by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
Back to: INHERITANCE, ESTATES, & TRUSTS What is an Operational Succession Plan?In business, Succession planning means the process whereby an organization identifies key in-house personnel with a potential to take up a top leadership position and developing them...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
Back to: INHERITANCE, ESTATES, & TRUSTS What are Grantor Trust Rules?There are certain guidelines in the Internal Revenue Code that define some tax implications of a grantor trust. These guidelines are called the Grantor Trust Rules. Based on these rules, an...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Charitable Remainder Trust?A charitable remainder trust refers to a tax-exempt trust intended to cut down the taxable income of various individuals by dispersing trust income to the trust’s beneficiaries for a certain period. The next step usually...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Credit Shelter Trust?A Bypass or Credit Shelter Trust refers to a method of passing assets to beneficiaries without subjecting those assets to estate taxes. The Bypass trust is designed in such a way upon the death of the settlor or creator of the trust, the...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is Ademption?Ademption (also known as “Ademption by Extinction”) is a legal doctrine applicable to property that is passed in a decedent’s last will and testament (will). More specifically, it provides the rules for what happens when a decedent...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an Asset Protection Trust?An asset protection trust is a vehicle that protects a person’s assets from creditors by holding them on his behalf. It provides a way for debtors and creditors to avoid costly litigations and encourages parties to settle on...
