Ensuring the Safety of Trust Property Transfers

ENSURING THE SAFETY OF TRUST PROPERTY TRANSFERS Whether creating a trust to avoid the hassle of probate court or to maintain an influence over assets, it is important to confirm that your property is transferred correctly. A recent decision in the U.S. District Court for the Southern District of Texas struck down a conveyance of […]

Power of Appointment in Trust: Benefits and Consequences

Potential Legal Implications of the Promissory Note In the context of a trust, a power of appointment is a legally binding provision contained in a trust which gives a surviving spouse or other beneficiary the authority to change or re-direct the trust’s property in a way that may be different from the disposition otherwise provided […]

Revocable Trust Funding

Revocable Trust Funding A revocable trust must be properly funded by the grantor or settlor during their lifetime, especially if the primary goal of forming the trust is to avoid probate. This article provides a summary of assets that can and cannot be transferred to a revocable trust, as well as a summary of potential […]

Qualified Personal Residence Trust (QPRT)

Qualified Personal Residence Trust (QPRT) A qualified personal residence trust (“QPRT”) is one of several tools in our estate planning toolbox at Waldron & Schneider. A QPRT is a type of irrevocable trust. The grantor of the QPRT (“Grantor”) transfers ownership of their principal residence or vacation home to the QPRT and reserves the right […]

Differences Between Irrevocable and Revocable Trusts

Differences Between Irrevocable and Revocable Trusts   Irrevocable Trusts Revocable Trusts The trust is issued a Tax Identification Number. The trust is not issued a Tax Identification Number. The terms of the trust agreement cannot be amended after the trust agreement is executed.  The trust agreement can include trust protector language, which may permit the […]