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…
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 —…
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…
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…
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…
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…
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…
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…
It’s natural that your estate planning efforts focus on big-ticket items, such as real estate, business interests, retirement assets and brokerage accounts. But don’t ignore the “small stuff,” like artwork, jewelry, furniture, antiques, clothing…
