Mark your calendars: January 28 is International LEGO day, which celebrates the date when the patent for the globally famous plastic brick system was filed. Since the 1940s, people have been creating their own worlds, brick by brick, with LEGOs. With an estate plan, you can help your loved ones build a great future. Make […]
Continue reading…5 Good Reasons to Decant a Trust
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust decanting provisions to address changes in circumstances, beneficiaries, and governing laws. […]
Continue reading…How Much Authority Does a Trustee Have Over the Stuff in My Trust?
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the trust’s […]
Continue reading…3 Examples of When an Irrevocable Trust Can—and Should—Be Modified
Did you know that irrevocable trusts can be modified? If you did not, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws, family, trustees, and finances can frustrate the trustmaker’s original intent when the trust was created. Or, sometimes, an error in the trust […]
Continue reading…Do Not Leave Your Trust Unprotected: 6 Ways a Trust Protector Can Help You
Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt the […]
Continue reading…If You Own Any of These Assets, You Need to Watch Their Value
As we begin 2024, it is crucial to review estate planning goals and strategies that may be affected by changes in the federal estate tax exemption law. At the end of 2025, the Tax Cuts and Jobs Act (TCJA) the estate tax exemption, which is $10 million, adjusted for inflation, may revert to the pre-2017 […]
Continue reading…Clients Who Need to Think about Estate Tax Changes
You want to ensure the efficient financial management and transfer of your clients’ wealth from one generation to the next. For people with significant wealth, successful strategies include minimizing the impact of estate taxes. The Tax Cuts and Jobs Act (TCJA), passed in 2017, introduced considerable changes to the estate tax law. Many of these […]
Continue reading…Case Study: How Concerned Should You Be about Estate Tax Issues?
If you have significant wealth, you may be exposed to future estate tax burdens that must be acted on before the Tax Cuts and Jobs Act reduces the estate tax exemption in 2026. Developing and implementing the right estate planning and tax strategies takes time. You may need to prepare regardless of whether the estate tax […]
Continue reading…Case Study: Clients Who May Need Your Help with Estate Tax Planning
Your clients and their loved ones may be exposed to future estate tax burdens, and the time to act on the sunsetting Tax and Jobs Act is now—not in 2025. Developing and implementing the right estate planning and tax strategies takes time, so you are sure to be busy as the deadline approaches. Which Clients Should […]
Continue reading…What Is Not Taxable Today Might Be Taxable Tomorrow
Counting Down to 2026: Will We Keep the $10 Million Estate Tax Exemption? The year 2026 is fast approaching, and it brings substantial changes to discuss with your clients regarding estate taxes. The Tax Cuts and Jobs Act (TCJA) introduced a significant increase in the federal estate tax exemption, setting it at an impressive $10 […]
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