When to Consider a Lifetime Trust for Children
Despite some misleading assertions to the contrary, trusts are not the solution for every estate plan. Trusts come with baggage and the person setting up the trust (herein the “parents”)…
Don’t Forget to Use QCDs for Your RMDs
The end of the year marks the time when many people are doing two things simultaneously. First, they are deciding how much (or how much more) they can afford to…
Don’t Give 10% To Your Church In Your Will
Many people desire to tithe both during life and after death. Accordingly, giving 10% of their estate to their church (or other charity) is often a goal for a couple…
A Refresher on the Gift Tax
A parent can structure a gift of $1M to a child today such that neither the child nor the parent will pay any tax. A common misconception is that a…
Use Retirement Accounts to Give to Charity in Your Estate Plan
Whether you know it or not, your “estate” is comprised of different assets with different attributes. Some of your assets will be governed by your will, while others will be…
Out-of-State Property Requires Special Attention in Estate Plan
Commonly called “Probate,” the laws that dictate the handling of a person's assets after their death usually depend on the state in which they reside. However, when it comes…
Special Needs Trust for Disabled Children
Diversity comes in many forms and many related ways of accommodating different needs. When parents are planning for the needs of children with disabilities, a product that should be considered…
Be Prepared to Take Beneficiary IRA Distributions in 2023
In 2019, The SECURE Act changed the rules concerning the distributions from pre-tax Individual Retirement Accounts (IRAs) inherited through beneficiary designation (a so-called “Beneficiary IRA”). As with many such changes…
How to Avoid the Death Tax
As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Taxes come in a wide variety of flavors (e.g., income taxes,…
Selling the Family Business to Children
Parents that have built a successful business and have raised capable children might find the proposition of selling the family business to the children compelling. As with so many decisions…
