LEGAL UPDATES

Take care of a loved one who has special needs with an SNT

Special needs trusts (SNTs), also called “supplemental needs trusts,” benefit children or other family members with a disability that requires extended-term care or that prevents them from being able to support themselves. This trust…

Tread carefully if you and your spouse have similar trusts

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors…

Review your powers of attorney at least every 5 years

Powers of attorney are critical components of an effective estate plan. After you’ve executed powers of attorney, it’s important to review them periodically — at least every five years and preferably more frequently —…

Direct payments of tuition and medical expenses can reduce future estate tax exposure

With the federal gift and estate tax exemption at $5.45 million in 2016, you may be less concerned about these taxes. But if you don’t take advantage of making tax-free direct payments of tuition…

The tax and estate planning pitfalls of retiring overseas

Have you dreamed of spending your golden years in a tropical paradise or a culture-rich European city? If so, it’s important to understand the potential tax and estate planning implications so there are no…

Follow all rules when transferring assets to an irrevocable trust

Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect…

Three benefits of donor-advised fund giving

Charitable giving through donor-advised funds (DAFs) has grown in popularity in recent years. Generally, creating a DAF requires no more than completing a short application and making an initial contribution as low as $10,000…

Are your children prepared to handle your wealth?

If you’ve built up a large estate and are eager to share your wealth with your children, you may be concerned about their ability to handle it. Fortunately, there are steps you can take…

Couples with a noncitizen spouse play by different estate planning rules

Many traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But if you or your spouse is a noncitizen, special rules apply that require additional planning. General…

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