Upstate Estate Law, P.C. Blog

Well, my prediction of last night may prove incorrect.  The House voted today to extend the current federal estate tax law.  This would continue the current $3,500,000.00 exemption and keep the top rate at 45 %.  It will also keep the estate tax in effect for the year 2010.

I am for this legislation.  I would even like to see Click here to finish this post.

Alas, after many months of health care debate (if we can really call it that) in the U.S. Congress seemingly drowning out all other issues, come signs of life on the federal estate tax front.  The House of Representatives is considering an extension of the current estate tax law. 

You may or may not know the current state of the federal estate tax. For deaths in the year 2009, there is a Click here to finish this post.

The terms above refer to two major categories of trusts.  An inter vivos trust is a trust that was created during the lifetime of the Trust Grantor/Settlor.   A testamentary trust is set up upon the death of the Trust Grantor/Settlor, typically in a Last Will. 

Some distinctions are that an inter vivos trust may be freely revocable by the Grantor/Settlor, whereas the testamentary trust is irrevocable.  The inter vivos trust may be set up to accomplish asset management, incapacity planning, or Medicaid planning for the Settlor/Grantor.  A testamentary trust is useful to protect the Settlor/Grantor’s eventual beneficiaries from dissipating their inheritance through immaturity, creditors’ claims, divorce, and the like. 

South Carolina is one of about 38 states plus the District of Columbia that allow for trusts to be established for the benefit of animals and pets.  While such trusts had not been recognized under the state common law because there were no human beneficiaries to enforce their terms, the South Carolina Trust Code now makes such trusts valid. Click here to finish this post.

You may have heard various reasons why somebody should have their assets in a Revocable Lifetime Trust. (“Revocable Trust”). Some reasons may be valid, others less so. Here is a discussion of some of these reasons, and the implications of each.

1. Asset Management

This is one of the major Click here to finish this post.