A revocable trust is a legal arrangement whereby you, as the grantor, transfer ownership of assets to a trustee while still retaining control over those assets. As grantor, you retain the right to change the terms of the trust or revoke it entirely at any time during your lifetime. A revocable trust is often used…

Advance Health Care Directives are legal documents that describe the extent of medical treatment you want to receive should you become unconscious or too ill to communicate. The name “Advance Directives” refers to the fact that you are setting out instructions in advance of a time when you might need someone to carry out your…

A durable power of attorney is a legal document that allows you to choose someone to act on your behalf as to legal and financial matters in the event you are unavailable or are incapable of doing so yourself. In this article, we explore the significance of a durable power of attorney by addressing key…

When working with a trusts and estates lawyer to create a new estate plan, a client should end up with the following documents: Durable Power of Attorney Health Care Proxy (also known as a Health Care Power of Attorney) Living Will Will Revocable Trust (in some cases) In this introductory article, we will provide a…

As the end of the year approaches, we will all receive many solicitations to make charitable gifts. These can be anything from small cash donations to larger gifts of stock or other property. When considering your year-end charitable giving, here are some tax-smart ways to give to charity. Donor-Advised Funds (DAFs) offer one of the…

As the holiday season approaches, now is the perfect time to review your finances and make any necessary adjustments before the new year. Year-end planning not only helps optimize your tax situation, but also ensures you’re prepared for potential changes in tax laws and financial goals. Whether it’s making charitable donations, maximizing your retirement contributions,…

Many of our clients have Limited Partnerships or LLCs that they use for a variety of purposes, such as to hold a family beach house, to conduct a small business or manage a pool of securities. All of these types of closely-held business entities are subject to a new reporting regime known as the Corporate…

At 1919 Investment Counsel (“1919”), our clients who are interested in making a difference often ask us for advice on how to leave a philanthropic legacy. However, the tax rules and various types of vehicles for charitable giving are complex and not always easy to navigate. Below is some advice you might consider as you…

A Charitable Remainder Trust (“CRT”) is an irrevocable trust that provides income to the donor or other noncharitable beneficiaries for a specified period of time, with the remainder going to one or more charitable organizations upon termination of the trust. An important aspect of the CRT is that the trust itself is tax-exempt and the…

Is a Charitable Lead Trust (CLT) Right for Me? If you are charitably-inclined and wish to benefit your family, a CLT may be right for you. The main benefits of a CLT are the potential reduction in gift and estate taxes for the non-charitable beneficiaries and, in the case of a grantor trust, an upfront…