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...
Decanting
BREATHE NEW LIFE INTO A "BROKEN" TRUST BY DECANTING IT!
Building flexibility into your estate plan using various strategies is generally advised. The reason is that life circumstances change over your lifetime, specifically changing tax laws and family circumstances. This is especially true during the novel coronavirus (COVID-19) pandemic. One such strategy to...
Estate Planning Pitfall- You Have Not Created a Road Map for your Estate Plan
ESTATE PLANNING PITFALL
You haven’t created a road map for your estate plan
You’ve probably spent a lot of time creating documents for your estate plan, including a will, trusts and a power of attorney. While these documents are essential for your plan, your family could also use a “road map” to...
The CARES Act – Recent Tax Law Changes
The CARES Act
Recent tax law changes may affect your estate plan
The Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to provide immediate tax relief to individuals and businesses struggling to make ends meet due to the novel coronavirus (COVIOD-19) pandemic. But this law may also have a long-reaching...
Take the Proper Steps to Insulate your Estate from Creditors
TAKE THE PROPER STEPS TO INSULATE YOUR ESTATE FROM CREDITORS
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for 2020, estate...