Feb 26, 2024 | Blog, Estate Planning
It is common for people to assume that foreign assets are not relevant to their “U.S.” estate plans. However, foreign — indeed, all of your assets — should be included in your estate plan. Financial experts can structure ownership of your foreign assets according to...
Dec 18, 2023 | Blog, Estate Planning, Tax
The gift tax exclusion is among the most valuable tools available to transfer assets to family and other loved ones without ending up with an unwelcome tax bill for the givers or recipients. Year end often is a busy time for gifting, as taxpayers move to take...
Jul 17, 2023 | Blog, Estate Planning
Different states have different rules for determining whether a trust is a “resident” for income tax purposes. State tax liability can depend on the location of settlors, trustees, or beneficiaries. In some situations, a trust could be liable for taxes in multiple...
Jul 11, 2023 | Blog, Estate Planning
Inflation is generally bad news. But a favorable side effect is bigger annual inflation adjustments to federal tax breaks. In fact, many federal tax parameters for the 2023 tax year are up about 7% over the amounts for 2022. Here are the details — plus...
Jul 3, 2023 | Blog, Estate Planning
When developing an estate plan, you may want to consider setting up trusts for various reasons, including protecting your assets from potential creditors. One way to accomplish this, depending on where you live, may be to set up a Domestic Asset Protection Trust...
Jun 12, 2023 | Blog, Estate Planning
If you are philanthropically inclined, have you considered establishing a charitable remainder trust (CRT)? These irrevocable trusts provide a variety of tax and financial perks. Plus, unlike some other tax planning tools and strategies, CRTs can benefit from today’s...
