Personal finance
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Special Power of Attorney: Definition & Legal Uses
What Is a Special Power of Attorney? A special power of attorney is a legal document that authorizes one person, called an agent or an attorney in fact, to act on behalf of another person, know
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Living Trusts: Protect Your Assets & Avoid Probate
What Is a Living Trust? A living trust is a legal document, or trust, created during an individuals lifetime where a designated person, the trustee, is given responsibility for managing that in
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Intentionally Defective Grantor Trust (IDGT): Estate Tax Planning Explained
What Is an Intentionally Defective Grantor Trust? An intentionally defective grantor (IDGT) trust is an estate-planning tool that is used to freeze certain assets of an individual for esta
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Dynasty Trusts: Preserve Wealth Across Generations | [Your Company Name]
What is a Dynasty Trust? A dynasty trust is a long-term trust created to pass wealth from generation to generation without incurring transfer taxes—such as the gift tax, estate tax, or gen
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Collective Investment Funds (CIFs): Understanding & Types
What Is a Collective Investment Fund? A collective investment fund (CIF), also known as a collective investment trust (CIT), is a group of pooled accounts held by a bank or trust company. The f
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Bare Trust Explained: Understanding Beneficiary Rights & Trustee Responsibilities
What Is a Bare Trust? A bare trust is a basic trust in which the beneficiary has the absolute right to the capital and assets within the trust, as well as the income generated from these assets
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A-B Trust: Understanding Estate Tax Minimization
What Is an A-B Trust? An A-B trust is a joint trust created by a married couple for the purpose of minimizing estate taxes. Upon the death of the first spouse, an A-B trust divides into two. It
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Retirement Account Trusts: Benefits & Drawbacks - Estate Planning Insights
When designating beneficiaries for a retirement account one option is to leave the money to a trust. In the financial community, the advantages and disadvantages of this route have been a topic of a
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Unit Trusts (UT): Understanding Investment Structures
What Is a Unit Trust (UT)? A unit trust is an unincorporated mutual fund structure that allows funds to hold assets and provide profits that go straight to individual unit owners instead of rei
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Trust Companies: Understanding Fiduciary Services & Asset Management
What Is a Trust Company? A trust company is a legal entity that acts as a fiduciary, agent, or trustee on behalf of a person or business for the purpose of administration, management, and
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Revocable Living Trusts: Control Your Legacy & Avoid Probate
Do you ever worry about how your beneficiaries will manage their portion of their inheritance when you pass away? One solution that allows you to still exert some control over your money–even after
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UTMA: Understanding Uniform Transfers to Minors Act - Gifts & Accounts
What Is the Uniform Transfers to Minors Act (UTMA)? The term Uniform Transfers to Minors Act (UTMA) refers to an act that allows a minor to receive gifts without the aid of a guardian or truste
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Understanding Trustees: Roles, Responsibilities & Fiduciary Duty
What Is a Trustee? A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such
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Understanding Step-Up in Basis: Tax Implications at Inheritance
What Is a Step-Up in Basis? The term step-up in basis refers to the readjustment of the value of an appreciated asset for tax purposes upon inheritance. Put simply, a step-up in basis adjusts t
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Pari-Passu Explained: Understanding Equal Claim & Creditor Rights
What Is Pari-Passu? Pari-passu is a Latin phrase meaning equal footing that describes situations where two or more assets, securities, creditors, or obligations are equally managed without pref
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Inter-Vivos Trust: Definition, Benefits & How It Works
What Is an Inter-Vivos Trust? An inter-vivos trust is a fiduciary relationship used in estate planning created during the lifetime of the trustor. Also known as a living trust, this trust has a
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Understanding High-Net-Worth Individuals (HNWIs): Definition & Assets
What Is a High-Net-Worth Individual (HNWI)? The term high-net-worth individual (HWNI) refers to a financial industry classification denoting an individual with liquid assets above a certain fig
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Grantor Retained Annuity Trust (GRAT): Tax-Efficient Estate Planning
What Is a Grantor Retained Annuity Trust (GRAT)? A grantor retained annuity trust (GRAT) is a financial instrument used in estate planning to minimize taxes on large financial gifts to family m
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Understanding Grantor Trusts: Tax Implications & Rules
What Are Grantor Trust Rules? Grantor trust rules are guidelines within the Internal Revenue Code (IRC) that outline certain tax implications of a grantor trust. Under these rules, the ind
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Understanding Endowments: Definition & Purpose
What Is an Endowment? An endowment is a donation of money or property to a nonprofit organization, which uses the resulting investment income for a specific purpose. An endowment can also refer
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Chase Bank Corrects Account Balance Discrepancy Due to Technical IssueChase Bank acknowledged reports of some customers seeing incorrect balances in their checking accounts and said the problem has now been resolved. The biggest U.S. bank by consolidated ...
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TSP to Quicken: Understanding the Data Transfer LimitationsCan You Download TSP into Quicken The Thrift Savings Plan (TSP), the government version of a 401k, does not currently offer its members the option of downloading their information directly into Quicke...
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Public Banks in Canada: A Path to Economic & Social ProgressMost Canadians could be forgiven for not knowing what a public bank is. We do have some — the Alberta Treasury Branch, the Business Development Bank, the Export...
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Bitcoin Investing for Beginners: A Comprehensive 2021 GuideToday everyone is making improvements in bitcoin technology for their future, you need to be aware of all those possibilities. If you are reading this article. Bitcoin is considered one of the most ...