You likely don’t need to be reminded about filing your federal income tax return on time. Indeed, the tax filing deadline date of April 15 (or the next business day if the due date falls on a weekend or holiday) is probably...more
Do you want to leave a legacy for your family? Besides passing along prized heirlooms, you can arrange a long-lasting transfer of wealth through multiple generations by using a dynasty trust. Not only can such a trust avoid...more
Are you thinking about moving abroad after you retire? If so, don’t forget to consider your destination country’s estate tax laws. ...more
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to nonrelatives more than 37½ years younger than you?...more
Someone may have told you a story along these lines: Years ago, my grandfather bought land along the shore in (fill in a desirable resort area) for $1,000. He built a vacation home on the property for $50,000 and his family...more
Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is...more
Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping...more
Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more
6/8/2018
/ American Taxpayer Relief Act of 2012 (ATRA) ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Portability ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Relief Act of 2010 ,
Transfer of Assets
If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more
In This Issue:
- When should you turn down an inheritance?
- Addressing intellectual property requires careful estate planning
- Year end is an ideal time to review your estate plan
- Estate planning pitfall: You’re...more
12/1/2017
/ Charitable Deductions ,
Disclaimers ,
Double Taxation ,
Estate Planning ,
Estate Tax ,
Expatriates ,
Family Businesses ,
Generation-Skipping Transfer ,
Inheritance ,
Intellectual Property Protection ,
Patents ,
Retirement ,
Trusts ,
Wills
Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often created to reduce estate taxes, it can also provide other...more
What with changing life circumstances and new tax laws, not to mention potential mistakes made when an estate plan was first drafted, the trusts used in the plan may now be “broken.” This article details why trusts break and...more
To share wealth with grandchildren, great-grandchildren or even more remote generations, special planning may be required to keep generation-skipping transfer (GST) taxes to a minimum. When it comes to GST tax planning, the...more
In This Issue:
- Alternate valuation date: Flexible postmortem planning a plus when markets are volatile
- The write stuff: A letter of instructions
- Making the most of your GST tax exemption
- Estate...more
7/28/2016
/ Asset Valuations ,
Beneficiaries ,
Date of Valuation ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
GST ,
Real Estate Transfers ,
Tax Exemptions ,
Trusts ,
Wills
A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more
The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more