01 February
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Updated 2019 – Generation Skipping Transfer: Trusts and Taxes
Become an expert on how generation skipping transfer (GST) taxes & trusts (sometimes called Dynasty Trusts) are to be handled. ...
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Become an expert on how generation skipping transfer (GST) taxes & trusts (sometimes called Dynasty Trusts) are to be handled. ...
Continue readingBefore accepting the trusteeship, you should consider your duties and decide whether taking on this responsibility is what you want to do. ...
Continue readingHow to prevent your IRA or life insurance from being subject to probate....
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My Mom died this past year. I am not sure if she had a will. If she did have a will or did not, am I entitled to any of her estate? How may I find out? ...
Continue readingFortunately, most of our clients come in every so often, at which time, we have the opportunity to review the documents and make sure everything is up to date, reflects the client’s current wishes, and that the trust and other documents are set up in a way that will most efficiently provide for administration and distribution of an estate....
Continue readingWhat happens if your adult child is unable to act for himself or herself? With powers of attorney, you'll have the authority to act on their behalf....
Continue readingThe Special Needs Trust (SNT) is a planning tool that most people have heard about but know very little of. Most understand that persons who may be receiving certain government benefits may lose those benefits if they receive an inheritance....
Continue readingThere is considerable confusion concerning the effects of naming a trust as the beneficiary of an IRA. What is most remarkable about this subject is that it seems to me that most professionals who should know better, i.e. CPA’s, investment professionals and lawyers, have as many misconceptions and gaps in their knowledge as the general public....
Continue readingMany of my clients, including those who have had their living trusts set up for years, often do not understand the purpose, effect and limitations of what is known in the estate planning vernacular as the “pour-over will"....
Continue readingFor those of you who may make significant charitable gifts each year, the following may help you get more out of those gifts for income tax purposes. Let’s say you are married and you are in the 24% income tax bracket. In recent years past, you and your spouse could either itemize your deductions on schedule A of your 1040, or together you and your spouse could use the $13,000 standard deduction, which anyone can take, even if they have no itemized deductions. So each year you would calculate your Schedule A deductions and if those were more than the standard...
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