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Home / Archives for trusts

trusts

Planning for Special Needs Children

October 24, 2019 by Yvonne Novak

Planning for Special Needs Children

Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children. Planning for Special Needs Children … [Read more...] about Planning for Special Needs Children

Filed Under: Estate Planning, Legal Education Tagged With: planning, trusts

Basics of Estate Planning: Powers of Appointment – Part 2

May 25, 2019 by Yvonne Novak

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Trusts can be very flexible instruments. One of the ways to add flexibility is by using powers of appointment. This article will examine the different types of powers of appointment and how that can impact taxation. Basics of Estate Planning: Powers of Appointment – Part 2 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, power of appointment, trusts

Basics of Estate Planning: Powers of Appointment – Part 1

May 20, 2019 by Yvonne Novak

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Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust. An upcoming article will examine the tax consequences of powers of appointment. Basics of Estate Planning: Powers of Appointment – Part 1 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, power of appointment, trusts

Basics of Estate Planning: Privacy and Estate Planning

April 15, 2019 by Yvonne Novak

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Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read on to find out more. Basics of Estate Planning: Privacy and Estate Planning … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, privacy, probate, real estate, trusts, wills

No Charitable Deduction in 2018?

March 20, 2019 by Yvonne Novak

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The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the … [Read more...] about No Charitable Deduction in 2018?

Filed Under: Estate Planning, Legal Education Tagged With: charitable remainder trusts, CRT, donor advised funds, estate planning, planning, trusts

Would You Prefer a Charitable Deduction This Year?

February 20, 2019 by Yvonne Novak

Now? later ?

Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. Would You Prefer a Charitable Deduction This Year? … [Read more...] about Would You Prefer a Charitable Deduction This Year?

Filed Under: Estate Planning, Legal Education Tagged With: charitable deduction, donor advised funds, estate planning, planning, trusts

A Special Option for Special Kids

January 2, 2019 by Yvonne Novak

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When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...] about A Special Option for Special Kids

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, planning, trusts

Estate Planning is Too Important to Procrastinate

July 1, 2018 by Yvonne Novak

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Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...] about Estate Planning is Too Important to Procrastinate

Filed Under: Estate Planning, Legal Education Tagged With: love, Medicaid, planning, power of attorney, trusts, wills

How Are Trusts Taxed?

February 1, 2018 by Yvonne Novak

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Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...] about How Are Trusts Taxed?

Filed Under: Estate Planning, Legal Education Tagged With: grantor trust, nongrantor trust, trusts

Basics of Estate Planning: IRAs

January 31, 2018 by Yvonne Novak

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IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read this article to find out more. Basics of Estate Planning: IRAs … [Read more...] about Basics of Estate Planning: IRAs

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, IRAs, privacy, trusts

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Law Office of Yvonne Michaud Novak

Law Office of Yvonne Michaud Novak
202 West Superior Street, Suite 303
Duluth, MN 55802
United States (US)
Phone: (218) 720-2888
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