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I often recommend Irrevocable Life Insurance Trusts (ILITs) to clients looking to protect their family’s wealth. Life insurance is a powerful estate planning tool, but without proper planning, it can become vulnerable to creditors or unnecessarily inflate your taxable estate. Let’s explore how an ILIT can help safeguard your family’s…

A step-up in basis may be one of an estate planner’s best tools. To truly understand how beneficial this tool is, it’s essential to first grasp the concept of basis. In simple terms, basis refers to what you initially paid for an asset. On the other hand, the amount realized…

When a loved one passes away, settling their estate can be complex, especially if you’re unfamiliar with their financial affairs. I often hear concerns from family members about missing assets or incomplete information. Let’s address these everyday worries and explore what happens in these situations. The Challenge of Incomplete Information…

A Pooled Income Trust is a valuable financial tool for individuals who need to qualify for Medicaid in New York while still maintaining control over their excess income. As of 2024, Medicaid eligibility in New York is determined based on the applicant’s assets and income. There is a set income…

Imagine you’re at a family reunion, and your eccentric Uncle Bob starts discussing how he’s become a “Grantor.” Your cousin Sarah rolls her eyes, assuming it’s just another of Bob’s quirky hobbies. But little does she know that Uncle Bob might be the most intelligent person at the picnic table.…

Regarding estate planning, one of the most essential tools available to individuals is a trust. Think of a trust as a box with an instruction manual. The instruction manual controls what’s in the box and where it goes at the time of your passing. But here’s the catch – if…