Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about The Not-So Transparent Corporate Transparency Act
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. Read on to learn more. … [Read more...] about Tis the Season for Giving
Inheritance Planning for Blended Families
A significant percentage of first marriages end in divorce, and most of these individuals get remarried eventually. Of course, there are also widows and widowers that tie the knot. As a result, we have a lot of blended families in the United States. If you are getting remarried as a parent, you should definitely consider the inheritance planning implications. Honest Communication It can be a bit scary to propose to your significant other. It is such a big step for you, and of course, there … [Read more...] about Inheritance Planning for Blended Families
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2023
Is Your Estate Plan Missing Some Important Pieces?
Comprehensive estate planning involves covering all your bases. There is no reason to settle for uncertain outcomes, or less than ideal results. If you have not discussed all of the finer points with an estate planning lawyer, your plan could be lacking in various ways. In the end, your family can pay a price when your estate plan is incomplete. With this in mind, we will look at some of the estate plan components that are often overlooked. Alternate Beneficiary and Executor … [Read more...] about Is Your Estate Plan Missing Some Important Pieces?
How Do You Choose a Successor Trustee?
Before we answer the question that serves as the title of this post, we need to provide some background information. If you have always thought that you should use a will when you get around to planning your estate, you should consider a living trust first. Let’s look at the benefits, and then we will drill down and examine the successor trustee choice. Multi-Leveled Control Some people steer clear of trusts because they harbor a misconception. They think that you surrender all control of … [Read more...] about How Do You Choose a Successor Trustee?
How Do I Set Up a Special Needs Trust?
Before we answer the question that serves as the theme of this post, we have to provide some necessary background information to help you understand the context. Most Americans get health insurance through their employers. Unfortunately, many people with disabilities are not in a position to work because of their challenges. Since employer-based coverage is not an option, and they do not have the ability to earn income, they qualify for Medicaid. Individuals with special needs that gain … [Read more...] about How Do I Set Up a Special Needs Trust?
The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II