by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an ABLE Account?In the United States, an individual below the age of 26 and is diagnosed with a major disability is eligible for an ABLE account. An ABLE account refers to a savings account specifically set up for people who suffer from major disabilities...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Charitable Split-Dollar Insurance Plan? A charitable split-dollar insurance plan is a life-insurance arrangement where a donor donates money to a charity, so that the organization would in turn invest this donation in a life-insurance contract for the donor....
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is the Cy Pres Doctrine? Cy pres doctrine is a legal concept that has its origin in an old French saying cy pres comme possible translated as “as near as possible.” In legal terms, Cy pres doctrine allows a court to amend or interpret the terms of a...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Per Stirpes? Per stirpes refers to an approach where the share of a predeceased beneficiary gets transferred to his heirs or grandchildren. Usually, this term is used at the time of making a will of a person. However, sometimes, it can also be related to a...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Revocable Trust? A revocable trust is a type of trust in which the grantor can alter or cancel the trust. A trust is a fiduciary relationship in which a grantor or trustor gives an individual (the trustee) some assets to manager on behalf of a beneficiary...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Generation-Skipping Trust? Generation-skipping trust refers to a type of trust which is a legally binding agreement designed to enable a trustee to transfer assets to the next generation levels without it being taxed. The beneficiary of the trust...
