Estate planning can be complicated enough when all your assets and loved ones are located within one country. But for US residents with international connections, whether through property, citizenship, residency, business interests, or loved ones living abroad, it can become significantly more complex with international inheritance laws. Different countries have different rules about who inherits, how […]
The term homestead may seem like a throwback to pioneer days, but homestead exemption laws are directly relevant to today’s estate planning and can play a valuable role in a modern plan. Almost every state has some form of homestead exemption law primarily focused on reducing property taxes and protecting home equity from creditors. While the best-known […]
Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a Revocable Living Trust (RLT) does not exactly provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes—the unlimited marital deduction and the […]
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden’s policy priorities if he is reelected to a second term. A major focus of this year’s Greenbook is increasing taxes on […]
Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your hard-earned money and property after […]
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. Portability can make a significant difference when it comes to the taxation of an estate. What Are Gift […]
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that trustees play not only in handling trust matters but also in providing for and protecting your loved ones. What is a Trust? A trust is an agreement between an owner of accounts and property (Trustmaker/Grantor) and another […]
Celebrities can give us a glimpse into lifestyles beyond our wildest dreams. But celebrities face many of the same estate planning issues that the rest of us do, such as which tax planning strategies to use and how to divvy up assets among loved ones when they die. Jerry Lee Lewis passed away in October 2022, […]
