Bringing Back the Bypass Trust
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples is far from extinct. In fact, it may return to prominence as a scheduled...
Has your buy-sell agreement recently been updated?
A buy-sell agreement should be a critical part of your estate plan if you own an interest in a family or closely held business. The agreement provides for the disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business.
Asset Protection and your Estate Plan
Preserve and protect your wealth for your heirs
Asset protection is about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous lawsuits or financial predators. It’s not about evading legitimate debts, hiding assets or defrauding creditors.
Thankfully, there are many asset protection strategies...
Gifting Made Easy
The annual gift tax exclusion amount has increased for the second straight year. The IRS in late 2022 that the exclusion amount for 2023 is $17,000 per recipient for the 2023 tax year, up from $16,000 per recipient in 2022....
Do your assets include unregistered securities?
This asset-class requires special planning
When it comes to estate planning, addressing all of your assets is a priority. However, some assets require greater attention than others. For example, if your assets include unregistered securities, such as restricted stock or interests in hedge funds or private equity funds, you...
It’s time to take another look at the stepped-up in basis rule
Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger focus on income tax planning. And one of the most valuable tax planning areas is the “stepped-up...
Protect your estate against undue influence claims
It’s your will, so you can say whatever you want to say in it, or change any part of it, whenever you want to, right? Well, not quite. First, you’re bound to follow the prevailing laws of your state. Second, your will could be contested based on a claim that someone exercised “undue influence”...
Estate Planning Pitfall
Thanks to the annual gift tax exclusion, you can systematically reduce your taxable estate with little effort. Plus, you typically don’t have to file a gift tax return. However, in certain situations, a gift tax return may be required or recommended.
The annual gift tax exclusion for 2024 is...
SHHHH, THIS IS A SILENT TRUST, LET’S KEEP IT QUIET!
Generally, estate planning advisors recommend that you be upfront with family members about how you plan to divide your assets. For example, you might hold a family meeting or write a letter to accompany your will. However,...
CONSIDER ALL THE ANGLES OF JOINT OWNERSHIP
CONSIDER ALL THE ANGLES OF JOINT OWNERSHIP
Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning woe. You must also be aware of all the...