You probably have not heard a lot of talk about the Federal estate tax lately. The most likely reason is that in our current estate tax system, your estate will only be subject to Federal estate tax if your taxable …
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New Tax Law Increases Tax Free Inheritance
You have all probably heard that on December 17, 2010, President Obama signed the 2010 Tax Relief Act, which is actually called the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The main purpose of this act …
Repeal of Federal Estate Tax
In 2001, the Federal Government passed the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). This tax bill provided for the gradual increase of your federal estate tax exemption amount from $675,000 in 2001 to $3.5 million in …
Separate Trust Offer More Benefits
I am occasionally asked why I usually prepare separate trusts for married couples instead of a joint trust. The reason is very simple, it is what most of my clients want. Once I explain all the benefits and burdens of …
Federal Estate Tax is a Voluntary Tax
You have probably heard a lot of talk about the Federal estate tax and about its so-called repeal. In our current estate tax system your estate will be subject to Federal estate tax if your taxable estate is more than …
Trust Your Trust v1 Single Column
The use of Trusts as an estate planning tool has become more prevalent over the last few years. There are however, still some misconceptions about the use of trusts. Many still believe that trusts should only be used if taxpayers …
The Seven Most Common Trust Mistakes
Many people use revocable or living trusts in their estate plans. Living trusts are very powerful planning tools that you can use for all kinds of purposes. Trusts can avoid probate, protect your beneficiaries from their creditors or divorcing spouses, …
IRAs & Beneficiaries
Most people name individuals as direct beneficiaries of their IRAs or other retirement plans. However, by naming a qualified trust as a beneficiary, your heirs could not only save taxes, but also have creditor and other protections. Qualified trusts are …