Revocable Living Trust

A tool used to avoid probate and retain control over one’s assets during their lifetime and after death.

Property Power of Attorney

A legal document that assigns a person of your choosing control over your personal property and financial affairs in the event that you yourself cannot.

Healthcare Power of Attorney

A legal document that allows a person of your choosing to make healthcare decisions for you should you become incapacitated.

Irrevocable Life Insurance Trust (ILIT)

A trust that is created to hold title to a person’s life insurance policy. An ILIT’s main purpose is to avoid estate tax on the proceeds of a life insurance policy upon payout.

Annual Gift Tax Exclusion

An amount of money that can be transferred as a gift to another person each year without incurring a gift tax.  This amount changes every few years and is adjusted for inflation.

Family Limited Partnership (FLP)

A type of partnership designed to pool a family’s assets together to transfer between generations. Primary uses of an FLP are to protect assets from creditors and erosion from taxes.

Charitable Remainder Trust (CRT)

A trust created for the purpose of providing the beneficiary an income stream with the remainder going to the creators chosen charity at the death of the beneficiary.