Articles & Information

Moving a Trust Over State Lines can Offer Tax Savings and Other Benefits…

Posted On: March 20th 2019

People who live in states with high income taxes sometimes relocate to a state with a more favorable tax climate. A similar strategy can be available for trusts. If a trust is subject to high state income taxes, you may be able to change its residence — or “situs” — to a state with low…

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What you Need to Know About Filing Gift and Estate Tax Returns…

Posted On: March 15th 2019

Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return. Filing a Gift Tax Return Generally, a federal gift tax return (Form 709) is…

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Have you Properly Substantiated your 2018 Charitable Gifts?

Posted On: March 12th 2019

Donating to charity is a key estate planning strategy for many people. It reduces the size of your taxable estate and it can help you leave a lasting legacy with organizations you care about. The benefit of making such gifts during life rather than at death is that you may be eligible for an income…

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No, It’s Not Unusual to Include Your Pet in Your Estate Plan…

Posted On: March 8th 2019

An unexpected outcome of the recent death of designer Karl Lagerfeld is that the topic of estate planning for pets has been highlighted. Lagerfeld’s beloved cat, Choupette, played a major role in his brand. The feline was the subject of a coffee table book and has a large Instagram following. Before his death, Lagerfeld publicly…

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Using Non-Grantor Trusts to Bypass SALT Deduction Limit

Posted On: February 28th 2019

If you reside in a high-tax state, you may want to consider using non-grantor trusts to soften the blow of the new $10,000 federal limit on state and local tax (SALT) deductions. The limit, which was added by last year’s Tax Cuts and Jobs Act (TCJA), can significantly reduce itemized deductions if your state income…

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You’ve Made Non-Deductible Contributions to your IRA

Posted On: February 20th 2019

If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s critical to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying….

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Do you Need to File Gift Tax Returns?

Posted On: February 12th 2019

Avoid these Common Mistakes For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax…

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Hastily Choosing an Executor can Lead to Problems After your Death

Posted On: February 4th 2019

Choosing the right executor — sometimes known as a “personal representative” — is critical to the smooth administration of an estate. Yet many people treat this decision as an afterthought. Given an executor’s many responsibilities and complex tasks, it pays to put some thought into the selection. Job Description An executor’s duties may include: •…

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If you’re Driven to Transfer a Vehicle’s Ownership to a Trust, Know the Risks…

Posted On: January 30th 2019

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about assets…

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Have you had your Annual Estate Plan Checkup?

Posted On: January 24th 2019

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018 and 2019: Lifetime gift and estate tax exemption…

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