Estate Planning Blog

This is a great way for people over 70 to both give money to charity and save on taxes. The taxpayer is essentially giving pretax money to a worthy cause, which in effect creates a dollar-for-dollar income tax deduction they’d otherwise not receive.

A subtrust is a separate entity created under the umbrella of a primary trust or a will. A subtrust becomes active based on the terms of the trust or will when certain events happen, such as the death of the primary grantor, or creator. Subtrusts are one tool that estate planning attorneys use to help families pass on inheritances and protect their heirs from creditors or issues such as lawsuits or divorce. Subtrusts serve various purposes depending on…

A Qualified Personal Residence Trust (QPRT) is a unique financial tool used in estate planning to reduce the potential estate tax liability by transferring a principal residence or vacation home into a trust. As an irrevocable type of trust, a QPRT allows the grantor to remain in the home for a predetermined term of years, making it a strategic choice for those looking to manage their estate tax effectively. Learn more about QPRTs. In the realm of estate planning, QPRTs serve…

Know what to expect if you inherit an IRA and how to establish a plan for taking distributions.

The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.

As the cost of college tuition skyrockets, parents and grandparents can take advantage of tax-efficient 529 plans and higher limits on gift and estate taxes.

The adjustment in basis is a crucial tax consideration–what can it mean for you?

Before you start spending your windfall, take some time to figure out your taxes, how you might invest and what your long-term plan looks like.

Estate planning is not as simple as executing a will.

Estate tax and inheritance tax significantly impact an estate’s value. Estate tax is levied on the estate’s total value at death before distribution to beneficiaries. In contrast, inheritance tax is imposed on the beneficiaries based on the value of assets received. Understanding these taxes is critical for effective estate planning…