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 this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...] about ABLE Accounts
Legal Education
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read this blog by my friend and colleague, Steve Hartnett, an expert planning expert, to learn more about this proposal and its prospects. New Estate Tax Proposal … [Read more...] about New Estate Tax Proposal
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about these accounts, their drawbacks, and better alternatives. What are UGMA and UTMA Accounts? … [Read more...] about What are UGMA and UTMA Accounts?
State Income Taxation of Nongrantor Trusts
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...] about State Income Taxation of Nongrantor Trusts
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...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
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...] about New Tax Proposals
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...] about State Income Taxation
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...] about The Little Things May be the Most Important
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...] about Domestic Asset Protection Trusts
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...] about SALT Deduction Limit…Can You Get Around It?
