Estate Planning Pitfall!
ESTATE PLANNING PITFALL
The 60-day IRA rollover deadline has passed
Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, if you’re fortunate and don’t have to draw heavily on plan and IRA assets, if at all, you can preserve a tidy nest egg for...
Estate Tax Laws Continue to Change, So Should Your Plan
Estate tax laws continue to change, so should your plan
The Tax Cuts and Jobs Act (TCA) doubled the federal gift and estate tax exemption amount from $5 million to $10 million, adjusted annually for inflation. Combined with the unlimited marital deduction and other estate tax provisions, including portability of the exemption,...
Estate Planning Through The Years
Estate planning through the years
Virtually everyone needs an estate plan, but this isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on the stage of life you’re currently in.
The early years
If you’ve recently embarked on a career, got married...
Basis Consistency Rules May Come Into Play When Inheriting Property
If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rule. The tax law provides that the income tax basis of property received from a deceased person cannot exceed the property’s fair market...
Estate Planning Red Flag
You’re using an online form to draft your will
These days, you can do practically anything online that used to require a face-to-face contact. For example, you can buy clothing, do your banking and even download a form to write your own will. But a “do-it-yourself” will”...
Estate Planning Pitfall….You Have Not Properly Funded Your Revocable Trust……..
Estate Planning Pitfall.......
You Have Not Properly Funded Your Revocable Trust.......
A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be timely and expensive in some...
Securities Laws Can Derail Your Estate Plan
Securities Laws Can Derail Your Estate Plan
It’s not uncommon for high-net-worth individuals to hold their assets in trusts, family limited partnerships or charitable foundation. If the assets held in this manner include interests in hedge funds or other “unregistered” securities, it’s important to ensure that the entity is qualified to hold...
Who Needs an Estate Plan?
WHO NEEDS AN ESTATE PLAN?
Quick answer: everyone
Despite what you might think, estate planning isn’t limited to only the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and provides a compass for your family’s future.
Previously, avoiding or minimizing...
Understanding the Tax Angles of Self-Settled Trusts
NING, DINGS and WINGS
UNDERSTANDING THE TAX ANGLES OF SELF-SETTLED TRUSTS
NINGs, DINGs and WINGs may sound like characters in a new Pixar animated film. In reality, they’re the names bestowed on certain self-settled trusts (sometimes referred to as nongrantor trusts) in states providing a favorable tax environment for these trusts. The...
Should a Tax Apportionment Clause be in Your Estate Plan?
Should a tax apportionment clause be in your estate plan?
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year (when indexed annually for inflation, the amount is $11.18 million for 2018), there are many families that still have to content...