Month: November 2024
Irrevocable Life Insurance Trusts (ILITs): Leveraging Life Insurance for Estate Planning
Introduction In estate planning, an Irrevocable Life Insurance Trust (ILIT) is a powerful tool for reducing estate tax liability and securing the financial future of beneficiaries. Contrasted with a revocable trust, an ILIT is irrevocable, used primarily for estate tax purposes, and requires thoughtful planning, particularly when working with a life insurance company to transfer […]
On November 13, 2024 in Uncategorized by Leighton Tyau
What Is a Grantor Retained Annuity Trust (GRAT)?
A grantor retained annuity trust, or GRAT is a specialized estate planning tool that allows individuals, especially those with ultra-high net worth, to transfer wealth to beneficiaries while avoiding estate tax and gift tax liabilities. Through a GRAT, assets are transferred into a vocable trust where the grantor receives annuity payments over a specified term […]
On November 5, 2024 in Uncategorized by Leighton Tyau
Will Contests: Understanding Your Rights and the Legal Process
If you believe your status as a beneficiary has been violated, consulting an experienced estate and probate attorney is essential. Contesting a will is a complex legal process requiring probate litigation. Here, we’ll explore what it means to contest a will, the process for doing so, and who is eligible to file a contest in […]
