The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
Planning is Critical
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences.Planning is Critical … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.What is a GST Trust? … [Read more...]
Making Trusts More Flexible
Trusts can be drafted to be quite flexible.In the past, trusts often were drafted with little flexibility. Now, more and more, trusts tend to be drafted with more flexibility and there are even ways to change “irrevocable” trusts. This is the first of a three-part series. This first part examines ways of building flexibility into a trust. The second part examines using Trust Protectors to add flexibility to a trust. The third part examines modifying a trust by going to court. Why Is … [Read more...]
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly.It seems there are often new tax proposals. In fact, a couple of prior articles this year examined other tax proposals, such as those from Senator Elizabeth Warren (D-MA) and Senator Bernie Sanders (I-VT). But, regardless of their merits, those proposals are not likely to go anywhere given they are opposed by most Republicans.However, … [Read more...]
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more.The federal estate and gift tax exclusion is set “permanently” to $5 million, adjusted for inflation. However, if you die between now and the end of 2025, the exclusion is doubled to $10 million, adjusted for inflation. Its … [Read more...]
Staying Current on Estate Planning
It’s important for estate planning attorneys to stay up on the latest developments and techniques. The American Academy of Estate Planning Attorney held its semi-annual conference in Atlanta last month. Read on to learn more about the topics discussed at that cutting-edge conference.Staying Current on Estate Planning … [Read more...]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts.Domestic Asset Protection Trusts … [Read more...]
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives.What are UGMA and UTMA Accounts? … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
