by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is the Uniform Gifts to Minors Act?There are certain acts in the United States that cater for the well being of minors. The Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) are laws in the United States that enable minors receive...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
Back to: INHERITANCE, ESTATES, & TRUSTS What is an Operational Succession Plan?In business, Succession planning means the process whereby an organization identifies key in-house personnel with a potential to take up a top leadership position and developing them...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Charitable Remainder Trust? A charitable remainder trust refers to a tax-exempt trust intended to cut down the taxable income of various individuals by dispersing trust income to the trust’s beneficiaries for a certain period. The next step usually...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Credit Shelter Trust?A Bypass or Credit Shelter Trust refers to a method of passing assets to beneficiaries without subjecting those assets to estate taxes. The Bypass trust is designed in such a way upon the death of the settlor or creator of the trust, the...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Ademption? Ademption (also known as “Ademption by Extinction”) is a legal doctrine applicable to property that is passed in a decedent’s last will and testament (will). More specifically, it provides the rules for what happens when a decedent...
by Jason M. Gordon | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an Asset Protection Trust? An asset protection trust is a vehicle that protects a person’s assets from creditors by holding them on his behalf. It provides a way for debtors and creditors to avoid costly litigations and encourages parties to settle on...
