NEWARK MILLENNIAL ESTATE PLANNING LAW FIRM

CRT's are irrevocable trusts that actually provide for and maintain two sets of beneficiaries.

The first set are the income beneficiaries (you and, if married, a spouse). Income beneficiaries receive a set percentage of income for your lifetime from the trust .

The second set of beneficiaries are Legal Minds of the Griffin Firm Legal Minds and Professional Staff of the Griffin Firm the charities you name.

They receive the principal of the trust after the income beneficiaries pass away. CRT is considered "outside of your estate" by the IRS.

Because of this, you may end up saving as much as 46 cents of every dollar you move to the CRT.

Plus, you are usually not limited in how much you can contribute by the annual gifting limit or the Estate and Gift Tax Credits.

The Durable Power of Attorney is created to provide someone to stand in your stead - called an attorney-in-fact- who manages financial and business decisions. This will al low someone else to pay bills on your behalf.

This power of attorney does not create limitations for the attorney -in- fact to act only during the time of your incapacitation . The power is terminated upon death.

NEWARK

IRREVOCABLE LIVING TRUST

ESTATE PLANNING LAWYERS

FOR MILLENNIAL BLACK FAMILIES AND BLACK PROFESSIONALS

A Revocable Trust is simply a type of trust that can be changed at any time. In other words. if you have second thoughts about a provision in the trust or change your mind about who should be a beneficiary or trustee of the trust then you can modify the terms of the trust through what is called a trust amendment.

Or. if you decide that you don't Like anything about the trust at all, then you can either revoke the entire agreement or change the entire contents through a trust amendment and restatement.

The Last Will and Testament is a legal declaration of a person's wishes regarding the disposal of his/her property or estate after death.

The will is a public document and would be filed at death in the state where you are domiciled . The Personal Representative would be identified.

For all parents of minors, guardianship planning is the important things to consider in estate planning.

Parents also need to designate someone to care for minor children in the event that both parents die before the children reach the age of 18.

Parents need to decide how to provide income for their children. who will receive their property and who will manage the finances for the children.

This is a Legal document that allows a person to choose someone to make medical decisions on his/her behalf when he/she is unable to do so.

The person who is authorized may be called a proxy. This document will include many health care decisions, as well as end-of­ Life planning and celebration decisions.

This document includes the following:

• Health Insurance Portability and Accountability Act of 1996

• Advance Directive/Living Will

• Health Care Proxy

• End of Life Celebration

NEWARK

IRREVOCABLE LIVING TRUST

ESTATE PLANNING LAWYERS

FOR MILLENNIAL BLACK FAMILIES AND BLACK PROFESSIONALS

An Irrevocable Trust is a vehicle where the Granter relinquishes some rights and responsibilities with the Trust The Irrevocable Trust is used to segregate assets and convert them in many cases from countable assets to non-countable assets.

This is a great resource for Medicaid, Special Needs Trust and to minimize tax liability.