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Settlor (or Donor or Grantor) The person who creates a trust is called the settlor (sometimes called the donor or grantor). It is the settlor’s intent which is of paramount importance. It is the intent of the settlor that determines whether a trust has been created. Here’s a great read with a rundown on the […]
Mark Twain famously said, “A classic is something everybody wants to have read, but no one wants to read.” Life insurance is a little like that. Everyone needs it, but we don’t like to talk about it much. Life Insurance as Key Estate Planning Tool Life insurance is an amazing estate planning tool. I cannot […]
Q: How many elephants will fit into a Minivan? A: Four: Two in the front, two in the back. Q: How many giraffes will fit into a Minivan? A: None. It’s full of elephants. Jokes aside, you can fit just about any asset into a trust. Here is a “short” list of assets actually placed into […]
We dove into the definition of the term “trust,” but that’s just the tip of the iceberg when it comes to learning about the important agreement that’s often used for purposes including estate tax liability reduction, estate property protection, and probate avoidance. There are four standard ways of classifying trusts. Trust Classifications Trusts may be classified by their […]
Three Parties to a Trust There are three parties to a trust: (1) the settlor (sometimes called the donor or grantor); (2) the trustee; and (3) the beneficiary. Let’s talk about the “middle man” of this arrangement – the trustee. Definition of Trustee The trustee is the person who receives the property and accepts the […]
When you hear the word “trust” it’s usually in the context of a belief of reliability of someone, such as: “I trust her to read about the past legal word of the day, quid pro quo.” Trust in the world of estate planning is entirely different, although you can certainly put trust in a well-crafted […]
If spelling tests weren’t always your strong suit in school, fear not! Today’s legal word of the day is an easy one that’s having a momentary editorial heyday. Ripped From the Headlines As you probably heard, The New York Times took the highly unusual step of publishing an unsigned, anonymous op-ed entitled, “I am Part […]
The August 2018 issue of the Iowa State Bar Association’s The Iowa Lawyer magazine was recently published. This edition includes GFLF’s piece on how irrevocable life insurance trusts (ILITs for short) can be a valuable estate planning tool. While the magazine is an industry publication for lawyers, this information is also incredible useful for anyone […]
When most people use the word “property,” they typically mean real estate or land, such as: “She owns 50 acres of property in Harrison County.” But, for estate planners, the word property has a much broader meaning. For estate planners, property is what we lawyers call a “term of art.” A term of art is a word […]
The latest lawsuit to grip the U.S. news cycle has all the makings of an interesting drama complete with pseudonyms, an agreement to “hush,” a payment for $130,000, and an absent signature. That missing signature is, in part, what brings us to an adult film actress’ lawsuit that a 15-page agreement between “Peggy Peterson” and “David […]