“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Legal Education
Advantages of Using a “Grantor Trust” in Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This blog by my friend and colleague Steve Hartnett, an estate planning expert, examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. Read on to … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This blog by my friend and colleague Steve Hartnett, an estate planning expert, focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney as explained in this blog by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Beneficiary Designations
Dynasty Trusts
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust as discussed in this blog by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Dynasty Trusts
ABLE Accounts Complement Special Needs Trusts
ABLE accounts are a nice, flexible way to supplement the usefulness of a Special Needs Trust. But certain limits apply. My friend and colleague Steve Hartnett, an estate planning expert, has shared his thoughts on ABLE accounts. Read on to learn more. … [Read more...] about ABLE Accounts Complement Special Needs Trusts
A Time for Thanks and Community
While the past year has been a difficult for many of us, there is still much for which we can be grateful. As the pandemic hopefully recedes and out country re-opens, let’s be grateful for the food on our table and the companionship of our loved ones around us. While the pandemic has altered our lives in many ways, we should still give thanks for the many good things in our lives. As life returns to some degree of normality, it may be a good time to thank those whom you’ve asked to play a … [Read more...] about A Time for Thanks and Community
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article by my friend and colleague Steve Hartnett, an estate planning expert, focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Planning Now for the Possible Lowering of the Estate Tax Exclusion
There is a great deal of legislation pending in Congress and much is uncertain. But this much is certain, under current law, the estate tax exclusion will go down by half beginning 2026 . Now may be the time to plan for such a change. My friend and colleague Steve Hartnett, an estate planning expert, shares his thoughts. Read on to learn more. … [Read more...] about Planning Now for the Possible Lowering of the Estate Tax Exclusion
