Question 1

What is a trust and how does it differ from a will?

Accepted Answer

A trust is a legal arrangement in which (the trustee) holds assets for the benefit of another (the beneficiary). Unlike a will, which is a directive for how assets are distributed after death, a trust can be used to manage assets during a person’s lifetime & after death, potentially avoiding probate

Question 2

How do I fund a trust, and what assets can be placed in it?

Accepted Answer

Funding a trust involves transferring ownership of assets (such as real estate, bank accounts, or investments) into the name of the trust. We’ll cover the process of funding your trust and how to ensure the trust has the assets necessary to fulfill its purpose.

Question 3

How do trusts help with estate tax planning in Delaware?

Accepted Answer

Certain types of trusts, such as irrevocable life insurance trusts, can be used to reduce estate taxes by removing assets from your taxable estate. Delaware has its own estate tax laws, and we will discuss strategies for minimizing estate taxes through trust planning.

Question 4

Are there specific Delaware laws regarding Power of Attorney that I should know about?

Accepted Answer

Delaware has specific regulations around POAs, including how they’re enacted and honored. We’ll discuss the requirements and how they might impact your planning process.

Question 5

What are the different types of Power of Attorney, and how do they differ?

Accepted Answer

We’ll break down the types of POAs, such as financial, medical, durable, and limited, explaining the unique roles each plays and when they’re typically recommended.

Trust and Estate Planning W/ Gordon, Fournaris, & Mammarella, P.A.

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Follow this organizer to stay informed on future events

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