Estate Planning Glossary
A Administrator The court appoints an administrator to settle the estate of a person who dies without a will or with a will that does not designate an executor.…
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A Accelerated cost recovery system (ACRS) Schedule of depreciation rates allowed for tax purposes. Accelerated depreciation Any depreciation method that produces larger deductions for depreciation in the early…
Read MoreBusiness Succession Planning
According to a recent national survey, 25-33 percent of family business shareholders who are nearing retirement haven’t completed any estate or succession planning other than writing a will. Some experts…
Read MoreFamily Limited Partnerships and Limited Liability Companies
The family limited partnership (LP) or limited liability company (LLC) is a gifting and asset protection vehicle that can enable someone to make gifts of units (or interests) to children…
Read MoreIrrevocable Non-Grantor Trusts
As an alternative to a sale of an appreciated asset to an intentionally defective grantor trust (IDGT) or a self-cancelling installment note, you could sell an appreciated asset to children…
Read MoreIntentionally Defective Grantor Trusts
Like a grantor retained annuity trust, an installment sale to a grantor trust may be an effective means for a individual to transfer part of the future income or appreciation from…
Read MoreGrantor Retained Annuity Trusts
A grantor retained annuity trust (GRAT) is a gifting vehicle that offers a way to shift future appreciation of property to others at a minimal gift tax cost. Under this…
Read MoreDynasty Trusts and Generation Skipping Trusts
An irrevocable dynasty trust is a gifting vehicle that offers a way to shift future appreciation of assets to others while fixing the gift tax cost at today’s asset values.…
Read MoreQualified Personal Residence Trusts
In qualified personal residence trust (QPRT), you create an irrevocable trust to hold all or a portion of a principal residence. You direct the trustee to pay you the income…
Read More529 Plans and College Planning
Section 529 Plans have become a common estate planning technique to allow parents and grandparents to fund the education of their children and grandchildren. Parents or grandparents may not wish…
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