Sometimes the administration of an estate can be done without the assistance of legal counsel. What? Did a lawyer just tell me not to hire him? Easy now, we like happy clients. If the assets in the estate are not complex and you have the time and energy to focus on your...
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The Federal Estate Tax Exclusion Threshold is at a Historic High
If you are a frequenter of our Frequently Asked Questions page, you are aware that one of the planning considerations in every estate plan is maximizing payments to the beneficiaries by minimizing the estate taxes. And, most...
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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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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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It’s tax time once again. No business owner wants an audit. Fortunately, only a fraction of small businesses get audited. Keep in mind that the IRS, and your state taxing authorities, have their hands full. And while it may seem like the case, they don’t have the time or resources to pour...
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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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For many clients, philanthropy is already part of their everyday life. Whether it be involvement in one or more charitable organizations, or regular giving to religious or civic organizations. As we are approached to develop estate plans, many clients are surprised to learn of the many ways they can provide for longer...
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One of the goals of estate planning is to avoid the costly and time-consuming Probate Court process. That is, the legal process undertaken by your heirs and beneficiaries to change the title of property held solely in your name into the name of another. Frequently you will hear laypeople (and some lawyers)...
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What is Step-Up Basis?
When you sell an asset that has appreciated in value since you purchased it, there are tax consequences. More specifically, capital gains taxes are due. Capital gains are calculated on a cost basis. If the asset is a home, the cost basis is the price...
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