Cancelling Irrevocable Trust can cause Tax nightmare
Before pulling the plug on an irrevocable trust, it’s important to consider several factors like the potential tax consequences and possible alternative solutions.
September 5, 2023
The IRS has issued a Ruling that will impact Grantor Trusts
On March 30, 2023, the Internal Revenue Service issued Revenue Ruling 2023-2, which directly impacts a wide range of irrevocable trusts, including grantor retained annuity trusts, qualified personal residence trusts, insurance trusts and other intentionally defective ‘grantor trusts.’
July 18, 2023
LLCs can be a useful Tool in your Estate Planning
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
June 28, 2023
Pitfalls of Gifting and Joint Ownership
There is a popular misperception among many seniors that in order to protect their assets from creditors, including the cost of nursing home care, they should consider gifting their assets to their children.
June 19, 2023
Protecting Assets in a Second Marriage can be a challenge
Estate planning is nearly always worthwhile but can be extra important when you have stepchildren.
May 23, 2023
Protecting Assets with a Trust vs. LLC
To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.
May 10, 2023
Revocable Trusts Must Be Funded to be Effective
The primary benefits of revocable trusts only are available if a revocable trust is FUNDED during life. Unfortunately, experienced estate planning attorneys often have clients who delay the funding of their revocable trusts until it is too late and miss many of the benefits that these trusts provide.
May 3, 2023
Life Estate can be a Cost Effective Option
A life estate is a type of property ownership or tenancy that grants an individual the right to use and enjoy a property for the remainder or their life. It gives an ownership interest to someone else.
April 27, 2023
Step-Up in Basis can help Avoid or Reduce Taxes
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
April 25, 2023
Safeguarding Digital Assets in Estate Planning
Cryptocurrency has become a new wrinkle in the development of an estate plan.
April 12, 2023