What is a living trust and why should I have one? There are many kinds of trusts and the goal of this article is to discuss some of the most popular questions about Living Trusts and why they are an important part of your Estate Plan....
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Many situations exist where people are living together without the benefits of a legal marriage under the law, and in such cases the use of Trusts and Wills can be an important tool to reduce costs, taxes, transfer assets, and to enable one party to effectively care for the other under adverse circumstances....
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Smith & Shapiro also provides management consulting services in which we help organizations improve their financial and business performance by analyzing business needs and creating and implementing solutions for improvement....
Continue readingSuccession planning is a preemptive process for businesses to recruit and develop employees to fulfill key leadership roles within the business....
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A Trust or Will is said to be “contested” or "challenged" when one or more parties take legal steps to invalidate, nullify or modify the terms or provisions of the Trust or Will documents....
Continue readingWhen taxes on a corporation are paid in one jurisdiction, very often part or all of that tax paid may be taken as a deduction, in other words, reduce taxes that may be due in another jurisdiction....
Continue readingWhen a Trustor dies, the Trustee has certain administrative duties to complete. Even with specific direction from a Will or Trust, the Trustee may need guidance or additional help administering the duties of the Trust. ...
Continue readingTrusts created by or for the benefit of U.S. citizens or resident aliens in a jurisdiction other than the United States are called Offshore Trusts. These trusts are similar in most respects to Onshore (U.S.) trusts, but have provisions that are governed by the laws of the selected foreign jurisdiction where the trust was formed....
Continue readingThe primary goal of tax planning is to strategically arrange the affairs of a business or other asset owner in such as way as to reduce or eliminate a tax liability. Tax liabilities are debts owed to a government of a country, state, federal, local or other legal jurisdiction....
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