I wrote in my last post about using an asset protection trust to protect a specific beneficiary who might have need protection, for example from a substance abuse problem. Sometimes we implement multigenerational trusts not to protect against the problems of a specific trust but to provide a management or tax planning structures for family wealth. This is what is commonly called a “Dynasty Trust”. Such a trust is one that continues for the maximum term possible. There can be estate tax … [Read more...] about Asserting Control and Exercising Care over Multigenerational Wealth
Families Gather in Novel Ways in Pandemic
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. The disruptions from the social distancing required to fight the virus have been felt by people around the world. As we mark passing holidays, we reflect on the importance of family. Learn how to share time with family during this pandemic and tackle tasks such as Estate Planning. As we begin to open up non-essential businesses and some of us begin to spend more time outside of our homes, remember … [Read more...] about Families Gather in Novel Ways in Pandemic
Estate Planning Conference Discusses SECURE Act and More
Those of you who attended our 2019 Clarity Legal Group® Annual Client Education Program heard our discussion and predictions regarding the possibility of significant changes to the rules relating to IRAs and other tax deferred retirement accounts. We discussed the SECURE Act, which at the time was stuck in committee in the United States Senate, having passed the House of Representatives. On December 19, 2019, having passed the Senate, it became law, effective January 1, 2020. Clarity Legal … [Read more...] about Estate Planning Conference Discusses SECURE Act and More
The SECURE Act and What It Means for You
Those of you who attended our 2019 Clarity Legal Group® Annual Client Education Program heard our discussion and predictions regarding the possibility of significant changes to the rules relating to IRAs and other tax deferred retirement accounts. We discussed the SECURE Act, which at the time was stuck in committee in the United States Senate, having passed the House of Representatives. On December 19, 2019, having passed the Senate, it became law, effective January 1, 2020. Clarity Legal … [Read more...] about The SECURE Act and What It Means for You
Planning to Avoid Too Much SALT
The 2018 changes in the federal tax laws were a mixed bag. One of the disadvantages for many tax payers was the new cap of $10,000 on federal deduction of state and local taxes. For many people this will mean a higher tax bill. Any time there is a change in the tax law, there will be people looking for different ways to get around the cap. I always encourage clients to be cautious. Anything in the tax world that sounds too good to be true, almost certainly is. Some of the ways people … [Read more...] about Planning to Avoid Too Much SALT
You Never Know: Planning for the Unexpected
This article from my good friend, Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...] about You Never Know: Planning for the Unexpected
Planning for Frequent Flyer Miles
This is a post from my friend Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, about the transfer of frequent flyer mile accounts to beneficiaries. It mentions that Anthony Bourdain had a specific gift of his airline miles in his Will and at least raises the question whether this rights are always transferrable in this way. The post points out that these are contractual rights and not all companies will have the same policies. Planning for … [Read more...] about Planning for Frequent Flyer Miles
Planning for the International Client
Estate planning for the international client can be tricky. In this post, my friend Steve Hartnett, the Director of Education for the American Academy of Estate Planning Attorneys, tatkes a look at the estate tax treatment of U.S. citizens and non-resident aliens. Steve's thoughts are a good starting place for a sometimes complex subject which we can help you with at Clarity Legal Group®. Planning for the International Client … [Read more...] about Planning for the International Client
6 Important Estate Planning Considerations – Part 2: Long-Term Care
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
6 Important Estate Planning Considerations – Part 1: Incapacity
One of the most important considerations in an estate plan is incapacity planning. This article describes how an estate plan provides incapacity planning and the documents which may be used to accomplish that planning. It also looks at how having a plan in place may relieve stress during an emergency. 6 Important Estate Planning Considerations – Part 1: Incapacity … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity
