LEGAL UPDATES

Owning Life Insurance Can Make Estate Planning Complicated

If you own an insurance policy on your life and want to keep the policy’s proceeds out of your taxable estate, one option is selling the policy to an irrevocable grantor trust. This is…

The Window May Be Closing on Valuation Discounts

If selling or gifting an interest in family-owned businesses or entities is part of your long-term estate/tax plan, the window may be closing on the use of valuation discounts as part of that strategy….

Holding Joint Title to Property with Loved Ones Has Pitfalls

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” Two potential advantages are convenience and probate avoidance. But joint ownership can also create a…

Charity Remainder of Trust: Should a CRT be part of your estate plan?

To benefit a charity while helping ensure your own financial future, consider a charitable remainder trust (CRT): For a given term, the CRT pays an amount to you annually (some of which generally is…

Make Tax-Free Gifts with a Minor’s Trust

Do you want to make annual exclusion gifts to your young children or grandchildren but are worried about giving minors unfettered access to the funds? Then a Section 2503(c) minor’s trust might be the…

Revisiting your estate plan after a divorce is a must

People generally remember to amend their wills or revocable trusts after a divorce, but there are many other estate planning and financial arrangements you should address that are easily overlooked. These include: Jointly owned…

Now’s the time to consider short-term GRATs

The fact that a minimum term for grantor retained annuity trusts (GRATs) has been discussed in Congress but not become law — combined with low interest rates — may make it an ideal time…

Accounting for Digital Assets in Your Estate Plan

If you die without addressing your digital assets (such as online financial accounts, social media accounts, loyalty program benefits, etc.) in your estate plan, your loved ones or other representatives may not be able…

How an ILIT Can Eliminate Estate Tax Liability on Your Life Insurance

If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries…

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