Ways the Administration Wants to Modify the Tax Rules for Certain Trusts Taxes are not just for individuals—they can impact certain types of trusts as well. Whether a trust pays its own taxes or whether the taxes are paid by the trust’s beneficiaries or the trustmaker depends on several factors. Grantor Retained Annuity Trusts [...]
Four Improvements the Administration Wants to Make Regarding Administration for Trusts and Decedents’ Estates When a client dies, there are often several tasks that need to be completed to properly wind down the deceased’s affairs—funerals and other preparations need to be planned, bank and investment accounts closed, property transferred, arrangements made for pets, tax [...]
What You & Your Clients Need to Know about the 2024 Revenue Proposals On March 9, 2023, the Biden administration released a proposed budget for fiscal year 2024 calling for an increase in federal spending along with a series of counterbalancing revenue raisers. The budget was outlined in a document called the “General Explanations [...]
Investment & Distribution Trustees: Why Would I Need Both? When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will take over when you can no longer act (either because of illness or death), it is [...]
Have An Etsy Store? Make Sure It Is Properly Protected The online marketplace Etsy has gone from a niche craft seller to one of the largest commerce companies in the world. Etsy has millions of active sellers worldwide, most of whom are based in the United States. Many Etsy sellers rely on the site [...]
Was Your Loved One a Book Lover? Think Twice Before You Throw Them Out An individual’s belongings—such as jewelry, furniture, photographs, and books—sometimes slip through the cracks of their estate plan. While certain books may be gifted to a beneficiary in a loved one’s will, a book lover may leave behind other books that [...]
Integrating a Community Property Trust Into Your Estate Plan Careful, trust-based estate planning is the best way to ensure the highest quality of life for you and your loved ones. But, a well-crafted estate plan consists of many parts. Couples with highly appreciated accounts or property (something that is worth more now than when [...]
Three Things You Must Do To Protect Your Family If You Are Recently Unemployed If you have recently lost your job, you are not alone! Inflation has skyrocketed in the United States over the past couple of years. Some smaller businesses have not been able to survive the increased expenses, putting employees out of [...]
Why Can’t We Have a Joint Trust If We Are Not Married? Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to separate trusts, [...]
Has Your Client Outgrown Their Estate Plan? As estate planning attorneys, we work hard to set up estate plans that fit a client’s needs and ensure that everything works together for the client and their loved ones. Estate plans remain effective as long as they accurately reflect a client’s circumstances and current state and [...]
