What is a QTIP Trust?
A QTIP trust, or Qualified Terminable Interest Property trust, is a type of irrevocable trust that is often recommended for blended families. A QTIP trust provides security for your surviving spouse as well as any children from a previous marriage. In most cases, the QTIP trust is created by the wealthier spouse or the spouse […]
What Are Digital Assets?
Digital assets are any assets that are stored digitally. They can have monetary or even sentimental value and may be stored online, on a mobile device, or on a computer. The most common digital assets include the following: Cryptocurrencies Blog content Online bank accounts or brokerage accounts Pictures and digital documents Subscriptions Music, video, and […]
What is an Executor?
An executor of a will or estate has been chosen to carry out the deceased individual’s final wishes. This could include donating to charity, paying outstanding debts, making funeral arrangements, and more. In most cases, the executor is chosen by the writer of the will before they pass. If there is no executor named in […]
What is a Qualified Personal Residence Trust (QPRT)?
A qualified personal residence trust is an irrevocable trust that allows the creator to remove a property from their estate. This is done to reduce the gift tax associated with assets when transferring them to a beneficiary. With this trust, the owner of the residence can remain living on the property with a retained interest […]
How Does a Dynasty Trust Work?
If you are interested in long-term wealth planning, you may have heard of a dynasty trust. A dynasty trust is an irrevocable trust that can extend between generations. Typically, a grantor will transfer wealth into a dynasty trust to create it. Once the grantor dies, the trust is divided into sub-trusts, and each one supports […]
What is Probate?
Estate Planning What is Probate? Probate in California is a court supervised process that is used to wind up a person’s legal and financial affairs after death, usually overseen by probate lawyers in California. Probate includes gathering a deceased person’s assets, proving the validity of the will; appraising the estate property; paying creditors (including estate […]
