Revocable Living Trust:

A device used to avoid probate and provide management of your property, both during life and after death.

Property Power of Attorney:

Instrument used to allow an agent you name to manage your property.

Health Care Power of Attorney:

Instrument used to allow a person you name to make health care decisions for you should you become incapacitated.

Annual Gift Tax Exclusion:

Technique to allow gifts without the imposition of estate or gift taxes and without using lifetime exclusion.

Irrevocable Life Insurance Trust:

A trust used to prevent estate taxes on insurance proceeds received at the death of an insured.

Family Limited Partnership:

An entity used to:

  • Provide asset protection for partnership property from the creditors of a partner
  • Provide protection for limited partners from creditors
  • Enable gifts to children and parents maintaining management control
  • Reduce transfer tax value of property.

Children’s or Grandchildren’s Irrevocable Education Trust:

A trust used by parents and grandparents for a child’s or grandchild’s education.

Charitable Remainder Interest Trust:

A trust whereby donors transfer property to a charitable trust and retain an income stream from the property transferred. The donor receives a charitable contribution income tax deduction, and avoids a capital gains tax on transferred property.

Fractional Interest Gift:

Allows a donor to transfer partial interests in real property to donees and obtain fractional interest discounts for estate and gift tax purposes.

Private Foundation:

An entity used by higher-wealth families to receive charitable income, gift, or estate tax deduction while allowing the family to retain some control over the assets in the foundation.