The main difference between a revocable and irrevocable trust is when the person who funds the trust gives up control of the assets. With a revocable trust, you maintain control of your assets until you pass away, at which time the trust becomes irrevocable.

With an irr...

New York does not allow silent trusts, New Jersey allows them if the beneficiary is under 35 years old. There are states- Delaware for example- where they are allowed, so if you are interested in this type of trust, you can create one under the law of another state.

Bas...

The IRS prefers to use other methods, such as wage garnishments, offers in compromise, or installment plans. But, if you refuse to pay or cooperate, the IRS is able to take your possessions and auction them off.

There is a lot of room to negotiate when dealing with IRS...

This articles brings up some lesser known facts about medicaid. It is common knowledge that medicaid is very expensive. It is less known the high percentage of births that are covered by medicaid, and the extent of the work that medicaid programs do to help people get...

A Health Care Proxy is a very valuable document that everyone should have. It enables a person of your choosing to make medical decisions for you should you be unable to make them yourself.

As important as this document is however, it is equally important to communicate...

An often forgotten use of estate planning documents to is to help protect your children when they go away to college. Have your child get a health care proxy and financial power of attorney before they go away to school. With these documents, should your child get inca...

Many trusts, particularly irrevocable trusts, provide much of their value by reducing estate tax liability. As the federal estate tax exemption has risen, and states have eliminated or reduced estate taxes, it may seem like there is no value in having a trust.This cann...

If you create a trust, fund the trust. You can have a beautifully written trust, but if the trust doesn't own the assets you want it to distribute, it's not worth very much.

Legally Speaking: Disputes arise over joint bank account funds

by BRUCE COALWELL For The News-Rev...

A recent article on NJ.com asked the question, Can you leave an estate to a pet?

In short, no, you can't leave your estate to your pet.

A pet is legally considered to be property, and does not have the legal capacity to own property. You have 3 main options to take care...

Darla Mercado wrote an article on CNBC today called Thanks, Congress. Wealthy investors hold off on estate tax planning. 

This article addresses the uncertainty that currently exists to how gift and estate taxes will look going forward. This uncertainty is causing very...