Qualified Domestic Trust (QDOT)

What is a QDOT?

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QDOTs

A QDOT (Qualified Domestic Trust) is a trust for the benefit of a surviving non-citizen spouse that defers the federal estate tax following the death of the first spouse. A Qualified Domestic Trust defers the federal estate tax because it qualifies for the unlimited marital deduction. A QDOT usually defers the federal estate tax until […]

Estate Planning

Basics of Life Insurance Trusts

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Basics of Life Insurance Trusts | The Pollock Firm LLC

Trusts can be a wonderful tool for tax planning. If your death is likely to cause an estate tax or an inheritance tax, you should understand the basics of life insurance trusts. An irrevocable life insurance trust (ILIT) is one the most common form of trusts and is the base for many other trusts such […]

Estate Planning

Reasons to Create a Will

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Reasons for a Will

There are many reasons to create a Will.  Overall, it makes it must easier and cheaper to handle your affairs after you pass away. Here are some specific reasons for a Will: General Benefits of Having a Will It ensures a clear WRITTEN clear plan for the distribution of assets after your death. Provides proof of […]

Special Needs Planning

New Law Could Require Changes To Your Special Needs Trust Plan

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Special Needs Trust as Beneficiary of an IRA

The new law specifically allows retirement money that is paid to a Special Needs Trust for a disabled person to be paid out over the lifetime of the disabled person. Whereas, retirement money paid to most adults that is not disabled must be withdrawn over ten years. Accordingly, it may actually be MORE tax efficient now to name a Special Needs Trust as beneficiary of an IRA.

Estate Planning

A Guide to Trusts for Children

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Trusts for children

When clients meet with an estate planning attorney, one of the biggest concerns that people have is that they do not want their children to receive too much money too early. Accordingly, they want to set up a trust for their children.  This is true even if the children do not have special needs or […]

Attorney

Do I Need An Attorney To Prepare A Simple Will?

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Do I Need An Attorney To Prepare A Simple Will?

I occasionally get asked if it is really necessary to hire an attorney to prepare simple estate planning documents.  Usually, the answer is NO, however, I find that once I start asking a few questions, most people really don’t need a simple Will and they would be much better served with professional guidance. Let me […]