Explore Washington State inheritance tax changes for 2025, including updated exemption limits and strategies to minimize liability. Learn how to protect assets and plan effectively with legal insights
Taxes
Explore California estate tax updates for 2025, federal exemptions, planning strategies, and key differences from inheritance tax. Learn how to protect assets and reduce liabilities effectively.
Understand Illinois inheritance tax laws, who pays, key exemptions, tax rates, and filing steps. Learn how it impacts beneficiaries and how legal guidance helps protect assets and avoid penalties.
Learn the settlor's role in trust creation, legal duties, and how it differs from trustee and beneficiary. Gain insights into trust setup, asset protection, and estate planning responsibilities.
Domestic Trust
Learn the key differences between a trustor and trustee, their legal duties, and how clear roles ensure effective trust management, asset protection, and smooth estate planning.
What is an irrevocable trust? An irrevocable trust, in simple words, is an arrangement that, by its inherent nature and design, cannot be amended or revoked once it has been set up.
Lifetime Asset Protection Trusts are financial tools that are designed to protect your hard-earned assets from your creditors, lawsuits, divorces, and even your own poor decisions.
Divorce
Trusts are a unique way you can look after your money and property, giving you the right to decide who should take care of your 'stuff' in case you are incapable of managing it yourself or after your
Yes, an irrevocable trust can protect your assets from nursing homes, but only if you set it up in a special way.
Nursing Homes
It is extremely difficult to make changes to an irrevocable trust, and if it’s set up correctly, no one can alter the trust or access the assets inside it.
A bulletproof trust is an irrevocable trust that gives the trustee strong control over the assets to protect them from creditors, lawsuits, taxes, and other claims. It’s designed to keep the assets sa
Irrevocable Medicaid Trusts are established legal devices that afford protection for one's assets while qualifying them for Medicaid.
Medicaid Estate Planning
The cost to establish a trust typically ranges from $100 to $500.000, though this amount can vary based on complexity, location, and attorney fees.
Estate planning is when you determine exactly how your assets and wealth by handled after you pass away.
Wealth Planning
High net-worth estates require planning to last for generations. This includes minimizing taxes, passing along assets to future generations, being charitable, and continuing business interests.
An asset protection attorney, also known as an estate planning attorney, is there to help you protect your assets from risks like lawsuits, creditors, fraud, divorce, and any other mishaps that could
Lawsuits
The best country for your offshore trust might be Belize, the Cayman Islands, the Cook Islands, or Singapore. Or it might be one of several other options.
Offshore
Will a trust protect you from a lawsuit? Well, a trust does provide asset protection, though the protection is not in the case of a lawsuit.
Yes, an unhappy beneficiary can have the legal right to challenge a trust if they feel they were unfairly excluded
Yes, you can lose a lot from a lawsuit, including homes, property, investments, bank accounts, and more.
Technically, no, you cannot sue a trust. It is not a person, but a legal entity, but you can instead sue the trustee, the person responsible for the management and upkeep of the trust.
The Cayman Islands is a tax-free country, meaning there is no estate tax, no inheritance tax, and no gift tax. This makes it an ideal location for trusts.
A testamentary trust only comes into effect when the grantor of the trust dies whereas the living trust can be created during the grantor’s lifetime.
Plain and simple, No, a revocable trust will not protect your assets from expensive nursing home costs.
In most cases, yes, a trust does avoid probate. Most trusts are designed to make a smooth transition plan for your assets to pass to your heirs without probate delays.
In most cases, no, a trust does not need to pass through probate. Most trusts are specifically created so that you can pass along your assets to your beneficiaries without probate delays.
Depending on the terms of your trust, a marriage may override the trust.
A California Asset Protection Trust is an irrevocable trust that is set up in California to take advantage of California trust laws to protect assets and pass them along to your beneficiaries.
A Florida living trust is a trust that allows you to put your assets into a trust, still control them, and create a plan to pass along those assets without going through Florida probate court.
Beneficiaries are people or organizations named in a will or a trust that are named to be the recipients of the estate.
The cost of setting up a trust through a lawyer can range between $1,000 and $3,000, but this can vary dramatically depending on complexity, location, and the attorney's experience.
Typically, your trust will cost you around 0.5% - 2% of your total assets worth in yearly maintenance costs. That could be thousands each year, depending on how big your trust is.
The answer to this will most probably lie in strategic planning, such as making a Medicaid Asset Protection Trust, transferring assets, and purchasing financial products like annuities.
If you want to protect your assets from the government, you can either set up a corporation or LLC, or you can create a legal trust to hold your assets.
Will an Irrevocable Medicaid Trust Help You Keep Your Assets and Still Get Medicaid?
An irrevocable pure grantor trust or IPUG trust, is a specialized irrevocable trust with incredible asset protection with some added benefits to preserve Medicaid eligibility.
A lot of the estate planning expenses used to be tax deductible, but that has changed recently. The IRS has made much of the costs of estate planning no longer eligible to be tax deductible.
