Tag Archives: Irrevocable Trust
John Singleton Survived by Outdated Will
John Singleton, writer and director of the seminal 1991 film, Boyz n the Hood, died on April 29th at the young age of 51. Singleton, who had reportedly been diagnosed with hypertension, suffered a stroke on April 17th and was … more
2018 Estate Tax Update
POWER POINTS > The Tax Cuts and Jobs Act increases the estate and gift tax exemption to $11.2 million per person in 2018. > Estate plans that are outdated or fail to consider the estate tax at the state level … more
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
Decanting a Trust – What it Means and When it Should be Considered
> Is this about wine? Unfortunately, no. > What does it mean to decant a trust? Trust decanting is the process of pouring the assets of one irrevocable trust (the “original trust”) into a second irrevocable trust with more desirable … more
Asset Protection Through Estate Planning – Update
> The benefits of asset protection must be considered when you are building wealth, not when you need to protect it. > Transfers of property that occur specifically for the purposes of hindering, delaying or defrauding creditors are considered fraudulent. … more
Titans Owner Left Team in Limbo
> Proper planning is necessary to keep a closely-held business in the family. > Failing to plan for ownership and financial transitions can lead to a forced sale or family conflict. > Trust ownership can allow for a smooth transition … more
White House Continues to Target Transfer Taxes
It was expected—perhaps foolishly—that the American Taxpayer Relief Act of 2012 (the “ATRA”), signed into law on January 2, 2013, would end the fluctuating estate and gift tax exemptions by setting the unified exemption at $5 million per individual, indexed … more
Flaws in Drafting Can Be Very Expensive—Herbert’s Story
This is the story of a man named Herbert who made one crucial mistake in his estate planning.1 Although Herbert is the main character of the story, it is his surviving family members who are left to clean up the … more
Robin Williams Understood the Importance of Estate Planning
POWER POINTS + Your estate plan can remain private and avoid court involvement when drafted and maintained properly. + Have an ongoing relationship with your advisor; a proper estate plan is not something you should stick in the closet and … 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
