SimplyTrust Knowledge Base

A: A revocable trust—also called a living trust—is a flexible estate planning tool that allows someone (called the grantor) to transfer ownership of assets into a trust while maintaining control during their lifetime. Upon their passing, the assets are distributed to beneficiaries without going through probate.

A: Unlike an estate tax, which applies to the overall value of someone's estate, an inheritance tax is applied to the portion each individual inherits. The rate varies based on who inherits and how much they receive. Iowa previously had both an inheritance tax and an estate tax.

A: The course is designed for a diverse audience, including heads and members of multi and single-family offices, wealth managers, private bankers, and financial planners. If you're involved in managing wealth or advising families on their financial strategies, this training is tailored for you. By attending, you will be better equipped to navigate the challenges of wealth management in today's fast-paced world.

A: Iowa once imposed both an estate tax and an inheritance tax. These are different. An estate tax is based on the total value of someone's estate. An inheritance tax, on the other hand, is based on what individual heirs receive.

A: Joint tenancy is a legal arrangement in which each co-owner holds an equal share of a property or asset. Most importantly, it includes right of survivorship, meaning that when one owner passes, their share automatically transfers to the surviving owner(s) without going through probate.This arrangement can apply to real estate, bank accounts, investment accounts, and even vehicles in some states. It’s most commonly used between spouses but can be set up between any individuals.

A: A revocable trust avoids probate for assets you title into it. That's true in Illinois and Nevada—real estate, accounts, even vehicles can pass outside court. Privacy improves, and timelines shrink. However, there are differences between revocable trusts in the two states.

A: Illinois once had an inheritance tax, but it no longer applies to recent deaths. The Illinois Attorney General notes that an "Illinois Inheritance Tax Release" is needed only if a person died before January 1, 1983—a practical marker that the old tax is a thing of the past for modern estates.