Showing 5 posts tagged trusts.
Give Now, Save Later – Capturing Current Estate and Gift Tax Exemptions
Many people think of an estate plan as a way for their assets to be distributed in the future, after their deaths. However, in some situations, it may be more advantageous to make at least some of those planned gifts now—and help your loved ones avoid some of the financial burden of estate taxes. Especially for individuals with high net worth, taxes could become much greater when the currently increased lifetime exemption amount “sunsets” on January 1, 2026. More >
Revocable Trusts—Are They Right for You?
When it comes to planning for your financial legacy, concepts and strategies tend to be complicated and often overwhelming, so it’s only natural that people look for simple solutions to their not-so-simple problems. Revocable, or “living”, trusts are often touted as a cure-all for estate planning ailments, but no estate planning strategy is “one size fits all,” so it’s best to look carefully at your particular situation and make sure a revocable trust is really the best choice for your estate plan. More >
Estate Planning Taxes: No Change…for Now
Last year, with a new administration in Washington, several changes to estate planning tax laws were proposed in Congress that would have significantly impacted the estate plans of high-net-worth individuals. While none of these proposed changes came to pass as initially proposed, those same proposals could be brought to the table again in 2022. Below, we provide you with an overview of what hasn’t changed—yet. More >
Don’t Delay—Proposed Changes to Estate Tax Law Aim to Eliminate Step-Up in Basis
If you’ve been waiting for the “right time” to start planning your estate, don’t wait any longer—the right time may be in the rearview before you know it. With a new administration in the White House, tax reform is on the agenda in Washington, and the proposed changes would have a major effect on many estates, especially for high-net-worth individuals. More >
I'm an Executor or Administrator of an Estate...Now What?
As an estate planning attorney, I often receive calls from individuals who have just been designated as a personal representative and are wondering what they are legally required to do. Personal representatives may either be named an Executor (Executrix if the individual is female) or an Administrator (Administratrix if female). An Executor is the person whom a decedent named in his or her Will to be in charge of the administration of his or her estate. An Administrator is the person appointed by the court to be in charge of the estate when someone dies without a Last Will and Testament. More >