Category Archives: Estate Planning
Changing Tax Law and the Presidential Campaign
Curiosity and excitement are always to be expected in an election year—especially curiosity about taxes. We all know that each presidential candidate has very different philosophies about where the tax burden lies, how much should be paid, and by whom; but all most of us really want to know is how the implementation of… Read More »
Should Zombies Pay Estate Taxes?
How dead do you have to be before the government can tap your estate for estate taxes? Do you have to be only kind of dead, or do you have to be fully dead-dead? This is the subject of a new law review article by Adam Chodorow of the Arizona State University law school,… Read More »
Start Your Marriage Off On Strong and Secure Financial Footing
Every time a celebrity couple splits up news sources start asking questions about prenuptial agreements. It’s been no different during the past few weeks as news and speculation about Tom Cruise and Katie Holmes’ divorce leaks out. But prenuptial agreements aren’t only for celebrities, and they aren’t only for the rich and famous. In… Read More »
Don’t Wait on Necessary Legal Documents for New 18 Year Olds
The year your child turns 18 is an important year: It’s the year they’re able to vote for the first time, it’s usually the year they graduate from high school, and it’s the year your child becomes an adult in the eyes of the law. Some parents find it difficult to think of their… Read More »
With $5 Million Gift Tax Exclusion Set to Expire, Is Now the Time for You to Give?
When legislation in 2010 raised the lifetime gift tax exclusion amount from $1 million to $5 million many wealthy families rejoiced, expecting that they would now be able to give large gifts to children or grandchildren and be able to save millions in taxes at the same time. But for all the rejoicing, the… Read More »
States are Looking at The Big Picture When It Comes to Taxes
In addition to a federal estate tax, most people can plan to pay an estate tax for their state of residence as well upon the distribution of a deceased loved one’s estate. These gift and estate taxes generate a significant amount of revenue for most states; but according to this recent article in Forbes,… Read More »
Some Inheritances are Best Bestowed in Different but Equal Ways
Every parent wants to love and treat all their children the same, but when it comes to estate planning, not every child should be treated the same. In fact, insisting on treating all children exactly the same in an estate plan can often lead to disastrous consequences. However, as this article from The Street… Read More »
Talking to Your Parents About Retirement
Most people consider financial matters a private affair, and only talk about it with their spouse or their financial advisor; but when it comes to retirement and long-term care Americans just can’t afford to be silent any longer. According to a recent article in the Wall Street Journal, “Nearly two in five adult children… Read More »
Facebook Founders Use GRATs to Avoid Excessive Taxation; You Can Too
News sources recently revealed that Facebook founder Mark Zuckerberg—as well as other Facebook top brass—use Grantor Retained Annuity Trusts to protect their assets and investments from excessive taxation. Grantor Retained Annuity Trusts (more commonly called GRATs) are a perfectly legal—and very efficient—way to protect and pass significant assets from one person to another without… Read More »
An Estate Plan Can Highlight Religious Values… Within Limits
All parents hope to pass their values onto their children; and of the many values they hope to pass on religion and spirituality often tops the list. In some cases, religious values are so important to a parent that they will even include mention of these values in their estate plan. Our firm strongly… Read More »