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...]
Estate Planning: It’s Not Just About the Estate Taxes
The recent tax law temporarily doubled the estate tax exemption. That doesn’t mean there’s no need for estate planning. Estate plans consider many important aspects, not just estate taxes. This article examines some of the many considerations besides estate taxes. Estate Planning: It’s Not Just About the Estate Taxes … [Read more...]
Planning for the International Client
Estate planning for the international client can be tricky. This article looks at the estate tax treatment of U.S. citizens and non-resident aliens. The article then looks at an example of someone who lived in the U.S. and then departed. Planning for the International Client … [Read more...]
Tax Reform and the Estate Tax
There’s a Republican blueprint for tax reform. Learn the general provisions of the plan and the uncertainties in it. Read on to learn more. … [Read more...]
How Tax Reform Could Impact Various Families
Learn how the Republican blueprint for tax reform would impact different families from an estate planning perspective. Read on to learn more. … [Read more...]
Identify the Right Charity
When you are planning your estate you may be interested in charitable giving. This can help you to create a lasting legacy as you continue to make a difference even after you are gone in some cases. And of course, there can be tax advantages that go along with philanthropic acts as well. There are a few different ways that you can give to charities. Of course you can simply give direct gifts to charities, but this can be rather inefficient. You would be dealing with a number of different … [Read more...]
Providing for a Troubled Heir
We do not all have perfect family members with no flaws. Otherwise good people can sometimes have weaknesses that can be a source of concern when you are planning your estate. Giving someone who has a drug or alcohol problem or a demonstrated inability to handle funds a large direct inheritance could be a recipe for disaster. For a person with a substance abuse problem the inheritance could support an ongoing pattern of self destructive actions. An individual who cannot manage financial … [Read more...]
A Look at Intentionally Defective Trusts
The federal estate tax looms large for people who have been successful throughout their lives. At the current time the maximum rate of the estate tax is 40%, and the lifetime exclusion is $5.25 million. There are various different recommendations that astute estate planning lawyers can make for people who are faced with the prospect of paying the estate tax. Some types of trusts will provide tax advantages, and one of them is the intentionally defective trust. Of course the first thing that is … [Read more...]
Value of Home Can Create Estate Tax Exposure
When you are planning your estate one of the first things to establish is whether or not you are going to be exposed to the estate tax. On the federal level the amount of the estate tax exclusion is $5.25 million in 2013. Anything that is deemed taxable that exceeds this amount is subject to a 40% estate levy. In Connecticut we have an estate tax on the state level as well, and the exemption amount for this tax is just $2 million. You have to understand the fact that the value of your home is … [Read more...]
How Fiscal Cliff Deal Impacts Estate Tax
We would like to share the outcome of the fiscal cliff compromise as it applies to the estate tax here so that you can understand the playing field going forward in 2014. As it turns out the maximum rate of the estate tax went up, but the increase is not going to be as damaging as the 55% top rate that was looming. Going forward the maximum rate of the federal estate tax will be 40%. The basic exclusion amount will remain where it has been since 2011, and this figure is $5 million. However, … [Read more...]
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