Corporate Transparency Act May Impact Estate Planning
The new federal law is called the Corporate Transparency Act (the “CTA”). The purpose of the CTA is to create a comprehensive, searchable, national database of companies.
March 21, 2023
Include your Memorabilia in your Estate Planning
Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it’s important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
March 20, 2023
Irrevocable Grantor Trust can reduce Tax exposure
When it comes to your financial legacy, business owners and executives who accumulate a significant amount of their net worth in their company’s stock rely on the current tax law stating that the basis in assets left to heirs is “stepped up” at death, to the fair market value as of the date of death.
March 16, 2023
There is Value in a Life Insurance Trust
Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.
February 27, 2023
Benefits of Creating a Life Estate
Once you create a life estate, property rights vest in your heir.
February 14, 2023
Situations where Beneficiaries may pay Taxes on Life Insurance
When beneficiaries receive a payout from a life insurance policy, they typically don’t have to pay taxes. However, there are a few situations where a portion of the life insurance benefit is taxable to the beneficiary.
February 7, 2023
Prevent some Common Beneficiary Errors
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
January 19, 2023
Steps to Minimize Inheritance Battles
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
December 1, 2022
IRS Announced New Lifetime and Gift Tax Exemptions
The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off individuals to transfer much more to their heirs tax free during life—or at death.
November 15, 2022
GRATs are good Estate Planning Strategy
Grantor-retained annuity trusts, or ‘Grats,’ are a wealth-transfer technique that shift investment growth out of an estate to heirs tax-free.
November 14, 2022