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...
May 30, 2023 | Blog, Estate Planning, International Tax
At least 12% of Americans have thought about living abroad in retirement, according to a study by the Aegon Center for Longevity and Retirement. If that is part of your retirement plan, or you are already living outside the United States, it is important to know that...
Apr 24, 2023 | Blog, Estate Planning
A charitable remainder trust (CRT) is an irrevocable trust set up to benefit a charitable organization. The trust’s term is one lifetime, several lifetimes, or a period not to exceed 20 years. Basically, you irrevocably gift an asset to the CRT, usually an asset with...
