Succession Planning Articles
Protect your Assets with a “Hybrid” DAPT
Posted by Cheryl A. Jankowski on June 01, 2021
If you’re refocusing your estate planning from reducing estate tax liability to increasing asset protection, consider a “hybrid” domestic asset protection trust.
Beware of the “Reciprocal Trust” Doctrine
Posted by D’Marie Murray on May 13, 2021
Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.
When It Comes to Trusts, Silence May Be Golden
Posted by Robert Ingrasci on December 15, 2020
“Silent” trusts limit the amount of information shared with beneficiaries. In some cases, they may even keep the existence of the trust a secret. This article explains how a silent trust can reduce disincentives for heirs to act irresponsibly or neglect their education or careers, but there are also several drawbacks to using this estate planning tool.
A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth
Posted by Cheryl A. Jankowski on August 10, 2020
Today's increased gift and estate tax exemptions enable wealthy families to give away substantial wealth gift-tax-free, but they must act before the exemption amounts revert in 2026 to previous levels.
Family Wealth Planning in a Time of Uncertainty
Posted by Cheryl A. Jankowski on July 07, 2020
The full impact of COVID-19 is unknown. While we wait for questions to be answered many are asking what can we do right now? What’s next for our families? What's next for family businesses and the people who work for them? Planning for our future generations is the greatest gift we can give, particularly during times of uncertainty.
Federal Tax Relief to Alleviate COVID-19 Hardships
Posted by Michē Needham on March 23, 2020
The federal government has been working on various relief measures to help individuals and small businesses cope with the situation, including tax relief provisions. Here are the tax changes that have been finalized so far.
Explore Estate Planning Alternatives to Stretch IRAs
Posted by D’Marie Murray on March 09, 2020
Recent changes to the tax law have diminished the tax-saving potency of stretch-IRAs, but there are still other tax-smart ways to transfer wealth to your loved ones.
Decanting May Allow Trustees to Fix a Damaged Trust
Posted by Robert Ingrasci on February 28, 2020
Through a process known as decanting, many irrevocable trusts that have become ineffective or obsolete due to changing tax laws or family circumstances may be “fixed.” However, a trust's terms and state laws determine the degree to which a trustee can alter the original trust document.
It’s Not an Estate Plan Without a Will
Posted by Robert Ingrasci on October 29, 2019
When you hear “estate planning,” you probably think of trusts and other vehicles for minimizing taxes and passing on more wealth to your heirs. However, a will remains the cornerstone of any estate plan.
Five Mid-Year Tax Planning Strategies for Individuals
Posted by Cheryl A. Jankowski on August 05, 2019
Whether you are looking for ideas to help cut your tax bill for the current year, or you are hoping to minimize future taxes, now is a good time to start thinking about your tax planning strategies.