Many individuals look for ways to lower their income tax burden. Charitable contributions allow individuals to offset a portion of their income, but not all charitable contributions are created equally, and each has certain requirements to obtain the charitable deduction. Certain charitable-giving vehicles allow a donor to get more bang for their buck. My friend and colleague Tereina Stidd, explores the world of DAFs. Read on to learn more. … [Read more...] about Is It Time to Consider a Donor Advised Fund?
Legal Education
Estate Planning with Entities
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. My friend and colleague Tereina Stidd, an estate planning expert, discusses good planning in this area. Read on to learn more. … [Read more...] about Estate Planning with Entities
What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. My friend and colleague Tereina Stidd, an … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Tax Planning for 2024
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2024 is just starting, it’s not too early to think about planning for whatever it may bring your way. My friend and colleague Steve Hartnett, an estate planning expert, shares his thoughts. Read on to learn more. … [Read more...] about Tax Planning for 2024
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article by friend and colleague Tereina Stidd, an estate … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
Gen X – This One’s for You (Really Every Generation Should Read This)
As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on the subject. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
Understanding and Manipulating Estate and Gift Taxes – Part 2
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 2
Understanding and Manipulating Estate and Gift Taxes – Part 1
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. My friend and colleague Tereina Stidd, an estate planning expert, discusses those requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 1
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. My friend and colleague Tereina Stidd, an estate planning expert, shares her thoughts on the subject. Read on to … [Read more...] about The Wonder of Wills
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
