Tag Archives: Crummey Notices
The Crummey Notice Requirement – What is the Point and When is it Necessary?
One of the primary techniques used to reduce a person’s taxable estate is making gifts during his or her life to other individuals, usually children or grandchildren, using the annual gift tax exemption ($14,000 in 2017). An individual can make … more
Year-End Estate Planning To-Do List
> Familiarity with the terms of your documents is an essential part of having an up-to-date estate plan. > If you do not have an estate plan in place, the end of the year is an ideal time to … more
The Biggest Wastes of Money in Estate Planning
POWER POINTS: You are better off doing your estate planning right the first time. Estate planning must be customized to your needs in order to be effective. The estate planning process of basic planning, funding and advanced planning and maintenance … more
Three Reasons Irrevocable Trusts Fail
All trusts fall under one of two categories: revocable or irrevocable. These trusts differ in several significant ways, including their purpose, asset ownership and use, tax treatment and annual maintenance requirements. This newsletter will briefly discuss the differences between a … more
Significant Gifting Opportunity to Expire
With the lifetime Gift Tax exemption at the highest it has ever been ($5,120,000 in 2012)1 and Gift Tax rates (capped at 35% in 2012) and Applicable Federal Rates being historically low, 2012 is a perfect storm of gifting opportunity … more
Estate Planning With Life Insurance
Life insurance can serve many purposes. Whether you own a policy as income replacement security for your family, through your employer or as an investment asset, life insurance can be a multi-dimensional tool. However, with all of the financial planning … more
Asset Protection Through Estate Planning
It is a natural inclination to want to protect the assets that you have worked hard to obtain. There are many levels of asset protection and the proper method must be determined depending not only on the type of asset, … more
Stunning Decision Regarding Notice Requirement
The United States Tax Court has issued a stunning decision regarding the notice requirement for present interest gifts. As discussed in the December 2010 Newsletter, a present interest gift is one in which the beneficiary has an immediate, unrestricted right … more
Definition of the Month: Present Interest Gift
In order for a gift to qualify for the annual ($13,000) or lifetime ($1 million) Gift Tax exemptions, it must be a present interest gift. A present interest gift is one in which the beneficiary has an immediate, unrestricted right … more
The Notice Requirement for Gifts in Trust
One of the primary techniques used to reduce a person’s taxable estate is for him or her to make gifts during life to other individuals, usually children or grandchildren, using the annual gift tax exemption ($14,000 in 2014). An individual … more
