Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust. Making Trusts More Flexible … [Read more...] about Making Trusts More Flexible
Estate Planning
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...] about When and Where You Die Matters
Planning is Critical
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...] about ABLE Accounts
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them. What Are 529 Plans and What Are Their Advantages? … [Read more...] about What Are 529 Plans and What Are Their Advantages?
Have You Heard of These Trusts?
One of the reasons why it is important to discuss your estate planning goals with a licensed attorney is because as a layperson, you are not going to be aware of all of your options. Many of our clients are very surprised when they find out that there are solutions that perfectly satisfy their objectives. With this in mind, in this blog post, we are going to look some trusts that you may have never heard of before. Pet Trusts You are certainly not going to forget any of your loved ones that … [Read more...] about Have You Heard of These Trusts?
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposals … [Read more...] about New Tax Proposals
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives. What are UGMA and UTMA Accounts? … [Read more...] about What are UGMA and UTMA Accounts?
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more. State Income Taxation of Nongrantor Trusts … [Read more...] about State Income Taxation of Nongrantor Trusts
