Naming a trustee may be one of the most important decisions of your life When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and…
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Sec. 6166: Estate tax relief for family businesses Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied…
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A divorce necessitates an estate plan review If you’re divorcing, it’s important to review your estate plan as early as possible, for two reasons: First, you may wish to revise your plan immediately to prevent your spouse from inheriting or…
Have you considered making direct payments of tuition and medical expenses? With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate…
Read More Have you considered making direct payments of tuition and medical expenses?
If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies,…
Read More A buy-sell agreement can provide the liquidity to cover estate taxes
529 plans are unique among estate planning vehicles. Ordinarily, to shield assets from estate taxes, you must permanently relinquish control over them. But contributions to a 529 plan are considered...
