There are many reasons why a loved one might require the assistance of a convalescent home. For instance, some elderly folks receive a nursing home recommendation after they are hospitalized. But regardless of why you believe your loved one should be under the care of professionals at a nursing home, your reasoning will be unique […]
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Creating a Family Philanthropic Plan
Philanthropy is a wonderful way to increase connection, share values and create meaning among family members. When you discuss your values and giving goals with your family, your whole clan can find ways to make more of a difference. By involving your children and grandchildren in philanthropy, you’ll be gaining insights as everyone contributes information, […]
Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal Lifetime Access Trust
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to utilize whatever remains of their AEA to avoid losing it. Married individuals have a particularly useful option at their disposal.
How To Handle Stepfamilies in Your Estate Plan
Let’s say you remarry and adopt your partner’s children or have children from previous relationships. You need to plan carefully for each other and your kids. You can never guarantee that everyone in a blended family will be happy with the new arrangement, but you can avoid some mistakes. You don’t want anyone to get […]
Beware of State Estate and Inheritance Taxes
Estate and inheritance taxes are both types of taxes levied on the transfer of property at death, but they operate differently: An estate tax is levied on the estate of the deceased, while an inheritance tax is levied on the heirs of the deceased. There is a federal estate tax, which generally affects only the […]
What You Top Things to Know about the Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. The provisions of the Corporate Transparency Act are designed to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.
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