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.