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The Little Things May be the Most Important

February 14, 2019 by Barry D. Horowitz, Estate Planning Attorney

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 on 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...]

Filed Under: Estate Planning, Legal Education Tagged With: tangible personal property list, trust, will

Domestic Asset Protection Trusts

February 12, 2019 by Barry D. Horowitz, Estate Planning Attorney

Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: Alaska, Asset Protection, DAPT, spendthrift, trust

Nongrantor Trusts Can Be Very Useful in Certain Situations

January 29, 2019 by Jeffrey A. Nirenstein

A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: QBI deduction, SALT deduction, taxation, trust

Grantor Trusts Provide Flexibility and Ease

January 24, 2019 by Jeffrey A. Nirenstein

A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: Estate Tax, Gift Tax, step-up, taxation, trust

Turning the Page on 2018 and Looking Forward to 2019

January 22, 2019 by Jeffrey A. Nirenstein

As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: adjustments, Aid and Attendance, clawback, family, holiday, New Year’s

Selecting an Agent

January 17, 2019 by Jeffrey A. Nirenstein

Choosing the right Agent under a Power of Attorney is one of the most important choices. This article 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...]

Filed Under: Estate Planning, Legal Education Tagged With: Advance Directive, Agent, Health Care Power of Attorney, power of attorney, Property Power of Attorney

Giving Back

January 3, 2019 by Jeffrey A. Nirenstein

Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: charitable IRA rollover, charity, giving back, grouping deductions, IRA

QDRO: Not Just for Divorce Anymore

January 1, 2019 by Jeffrey A. Nirenstein

Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: ERISA, In Marriage QDRO®, Medicaid, QDRO, required minimum distributions

Proposed Regulations Address “Clawback” Issue

December 27, 2018 by Jeffrey A. Nirenstein

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. Proposed Regulations Address … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: clawback, exclusion, tax cuts and jobs act

How Are Trusts Taxed?

December 25, 2018 by Jeffrey A. Nirenstein

Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]

Filed Under: Estate Planning, Legal Education Tagged With: grantor trust, nongrantor trust, trusts

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This is a very difficult problem to face.- These people were a great help to us. They explained these matters clearly, professionally and kindly- My family will have an easier time dealing with this stuff. Now I can die in peace. The less of my estate the government gets, the better.
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We are very pleased with the service we have received. The staff has been very helpful, professional & cordial. It has given us peace of mind to work on the estate planning. All of the information received has been very helpful.
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All of the staff were extremely professional & attentive and helped us navigate through the estate planning process with ease. As a result, we have piece of mind, as well as a clear step by step process to follow in the future. The take-home binder is an added bonus, and I know we will use it as a resource.
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