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Category: Tax Planning

End-of-the-Year Considerations and Annual Maintenance Reminders

The end of the year is fast approaching. While these last few months bring holidays and celebrations, they also provide a perfect opportunity to review your finances and annual checklists and make sure that your estate plan is ready for the new year. Don’t let the ball drop on 2023 without ensuring that you’ve made […]

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Understanding 529 Plans for Education Funding

The cost of education continues to soar. Paying for the education of your children, grandchildren, or other loved ones may be an important part of your estate plan. One option is state-sponsored 529 saving plans, which are popular due to their income tax-saving benefits. The funds in 529 plans grow income tax-free and can then […]

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Charitable Planning with Retirement Accounts

Charitable planning is an important element for many estate plans – whether your primary purpose is minimizing the estate tax burden for your loved ones or whether charitable giving is a lifetime habit that you wish to continue, retirement assets can be a wise choice of assets for those who are looking to leave a […]

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How to Manage a New or Future Inheritance

The term “windfall” was first coined in the 15th century to equate unexpectedly good fortune with fruit falling from the sky. Just as an apple can drop to the ground without the need for a ladder, certain people wake up one day with access to a life-altering fortune without even lifting a finger. If you […]

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Should-You-Consider-an-Irrevocable-Life-Insurance-Trust-ILIT

Should You Consider an Irrevocable Life Insurance Trust (ILIT)?

Life insurance is often one of the first investments people consider when they begin estate planning. The right policy can help cover certain expenses for your beneficiaries after you pass. However, choosing the right life insurance policy for you and your family can be a difficult and confusing process. Policies vary widely in their terms. […]

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Understanding Grantor Retained Annuity Trusts (GRATs)

Grantor Retained Annuity Trusts, or GRATs as they are commonly known, are a powerful tax-saving tool used by estate planners to shift assets with significant potential appreciation to beneficiaries without utilizing their lifetime gift tax exemption. When creating a GRAT, your assets are placed within an irrevocable trust which expires after a set period while […]

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What Are Gift Tax Returns and Who Needs to File Them?

Sometimes, the name given to certain federal tax laws disguises the full scope of the laws and the impact the laws may have on you individually. For example, the gift tax laws not only apply to formal gifts from one person to another, but they also apply to transfers whenever the donor shifts assets without […]

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Best Practices for Irrevocable Trusts

Sometimes, we are approached by prospective clients who wish to make changes to their irrevocable trusts—unaware that under current law, these trusts cannot be easily amended. In fact, modifying the agreements of an irrevocable trust, unless under very specific conditions, is a violation of state and/or federal law. As the current administration seeks to increase […]

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When-Should-You-Include-an-Estate-Planning-Attorney-in-the-Sale-of-Your-Business-1

When Should You Include an Estate Planning Attorney in the Sale of Your Business?

We are often approached by clients who are in the process of selling their business. While we love to offer legal advice and recommendations regarding the sale, it is imperative that we are contacted before or during the negotiation stages. Once the letter of intent (“LOI”) is drafted, any guidance an estate planning attorney could […]

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