/Estate & Trusts

How an ILIT can help your family

By | March 6th, 2017|Estate & Trusts|

If you’re concerned about your family’s financial well-being after you’re gone, life insurance can provide peace of mind. Going a step further and setting up an irrevocable life insurance trust (ILIT) to hold the policy offers additional estate planning benefits. Asset protection If you’re concerned about your heirs’ money management skills, an ILIT may be [...]

Planning to leave your IRA to someone other than your spouse?

By | February 20th, 2017|Estate & Trusts|

An IRA can be a powerful wealth-building tool, offering tax-deferred growth (tax-free in the case of a Roth IRA), asset protection and other benefits. But if you leave an IRA to your children — or to someone else other than your spouse — these benefits can be lost without careful planning. “Inherited IRA” stretches tax [...]

Estate planning as a single parent

By | February 3rd, 2017|Estate & Trusts|

In many respects, estate planning for single parents of minor children is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a [...]

Estate planning strategies for married couples

By | January 27th, 2017|Estate & Trusts|

It’s crucial to review and update your estate plan in light of significant life changes or new tax laws. It’s equally important to be aware of strategies that can be implemented after your death to achieve your estate planning goals. The flexibility postmortem strategies provide is especially important during times of estate tax law uncertainty, [...]

Transfer your family business the tax-smart way

By | November 10th, 2016|Estate & Trusts|

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if [...]

Including Elderly Parents in Your Estate Planning

By | November 7th, 2016|Estate & Trusts|

Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already made. Here are four critical [...]

Use Caution if You and Your Spouse Have Similar Trusts

By | August 24th, 2016|Estate & Trusts|

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose [...]

IRS Proposed Regulations Target Gift and Estate Tax Planning Strategies

By | August 19th, 2016|Estate & Trusts, News|

The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize transfer taxes (such as gift and estate taxes) when transferring interests in a closely held family business to relatives. If finalized, the regulations would significantly limit the effectiveness of certain tax-saving vehicles, including family limited [...]

3 Steps to Estate Planning

By | February 10th, 2016|Blog, Estate & Trusts|

If you own assets, you have an estate. This means that nearly everybody has an estate, whether it is small or large and therefore should have a written plan. Without a plan in writing your state of residence will choose who receives your assets when you die. The state's choice may not be the result you intended. We see issues like this even in very large estates. How can you ensure your intentions will be realized? We outline three basic steps to get you started in planning:

5 Tax Implications of Life Insurance

By | December 23rd, 2015|Estate & Trusts|

You may think of life insurance as income-replacement protection for your family in the event you or your spouse dies. But what are the tax implications of life insurance? Here are some important rules to know.

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