LEGAL UPDATES

IRS confirms large gifts now won’t hurt post-2025 estates

The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed…

Three pitfalls to avoid when naming a beneficiary of a life insurance policy

Life insurance can be a powerful financial and estate planning tool, but its benefits can be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances…

BDIT lets you give away property without losing control

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher…

The Reality of Food on Demand Delivery Costs

Food delivery can be EXPENSIVE! Restaurant operators are all too familiar with increasing costs and shrinking margins. Don’t let delivery drain your bottom line. Don’t be afraid to innovate. For example, there are ongoing…

Don’t worry! A broken trust can be fixed

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change…

Leave a philanthropic legacy with a charitable remainder trust

Let’s say you’re charitably inclined but have concerns about maintaining a sufficient amount of income to meet your current needs. The good news is that there’s a trust for that: a charitable remainder trust…

Common Estate Planning Myths

Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever….

Estate Planning Awareness Week: The Importance of Having an Estate Plan

In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning…

Sec. 6166: Estate tax relief for family businesses

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in…

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