Roth IRAs offer significant financial and estate planning benefits. If a person has a substantial balance in a traditional IRA and is considering converting it to a Roth IRA, there may be no better time than now. This article...more
According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan...more
Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types: grantor trusts and nongrantor trusts. An intentionally defective grantor trust (IDGT) has the best attributes of...more
We are pleased to present the Year End 2019 issue of Insight on Estate Planning We encourage you to read through it for ideas about ways you can minimize taxes on your estate and maximize its value for your loved ones.
In...more
12/4/2019
/ Estate Planning ,
Grantor Trusts ,
Income Taxes ,
Nongrantor Trusts ,
Pets ,
Roth Conversions ,
Roth IRA ,
Tax Cuts and Jobs Act ,
Trusts ,
Year-End Planning ,
Year-End Tax Planning
Generally, the proceeds of one’s life insurance policy are included in their taxable estate. A person can remove them by transferring ownership of the policy, but there’s a catch: Wait too long, and one’s intentions may be...more
One of the outcomes of the Tax Cuts and Jobs Act is that children with unearned income may find themselves in a higher tax bracket than their parents. Under the “kiddie tax,” as it’s sometimes referred to, a child’s unearned...more
A person’s will is the centerpiece of his or her estate plan. Typically, it’s the most important document used in estate planning and is created before any other. A document that complements a will is a letter of instruction....more
If a married couple includes a non-U.S. citizen spouse, there are special estate planning rules to take into account, such as a significantly smaller estate tax exemption. This article explains the differences in estate tax...more
10/2/2019
/ Citizenship ,
Estate Planning ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift-Tax Exemption ,
Marital Status ,
Preferential Transfers ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Tax Cuts and Jobs Act ,
Tax Deductions
Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will?
We are pleased to present the...more
10/1/2019
/ Adult Children ,
Dependents ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Letter of Instructions ,
Life Insurance ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Transfer of Assets ,
Trusts ,
Wills
Generally, the logical place to establish a trust is in one’s home state. However, for a variety of reasons, that may not be the best option. One may be better off establishing the trust in a different jurisdiction. This...more
A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be...more
Parents of a newborn or toddler may be thinking about naming a guardian for their child. This can be a difficult decision, especially if a person has a plethora of choices or, on the other hand, has no one he or she can...more
To avoid family disputes over a will after one’s death, it’s worth taking the time now to institute steps to protect the will from legal challenges. This article details four specific steps for bulletproofing a will. A...more
8/2/2019
/ Adult Children ,
Beneficiaries ,
Best Practices ,
Estate Planning ,
Medical Reports ,
Minor Children ,
No-Challenge Clauses ,
Revocable Trusts ,
Spouses ,
Testamentary Capacity ,
Video Recordings ,
Wills ,
Witnesses
In This Issue:
- Protect your will from legal challenges
- Do you have questions about guardianship?
- Covering all the bases: Both your business and estate plan can benefit from a buy-sell agreement
- ESTATE...more
It’s difficult for many people to think about their own mortality, and it’s not surprising to learn that many put off planning their funerals. Unfortunately, this lack of planning can result in emotional turmoil for surviving...more
If one has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, he or she must file FinCEN Form 114, “Report of...more
Because of the fluctuation in the value of assets, specifically stocks, federal tax laws provide relief to taxable estates that may be negatively affected by fluctuating market conditions. Instead of using the value of assets...more
Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a...more
In This Issue:
- A win-win proposition -A charitable remainder trust benefits you and your favorite charity
- When to elect the alternate valuation date
- Do you know when an FBAR must be filed?
- ESTATE PLANNING...more
Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for...more
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more
4/4/2019
/ Advanced Care Directives ,
Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Prenuptial Agreements ,
Prior Wills ,
Retirement Plan ,
Spouses ,
Surviving Spouse ,
Trusts ,
Wills
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, one may implement strategies in the wake of the TCJA that are designed to...more
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more
In This Issue:
- Expiration date: IRS provides estate tax protection against sunsetting TCJA provisions
- A Crummey trust may sound pretty good
- A second walk down the aisle can complicate estate planning
-...more
4/1/2019
/ Crummey Trusts ,
Divorce ,
Estate Planning ,
Estate Tax ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
Marriage ,
Sunset Provisions ,
Tax Cuts and Jobs Act ,
Trusts
Today, one can do practically anything online that used to require face-to-face contact — and that includes downloading a form to write his or her will. This brief article discusses the downsides of a “do-it-yourself” will....more