The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more from my friend and colleague Steve … [Read more...]
Estate Planning is About More Tan Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. In this post by my friend and colleague Steve Hartnett, an estate planning expert, you can learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Tan Taxes … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read the following post by my friend and colleague Steve Hartnett, an estate planning expert, to find out more about prenuptial agreements. Prenuptial Agreements Can … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. In this post by my friend and colleague Steve Hartnett, an estate planning expert, he examines what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Special Accounts for People with Special Needs (ABLE Accounts)
ABLE accounts provide tax benefits and flexibility to disabled people. ABLE accounts are available to those disabled before age 26. Read the attached article by my friend and colleague Steve Hartnett, an attorney and estate planning expert, to learn more about ABLE accounts and how they can be used with a Special Needs Trust for maximum advantage. Special Accounts for People with Special Needs … [Read more...]
Estate Planning is for You, Not Just Your Parents or Grandparents
If you’re young and unmarried, do you really need an estate plan? The answer is “yes,” if you care what happens to you and your stuff. Read the following article by my friend and colleague Steve Hartnett, an attorney and estate planning expert, to find out how an estate plan can help someone who is young and unmarried. Estate Planning is for You, Not Just Your Parents or Grandparents … [Read more...]
Planning for the Client Moving Overseas
In this increasingly mobile world, clients often spend periods of time living in other countries, or even retiring overseas. How does one address estate planning in this situation? This article by my friend and colleague Steve Hartnett, an attorney and estate planning expert, explains what to do. Planning for the Client Moving Overseas … [Read more...]
Planning to Avoid Too Much SALT
The new tax law brought a cap of $10,000 on federal deduction for state and local taxes. People are trying different ways to get around the cap. Some of the ways work and others could land you in hot water. Read the following article by my friend and colleague Steve Hartnett, an estate planning expert, to find out more. Planning to Avoid Too Much SALT … [Read more...]
Trusts for Privacy
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. See the following article by my friend and colleague Steve Hartnett, an estate planning expert. Trusts for Privacy … [Read more...]
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