The best laid plans can go awry. Consider the estate plan you may have carefully crafted by taking into account the needs of your family members. After you’re gone, events may transpire that you hadn’t anticipated or couldn’t...more
The annual gift tax exclusion is a powerful tool in the estate planning toolbox. When using your annual exclusion, you don’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is...more
While, ultimately, you create an estate plan to meet technical objectives, such as minimizing gift and estate taxes and protecting your assets from creditors’ claims, you should also consider “softer,” yet equally critical,...more
Consider the estate tax planning implications before relocating -
Suppose you’re contemplating a bold move — literally: pulling up stakes and moving to a foreign country. There are many possible reasons for this drastic...more
Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from...more
An art collection is a special asset to account for in an estate plan -
It goes without saying that your art collection, including paintings, sculptures and other pieces of art, can represent a significant portion of your...more
If you’re a small business owner, you probably don’t have a minute to spare in your busy workday, especially if you’re struggling to recover after a turbulent 2020. Estate planning may be one of the last things on your mind. ...more
Have you considered transferring ownership of your home to a trust? By using a qualified personal residence trust (QPRT), you can avoid potential estate tax pitfalls without drastic changes during your lifetime. Essentially,...more
Whether you made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to provide tax relief to individuals and businesses struggling to make ends meet due to the COVID-19 pandemic. But this law may also have a...more
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more
7/27/2020
/ Asset Protection ,
Creditors ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift-Tax Exemption ,
Homeowner's Insurance ,
Irrevocable Life Insurance Trusts ,
Liability Insurance ,
Life Insurance ,
Tax Planning ,
Tenancy by Entirety
Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping...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
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
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
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
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
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
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
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
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