ILITS are a Common Planning Tool
Life insurance is often a cornerstone of a comprehensive estate plan, particularly when an estate consists of largely illiquid assets.
October 26, 2022
Estate Planning should include Consideration of Income Tax
Avoidance of estate taxes is one consideration in estate planning.
August 23, 2022
Dynasty Trusts offer more Control over Assets
One type of trust, the qualified perpetual trust, can be used to pass assets down to your beneficiaries, decade after decade.
August 15, 2022
IRS Extending Time to File Portability Exemption
The IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect ‘portability’ of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death.
August 9, 2022
Your Estate Plan should incorporate Asset Protection
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
July 20, 2022
Strategies to reduce Generation-Skipping Transfer Tax
Due to recent tax law changes, your family may be able to avoid adverse federal estate tax consequences when you leave assets to your adult children.
June 29, 2022
Leaving Property in Trust is Common
Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
May 25, 2022
When to File a Gift Tax Return
The IRS wants to know how much you’re gifting over the course of your lifetime. This is because while gifts may be based on generosity, they are also a strategy for avoiding taxes, including estate taxes, reports The Street in a recent article “Do I Need to File a Gift Tax Return?” Knowing whether you…
May 2, 2022
GRATs are used to Reduce Taxes
It took a lot of hard work and dedication to acquire your wealth. You want to transfer as much of it as you can to your beneficiaries. As a result, having a large estate means you’ll have to pay quite a bit in gift and estate taxes.
April 26, 2022
Trusts are Best for Gifting to Minors
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
April 6, 2022