Tag Archives: Irrevocable Trust

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

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The Not-So-Permanent Estate Tax

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the “ATRA”) into law.  Failure to pass the new law would have resulted in a significant decrease in the estate and lifetime gift tax exemptions and … more

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Your Estate Planning Checklist for the New Year

The turning of the calendar presents a great opportunity to evaluate whether your financial affairs are in order.  If you do not have an estate plan, it is a good time to resolve to meet with an estate planning specialist … more

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NFL Quarterback and Heisman Trophy Winner Broke

Vince Young has quite the college and professional football resume.  A Rose Bowl victory and BCS championship with the Texas Longhorns and a Heisman Trophy resulted in Young becoming the third overall draft pick in the 2006 NFL draft.  From … more

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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

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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

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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

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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

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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

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Definition of the Month: Crummey Notice

The Crummey Notice takes its name from the 1968 decision in Crummey v. Commissioner, 397 F.2d 82, 88 (9th Cir. 1968) in which it was established that a gift in trust qualifies for the annual Gift Tax exclusion as long … more

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