In 1998, Elizabeth died leaving a will that contained a trust for the benefit of her niece, Jean, for her life. Upon Jean’s death, the remaining trust assets were to pass to her other niece, Dorothy. Both Jean and Dorothy...more
A client owned a very successful business, headquartered in Massachusetts with a flagship store in another New England state. The business structure was designed by corporate counsel to maximize creditor protection. It had...more
A divorced person died leaving 2 children under the age of 18 years of age. The decedent did not have a Last Will and Testament (“Will”), which means that we did not know who the decedent wished to nominate as the Personal...more
Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more
11/24/2020
/ Asset Protection ,
Beneficiaries ,
Divorce ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
Irrevocable Trusts ,
Spousal Lifetime Access Trust (SLAT) ,
Step-Up Basis ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Trust Funds ,
Trustees
During COVID, many of us are balancing working remotely while caring for our children. This autumn, most of our children are returning to part-time or all remote school. We are using our residences as a home, office, and...more
10/13/2020
/ Capital Contributions ,
Coronavirus/COVID-19 ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Family Limited Partnerships ,
Family Members ,
Homeowners ,
Mortgages ,
Partnership Agreements ,
Property Owners ,
Revocable Trusts ,
Tax Planning ,
Trustees ,
Trusts
The Paycheck Protection Program money is spent, the temporary $600 weekly unemployment supplement is over, and we still need money. We could draw on our savings, sell investments, or take out a loan against our home. Usually,...more
9/25/2020
/ 401k ,
CARES Act ,
Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loans ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Retirement Plan Providers ,
Tax Planning ,
Tax Rates ,
Tax Relief ,
Tax Returns
Now more than ever, during COVID-19, we need to have access to our student’s health and financial records. Many parents do not realize that once their child attains the age of 18 years old, they no longer have legal access to...more
9/1/2020
/ Colleges ,
Coronavirus/COVID-19 ,
Durable Power of Attorney ,
Educational Institutions ,
Financial Records ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Medical Records ,
Student Privacy ,
Student Records ,
Students ,
Universities
As a result of COVID-19, institutions may expect to receive more requests from parents for records concerning their student. The following are some of the statues that may require release of such records....more
At this time, unless Congress acts, the current lifetime estate tax exemption amount of $11,580,000 is set to sunset in 2025, which means that in 2026 it will revert to $5,000,000 per person, adjusted for inflation. Many...more
8/12/2020
/ AFR ,
Estate Planning ,
Estate-Tax Exemption ,
Financial Planning ,
Gifts ,
Insurance Industry ,
Interest Rates ,
Investment Adviser ,
Investment Management ,
Investors ,
Irrevocable Life Insurance Trusts ,
IRS ,
Life Insurance ,
Loans ,
Promissory Notes ,
Tax Planning ,
Wealth Management
The COVID-19 pandemic has created a wave of economic uncertainty. Many business owners are thinking about succession planning, but they often do not implement a strategy or take necessary steps until faced with an event that...more
Many clients create an estate plan, then put the documents safely away, until they are needed. However, they have forgotten to complete one final important step. Trust funding is the most overlooked estate planning tool....more
5/12/2020
/ Asset Management ,
Beneficiaries ,
Estate Planning ,
Funding ,
Grantors ,
Probate ,
Probate Courts ,
Trust Distributions ,
Trust Funds ,
Trustees ,
Trusts
Down markets are a prime opportunity for tax planning for high net worth families. In the few years following the 2008 recession, wealthy families took advantage of gifting options to transfer wealth and reduce taxes. Once...more