Yes, private trusts are legal in South Carolina, along with several other types of trusts.
A land trust is designed for you to hold property in a trust, while a living trust can be any number of assets. A land trust is essentially a type of a living trust with a more specific purpose.
A marital trust is a financial tool that lets you transfer your assets to your spouse after you die.
The asset protection trust exists to protect your property from creditors and keep your assets safe from lawsuits and legal challenges.
It is very likely that if you move assets during a lawsuit, you could get slapped with fraudulent conveyance, which could cost you dearly.
A Cook Islands Trust is the gold standard of trusts, set up in the remote South Pacific nation with favorable laws and strict regulations to protect your assets from creditors and lawsuits.
A secret trust is kept hidden from everyone, even in a will. A semi-secret trust reveals the existence of the trust, but the beneficiaries are kept secret from everyone.
Offshore asset protection trusts let you create a trust in a foreign nation.
The VA Asset Protection Trust is designed so that veterans can protect their assets while keeping their veteran benefits unaffected.
Retirement
A Nevada Asset Protection trust uses Nevada laws to offer you better, more robust asset protection benefits.
A Wyoming asset protection trust is unique because it lets you protect your assets without any state income and with no limitations on the time frame.
A self-settled trust lets you create a trust where you’re both the grantor and the beneficiary, a unique tool where the trust is made to benefit you.
There are several ways you can protect your assets during a divorce including pre- and postnuptial agreements, trusts, dividing debts, and transparency with your estate.
A foreign grantor trust is a trust that can be created by a non-US citizen, so neither the trust nor the trustee is subject to American tax laws.
When a grantor dies, the irrevocable trust continues to exist with the trustee managing assets, distributing income, and passing everything along to the beneficiaries.
An estate is the sum total of everything you own, all your investments, assets, collectibles, money, property, as well as your debts and liabilities.
An irrevocable grantor trust is a trust where the grantor gives up all rights to the control of assets and surrenders them to a trustee to manage, all for the benefit of their beneficiaries.
Technically, the property in a revocable trust belongs to the trust, but ownership is tricky.
Can you sell a house in a trust before death? Normally, that’s OK, unless there are specific clauses in the trust that don’t allow you to make a sale.
A trust is for anybody, but if you have assets of at least $100,000, you should consider a trust.
Putting your house in a trust comes with essential benefits that include avoiding probate, asset protection, and how easy estate transfers will be.
The best state to create a trust is South Dakota. It provides the strongest asset protection, tax advantages, and privacy laws that will make it an ideal state for trust planning.
A bulletproof trust is an irrevocable trust that gives the trustee strong control over the assets to protect them from creditors, lawsuits, taxes, and other claims.
Yes, a trustee can be a beneficiary of a will, but they must be very careful to avoid any actions that could be seen as a conflict of interest or a breach of trust.
An asset protection trust is a type of irrevocable trust that provides protection for one's assets from creditors, lawsuits, avoid probate taxes.
The main disadvantages to a trust are that it can be costly to establish and somewhat complicated.
Trustees can be compensated for their services, although compensation may vary widely depending on a number of factors, including the type of trust,
Most of the time, a will does NOT override a trust. The trust has the legal backing over the will, but it has to be set up correctly for that to happen.
Well, yes, a revocable trust does become irrevocable upon the death of a grantor. In simple words, this means that once the grantor of the trust dies, it cannot be amended, changed, or revoked.
When you transfer your house into a trust, you’re saying that the ownership of the home now belongs to the trust, guided and managed by your trustee.
A revocable living trust might cost in the range of $3,000 - $5,000, maybe more depending on the size of the trust.
One may seek methods of settlement, bankruptcy, or asset protection arrangements in order not to pay a civil judgment.
A Medi-Cal Asset Protection Trust, or MAPT, is a specific legal tool that protects your assets from being counted toward Medi-Cal eligibility.
A Medicaid Asset Protection Trust, also known as a MAPT, is a special kind of legal trust that lets people protect their assets from consideration for Medicaid eligibility.
Will Medicaid Asset Protection help you protect your assets while still qualifying for Medicaid?
A trust can cost anywhere from $5,000-$100,000 plus, depending on the type of the trust, the number of assets, or the intention of the trust.
Irrevocable trusts sound great for asset protection and security, but you have to give up control of your assets, possibly forever. It’s a tradeoff that some people aren’t prepared to make.
Once the judge signs off on the probate, the final distribution of the estate’s assets is the last step for the beneficiaries to get their distributions. But it can take a year or longer to get here.
Every beneficiary has rights to check up on the trust’s accounting activities, keep an eye on the accounting, and take legal action if the trustee has not met their obligations.
A Florida Asset Protection Trust uses local laws so you can get better, more robust asset protection benefits.
The general cost of having a Medicaid Asset Protection Trust lies anywhere between $3,000 and $10,000, which is dependent on the complexity of the trust and the attorney fees.
What Is an Estate?: Preparing For Your Future
An irrevocable funeral trust is one legal and financial choice for pre-funding funeral and burial expenses.