Have you been asked to be a trustee or executor? A trustee or executor has substantial financial and legal liability, and the trust or estate will pay an attorney to guide them through the process....more
If you wish to create a new trust or update an existing estate plan, you will need skill and expertise across many disciplines: tax, estate planning, and legal services. Look for a service provider who can seamlessly...more
3/27/2025
/ Beneficiaries ,
Business Succession ,
Estate Planning ,
Foreign Investment ,
Internal Revenue Code (IRC) ,
IRS ,
Probate ,
Small Business ,
Tax Planning ,
Tax Reform ,
Trusts
How often should you review your trust and estate plan? Is there a regular cycle to these reviews, or should they be driven by significant events in your life or the lives of your beneficiaries and executor or trustee? How...more
2/26/2025
/ Alternative Minimum Tax ,
Asset Protection ,
Beneficiaries ,
Estate Planning ,
Estate Tax ,
Federal Taxes ,
Income Taxes ,
Probate ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning ,
Trust Administration ,
Trusts
The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a...more
1/23/2025
/ Anti-Money Laundering ,
Beneficiaries ,
Compliance ,
FACTA ,
FBAR ,
FinCEN ,
Foreign Financial Institutions (FFI) ,
Foreign Investment ,
Foreign Trusts ,
Grantor Trusts ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Trusts
Why is the end of the year a good time to consider trust and estate planning for business owners? Do you own real property or have other investments outside your business interests? Have you given any thought to what would...more
12/19/2024
/ Asset Management ,
Beneficiaries ,
Business Ownership ,
Business Strategies ,
Business Succession ,
Creditors ,
Estate Planning ,
Investment ,
Life Insurance ,
Privacy Laws ,
Probate ,
Real Estate Investments ,
Revocable Trusts ,
Tax Planning ,
Trusts ,
Wills
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential...more
9/27/2024
/ Alternative Minimum Tax ,
Beneficiaries ,
Estate Planning ,
Estate-Tax Exemption ,
Grantors ,
Healthcare ,
Irrevocable Trusts ,
Revocable Trusts ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Trusts
What is the immediate importance of estate planning and why should any parent, business owner, homeowner, or those nearing retirement be focused on this issue? Why do most people delay one of the most critical financial and...more
9/24/2024
/ Asset Protection ,
Beneficiaries ,
Estate Planning ,
Executors ,
Long-Term Care ,
Probate ,
Retirement ,
Revocable Trusts ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Wills
Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is simply a myth which does not reflect the nature of business or home ownership....more
8/28/2024
/ Asset Protection ,
Beneficiaries ,
Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Connelly v United States ,
Documentation ,
Estate Planning ,
Heirs ,
IRS ,
Probate ,
Redemption Agreement ,
S-Corporation ,
SCOTUS ,
Small Business ,
Succession Planning ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Valuation
What is the step-up benefit of a revocable trust from the perspective of the beneficiaries? How can a revocable trust not only pass money and assets to your beneficiaries but save a substantial amount of tax in the process? ...more
Are you considering remarriage? Do you and/or your spouse have children from a previous marriage? If so, remarriage and a blended family are excellent reasons for a new or updated estate plan. Blended families are quickly...more
If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more
6/6/2024
/ Beneficiaries ,
Estate Planning ,
Estate Tax ,
Family Limited Liability Companies ,
Family Limited Partnerships ,
Grantor Retained Annuity Trusts (GRATs) ,
Heirs ,
Irrevocable Trusts ,
Popular ,
Revocable Trusts ,
Spousal Lifetime Access Trust (SLAT) ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Transfer of Assets ,
Trusts
Do you employ an irrevocable trust or trusts as part of your estate plan? You need to review your irrevocable trust to ensure it still delivers the benefits intended. It is generally possible to modify an irrevocable trust,...more
4/17/2024
/ Asset Protection ,
Beneficiaries ,
Capital Gains Tax ,
Estate Planning ,
Estate-Tax Exemption ,
Grantors ,
Heirs ,
Irrevocable Trusts ,
IRS ,
Medicaid ,
New Rules ,
Step-Up Basis ,
Veterans' Benefits
Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any...more
3/22/2024
/ Beneficiaries ,
Business Succession ,
Estate Planning ,
Grantors ,
Irrevocable Trusts ,
Living Trust ,
Probate ,
Revocable Trusts ,
Testamentary Trust ,
Trustees ,
Trusts
What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and...more
Isn’t it interesting that success is built into business succession. Still, most US companies do not have a business succession plan in place. What is business succession planning and how does it enhance your own success and...more
1/30/2024
/ Beneficiaries ,
Business Ownership ,
Business Succession ,
Estate Planning ,
Incapacitated Persons ,
Insurance Industry ,
Legal Entities ,
Legitimate Business Interest ,
Life Insurance ,
Ongoing Operations ,
Retirement ,
Revocable Trusts ,
Succession Planning ,
Tax Planning ,
Trusts
Do you need an asset protection strategy in San Diego, California? What is an “Asset Protection Strategy” and who should make sure to have an asset protection strategy in place?...more
1/16/2024
/ Asset Protection ,
Asset Seizure ,
Beneficiaries ,
Business Assets ,
Business Ownership ,
Creditors ,
Heirs ,
Irrevocable Trusts ,
Landlords ,
Liability ,
Limited Liability Company (LLC) ,
Partnerships ,
Rental Property ,
Revocable Trusts ,
Risk Management ,
Strategic Planning ,
Taxation
What is the importance of succession planning for business owners? Why should you be concerned about the development and implementation of succession planning if you own a business or a significant interest in an LLC, S...more
12/22/2023
/ Beneficiaries ,
Business Ownership ,
Business Succession ,
Business Taxes ,
C-Corporation ,
Capital Requirements ,
Estate Planning ,
Fees ,
Heirs ,
Life Insurance ,
Limited Liability Company (LLC) ,
Liquidity ,
Ownership Interest ,
Retirement ,
S-Corporation ,
Succession Planning ,
Trusts
What are the most important elements of estate and tax planning for US expatriates? Are you planning to move out of the United States? Are you a US taxpayer who lives and works outside of the country? What are some of the...more
11/16/2023
/ Advance Health Care Directive ,
Alternate Investment Vehicles (AIVs) ,
Beneficiaries ,
Capital Gains Tax ,
Compliance ,
Documentation ,
Estate Planning ,
Expatriates ,
FBAR ,
FinCEN ,
Foreign Banks ,
Foreign Financial Accounts ,
Grantors ,
Income Taxes ,
Investment Portfolios ,
IRS ,
Life Insurance ,
Living Will ,
Mutual Funds ,
Passive Investments ,
Power of Attorney ,
Probate ,
Property Owners ,
Retirement Plan ,
Risk Mitigation ,
Tax Deductions ,
Tax Planning ,
Trusts
We invite you to listen to our podcast, A Primer on Trusts with Janathan Allen. We begin with an overview of several key terms associated with a trust including: Trustee, Grantor, Beneficiary, Executor, Pour Over Will,...more