Kutchins, Robbins & Diamond, Ltd. Certified Public Accountants and Advisors

Archive for the ‘Estates & Trusts’ Category

Assets in Minor’s Name – Tax Strategy Alternative

Many of us use the Uniform Gifts to Minors Act (UGMA) to hold money or other property for a minor child that otherwise would not be able to be held in their name.

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Irrevocable Life Insurance Trust (ILIT) – Tax Benefits

An Irrevocable Life Insurance Trust (ILIT) is a trust that cannot be rescinded, amended or modified post creation. (Of course if you stop paying the insurance premiums, the trust will self-destruct).  These trusts are designed to own a life insurance policy.

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Estate Planning Wills Probate & Transfer of Assets

A will allows the testator (the person creating the will) to specify: • Who receives property at the testator’s death. • Whether beneficiaries receive gifts outright or in trust. • Who will act as personal representative. • Who will be the guardian of minor children. In the absence of a will, these matters are settled […]

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