Cummings & Lockwood Estate Planning FAQs
Welcome to Cummings & Lockwood’s Estate Planning FAQs. To help educate our clients and their advisors on a broad range of trust, estate and charitable planning topics and share our knowledge and experience, the firm’s Private Clients Group has created Estate Planning FAQs which provide answers to the many questions frequently asked of our trusts and estates attorneys. Periodically, we will publish new questions and answers that may be of interest to you, and we invite you to visit our website for these and other updates in the future.
Cummings & Lockwood provides sophisticated estate planning counsel to individuals, families, family offices, closely held businesses and charitable entities.
Our private clients attorneys can help you develop a comprehensive estate, tax and philanthropic plan tailored to your specific goals and needs. If you are interested in scheduling a consultation, we would be happy to hear from you.
- What are "digital assets"?
- What are the challenges facing digital assets that are different than traditional assets?
- Upon an individual's death, is a fiduciary (e.g., executor, personal representative, trustee, agent, attorney-in-fact, or guardian) permitted to access the decedent's digital assets?
- What are examples of "outside the envelope" non-content information?
- What are examples of "inside the envelope" content information?
- What are examples of ISPS that provide an online tool for post-death access?
- What steps should a fiduciary take with respect to digital assets?
- What is a GRAT?
- How does the GRAT work?
- What is an example of a GRAT?
- What are the terms and conditions to be considered in a GRAT trust agreement?
- What are the tax implications of the GRAT?
- Can you give me an example of the GRAT tax calculations?
- What if the GRAT's investment performance is equal to or less than the IRS interest rate?
- If there is insufficient income to pay the annuity in one year, can the deficiency be paid in another year, rather than using principal?
- Can an interest in a closely held business be transferred to a GRAT?
- What are the costs of managing a GRAT?
- What is a grantor trust?
- What are the advantages of grantor trusts?
- What gives a trust grantor trust status?
- What is an installment sale?
- What are the basics of an installment sale to a grantor trust?
- Are there income tax consequences of using a traditional installment sale?
- What are the advantages of an installment sale?
- What are the disadvantages of a traditional installment sale?
- What is a charitable lead trust (CLAT)?
- Why would a CLAT be of interest to me?
- What are the basics of charitable lead annuity trust administration?
- Is there an income tax benefit to creating a CLAT?
- Do the assets used for funding affect the income tax consequences to you and the administration of the CLAT?
- Must the trustees be sensitive to certain requirements?
- What are the costs of administering a CRUT?
- What property should I use to fund a CRUT during life? What property should I use to fund a CRUT at death? What property should I not use?
- What are the general administration concerns involved with administering a CRUT?
- What type of assets should be used to fund the CRUT?
- What are the tax aspects of retaining a residence until I die?
- Do my heirs have to probate the house?
- What estate planning techniques can I utilize with my residence?
- What approaches can I take for managing the family vacation home?
- What are the benefits of making a gift of a residence in trust versus outright?
- What are the different types of Irrevocable Trusts?
- What are the unique aspects of administering a Grantor Retained Annuity Trust (GRAT)?
- What are the unique aspects of administering a Qualified Personal Residence Trust (QPRT)?
- What are the unique aspects of administering Irrevocable Gift Trusts and Irrevocable Insurance Trusts?
- What is an Asset Protection Trust?
- What advantages does an Asset Protection Trust offer over other entities that protect assets, such as a Limited Liability Company or Limited Partnership?
- What jurisdictions can an Asset Protection Trust be created?
- What is the difference between a domestic and foreign Asset Protection Trust?