How Should a Person With a Disability Fund a Special Needs Trust?
The Special Needs Trust is a planning device that is used to provide financially for a person with a disability. How does this work? Are special needs trusts right for everyone? Read on to learn more: Government Benefit Eligibility Most of us can intuit that people with disabilities need health insurance. However, consider this– the […]
Financial Portability… And You!
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years.
Digital Death Planning
How does our digital legacy, or digital footprint, play into estate planning? How can we allocate digital assets after death? Legacy contacts and password managers (sometimes called “password lockers”) give people who own digital content control in determining what happens to the electronic information after they die. Feel free to follow this link to learn […]
What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
To determine a decedent’s taxable estate, the Internal Revenue Code IRC) allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were previously favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service […]
5 Uncommon Trusts Demystified
You’ve probably heard of a trust before, but what about a semi-secret trust? Have you heard of a Totten trust? How about a rabbi trust? This article is an examination of five trust types you probably aren’t familiar with. Join us for an explanation of secret and semi-secret trusts, then keep on reading as we […]
Do You Have the Essentials? 5 Estate Planning Documents
It is generally best to break complex responsibilities down to their simplest components. For example, how do you restore a car? As the song says, “one piece at a time.” This principle applies equally to estate planning, so let’s look at the five fundamental planning documents that can form the basis of our estate plans. […]
Domestic Trusts – Are You “Qualified?”
One great reason to work with an estate planning attorney is our ability to tailor an estate plan to your needs. Estate planning lawyers will work with you and your family in order to create the best system to meet your goals. With this in mind, let’s take a look at one device an estate […]
IRAs and Inheritances
How did the SECURE Act change regulations around IRAs (Individual Retirement Accounts)? In this article we will give you a broad look at IRAs, as well as an explanation of some of the changes made by the SECURE Act. Read on for more! Traditional Individual Retirement Accounts The defining feature of a traditional IRA is […]