Protecting Your Will From Legal Challenges
You’ve probably seen it in the movies or on TV hundreds of times: A close-knit family gathers for the reading of the will of a wealthy patriarch or matriarch. When the terms are revealed, someone benefits at the expense of someone else, causing a ruckus. It may even...
A Second Walk Down the Aisle
A SECOND WALK DOWN THE AISLE CAN COMPLICATE ESTATE PLANNING
An estate planning rule of thumb is to review (and, if necessary, revise) your estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an estate plan...
A CRUMMEY TRUST MAY SOUND PRETTY GOOD
A Crummey Trust May Sound Pretty Good
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, you may implement strategies in the wake of the TCJA that are designed to reduce future exposure to federal and state estate...
A WIN-WIN PROPOSITION
A WIN-WIN PROPOSITION
A charitable remainder trusts benefits you and your favorite charity
Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to one of your favorite charities — all in one...
You Haven’t Addressed Pets in your Estate Plan???
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Estate Planning Pitfall
You haven’t addressed pets in your estate plan........
Is your pet like a member of the family? If so, you may want to revise your estate plan in the event that your pooch or feline outlives you, just like other family members. The optimal approach may be to...
Intentionally Defective Grantor Trust
IDGT: This trust is supposed to “fail”
Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types of trusts that are funded with assets: grantor trusts and nongrantor trusts. As the name implies, the earnings of a grantor trust are taxed directly to the grantor —...
ESTATE PLANNING WITH A FOREIGN TWIST!
ESTATE PLANNING WITH A FOREIGN TWIST!
George is an American citizen and his wife, Sofia, is a citizen of Columbia. George and Sofia, who have two adult children and five grandchildren, need estate planning guidance. Are there any special considerations?
The...
PUT PEN TO PAPER
PUT PEN TO PAPER
How a letter of instruction can benefit family harmony
Your will is the centerpiece of your estate plan. Typically, it’s the most important document used in estate planning and is created before any other. In addition, you should have your will periodically reviewed and updated as needed. But you can still...
WHAT’S NEW WITH THE KIDDIE TAX?
WHAT'S NEW WITH THE KIDDIE TAX?
One of the outcomes of the Tax Cuts and Jobs Act is that children with unearned income may find themselves in a higher tax bracket than their parents. Under the “kiddie tax,” as it’s sometimes referred to, a child’s unearned income is taxed according to the tax brackets...
A Crummey Trust May Sound Pretty Good!
A CRUMMEY TRUST MAY SOUND PRETTY GOOD
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, you may implement strategies in the wake of the TCJA that are designed to reduce future exposure to federal...