One of the most common estate planning questions is whether the creation, or more specifically, the funding, of a Trust creates an additional tax filing requirement. In other words, once I fund the Trust with assets, and those assets create income during the tax year, do I need to file an income...
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As the world continues to flatten, what once was a challenge (for Trustees to administer a Trust with Beneficiaries located in different states within the United States) has now become a challenge to observe the many laws of both the United States and other countries. It is no longer uncommon to find...
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As costs dramatically increase and life expectancy continues to trend higher, Medicaid planning has become an essential part of estate planning. Unfortunately, most people do not become aware of this need until it’s too late to qualify.
The Skyrocketing Costs of Nursing Home Care
Nursing home...
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The COVID pandemic has led to many changes in the economy which may have short- and long-term effects on your existing estate plan. If you have not revisited your plan in the past 3-5 years, now may be a good time to do so. Particularly with potentially large estates, this could be...
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Life insurance can be one of the most important components of an estate plan. How you name your beneficiaries can have significant tax implications and can provide protection against creditors. Most people name either their spouse and/or children and don’t give it much thought. This blog outlines some things to consider as...
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You are buying a business and heard through the grapevine that if you do an asset purchase instead of a stock purchase, it will keep you from inheriting any of the liabilities that may have been incurred before sale. That is a pretty common belief, and generally sound advice.
The “Stretch” IRA was commonly used as an estate planning tool which allowed beneficiaries to enjoy the benefits of IRA asset growth, either tax-deferred (or, in the case of a Roth IRA, tax-free) for their lifetime. With the passage of the SECURE Act, IRAs inherited after December 31, 2019 must pass...
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Many business owners elect to end their fiscal year on the calendar year. This provides a great time to reflect on business plans and entity maintenance requirements. Failure to do so can not only stifle business growth and evolvement but may result in significant and unnecessary risk. While each business is different,...
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Without a buy-sell agreement in place, business owners risk face unnecessary risk, and are open to events that can disrupt their business and decrease its value. It is estimated that three out of four business owners lack documented succession plans, (to include buy-sell agreements. If government estimates are correct, and nearly 52...
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Historically, between one half and one third of all small and mid-sized businesses will be sued in any given year. Over a business’s lifetime, approximately 90% will face litigation. While litigation costs vary depending on the type of lawsuit, today’s business owner can anticipate legal costs alone over $125,000. This...
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