States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. State Income Taxation of Nongrantor Trusts … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read the following blod by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about these proposals and whether they might impact you or your clients. New Tax Proposals … [Read more...]
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, learn more about state income taxation and how you could avoid it. State Income Taxation … [Read more...]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...]
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. This is a concern for many California homeowners due to the relatively high value of homes in California. Read the following article by my friend and colleague Steve Hartnett, an estate planning expert, to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction … [Read more...]
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article by my friend and colleague Steve Hartnett, an estate planning expert, provides a few tax tips now that we’ve begun another year. Read on to learn more. Tax Tips after New Year … [Read more...]
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article by my friend and colleague Steve Hartnett, an estate planning expert, discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
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