The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption amount from $5 million to $10 million, adjusted annually for inflation. Combined with the unlimited marital deduction and other estate tax...more
If a person is in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Tax law provides that the income tax basis of property received from a deceased person...more
2/5/2019
/ Estate Planning ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Inheritance ,
Inheritance Tax ,
Internal Revenue Code (IRC) ,
IRS ,
Property Valuation ,
Real Estate Transfers ,
Reporting Requirements ,
Step-Up Basis
Virtually everyone needs an estate plan, but this isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on one’s current stage of life. This article...more
In This Issue:
- Time passages: Estate planning through the years
- Basis consistency rules come into play when inheriting property
- Estate tax laws continue to change; so should your plan
- ESTATE PLANNING...more
2/2/2019
/ Business Succession ,
Capital Gains Tax ,
Durable Power of Attorney ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Inheritance ,
Property Valuation ,
Real Estate Transfers ,
Tax Cuts and Jobs Act ,
Wills
When it comes to gifting strategies, there are many to choose from. One such option is to make direct payments of tuition and medical expenses. This brief article provides the specifics of how this strategy works....more
An illness that requires long-term care (LTC) can quickly deplete one’s savings and derail an estate plan. Thus, LTC planning is a critical part of estate planning. This article explains why LTC insurance is an important part...more
It’s one thing to earn enough to live a comfortable lifestyle. It’s yet another to develop a plan for protecting one’s assets so that there’s more for heirs after death. If one has been fortunate enough to achieve the former,...more
Probate. The word itself is enough to strike fear into the hearts of elderly individuals and their loved ones. It conjures images of lengthy delays waiting for wealth to be transferred and bitter disputes among family...more
12/4/2018
/ 401k ,
Beneficiaries ,
Change of Ownership ,
Creditors ,
Estate Planning ,
Executors ,
Individual Retirement Account (IRA) ,
Intestate Succession ,
Joint Ownership ,
Joint Tenancy with Right of Survivorship ,
Living Trust ,
Payable on Death Clauses ,
Probate ,
Testamentary Trust ,
Transfer of Assets ,
Transfer of Title ,
Wills
In This Issue:
- Don’t be afraid of probate
- Smart estate planning begins with protecting your assets
- Thinking long term: Don’t overlook long-term care planning
- ESTATE PLANNING PITFALL: You’re not making direct...more
12/3/2018
/ Asset Protection ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Long-Term Care ,
Medical Expenses ,
Probate ,
Tuition ,
Year-End Planning ,
Year-End Tax Planning
A revocable living trust is often used to complement a will. Assets transferred to the trust generally don’t have to go through the probate process, which can be time-consuming and expensive. They’re also generally protected...more
It’s not uncommon for high-net-worth individuals to hold their assets in trusts, family limited partnerships or charitable foundations. If the assets held in this manner include interests in hedge funds or other...more
10/4/2018
/ Accredited Investors ,
Charitable Organizations ,
Estate Planning ,
Family Businesses ,
High Net-Worth ,
Investment Company Act of 1940 ,
Private Investment Funds ,
Qualified Purchaser ,
Regulation D ,
Rule 506 ,
Securities Act of 1933 ,
Securities Violations ,
Trusts ,
Unregistered Securities
Despite what one might think, estate planning isn’t limited to only the rich and famous. Previously, avoiding or minimizing federal estate tax liability was a primary motivation for creating an estate plan. But with a...more
In This Issue:
- Who needs an estate plan? Quick answer: Everyone
- NINGs, DINGs and WINGs: Understanding the tax angles of self-settled trusts
- Securities laws can derail your estate plan
- ESTATE PLANNING...more
10/1/2018
/ 401k ,
Accredited Investors ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
Individual Retirement Account (IRA) ,
Investment Funds ,
Nongrantor Trusts ,
Private Funds ,
Probate ,
Revocable Trusts ,
Tax Cuts and Jobs Act ,
Trusts ,
Unregistered Securities ,
Wills
The Tax Cuts and Jobs Act provides greater flexibility in estate planning for many taxpayers. So, no more estate tax worries for most people, right? Not so fast. For residents of some states, state estate or inheritance taxes...more
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more
8/2/2018
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift-Tax Exemption ,
Individual Retirement Account (IRA) ,
Life Insurance ,
Retirement Plan ,
State Taxes ,
Tax Cuts and Jobs Act ,
Wills
No estate plan is complete without a will. But what provisions should be included in it? This article explores the basic provisions of a will and how it should address estate taxes and specific bequests. A sidebar discusses...more
The Tax Cuts and Jobs Act (TCJA) will have a significant impact on estate planning and related aspects, such as charitable giving. Even though the TCJA reduces tax incentives for making charitable donations for some people,...more
7/31/2018
/ Charitable Donations ,
Charitable Remainder Trust ,
Charitable Rollover ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Gifts ,
Securities ,
Standard Deduction ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Incentives
In This Issue:
- Charitable giving in a post-TCJA world: What you need to know in the wake of the new tax law
- Understanding the contents of a will
- Should a tax apportionment clause be in your estate plan?
- ESTATE...more
Given the substantially increased combined gift and estate tax exemption amount established by the Tax Cuts and Jobs Act, now is the time to re-examine lifetime gift-giving strategies. This brief article explains why making...more
There are many good reasons to move abroad, such as retirement or to begin a new career. But before finalizing plans, a thorough review of financial and estate plans is in order. This article answers key estate planning...more
If a person owns a business with one or more individuals, drafting a buy-sell agreement is smart estate planning, as the business interests likely represent a substantial part of his or her estate. This article explores the...more
Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more
6/8/2018
/ American Taxpayer Relief Act of 2012 (ATRA) ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Portability ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Relief Act of 2010 ,
Transfer of Assets
In This Issue:
- Tax Cuts and Jobs Act supercharges exemption portability
- Buy-sell agreements: When a smart business decision also makes estate planning sense
- Picking up stakes: Understand the tax and estate...more
After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more
If an elderly parent or other relative who lives alone is experiencing difficulty with daily living activities, it may be time to make the difficult decision to move him or her to a nursing home. This article examines the...more