The irrevocable life insurance trust (ILIT) has long been a staple of estate planning. This tool is designed to hold life insurance policies and remove the death benefit proceeds from ...
Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. Estate planning attorneys used to say, “You only pay if you ...
If the last time you and your spouse updated your estate plan was more than a decade ago, your estate plan may contain what is sometimes referred to as AB ...
Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a ...
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax ...
By now, you have likely heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the ...
Every trust has at least one grantor, also known as the trustmaker, i.e., the person who creates the trust. So, it can be confusing when terms like grantor trust and nongrantor trust are used. It is helpful to understand that neither of these terms refers to the existence or nonexistence of the trustmaker (the person who created the trust) but are terms that have to do with the trust’s income tax (typically not estate or gift tax) liability.
As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your loved ones may be in for a stomach-turning surprise when it is time to put your plan into action. Let us take a look at some common life changes and the impact they may have on your already established estate plan.
Meat Loaf, whose real name was Michael Lee Aday, passed away earlier this year at the age of seventy-four. The singer behind 1977’s Bat Out of Hell—one of the best-selling albums of all time—experienced ups and downs befitting his larger-than-life persona. He hit bottom with his 1983 bankruptcy but rode a 1990s career rebirth to newfound financial success. The musician, actor, and producer’s net worth was estimated to be $40 million at the time of his death in January 2022.
It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). ...