is…