Succession Planning Articles
IRS Approves Spousal IRA Rollover Despite Existence of Trust
Posted by Robert Ingrasci on July 02, 2019
The IRS has privately ruled that a surviving spouse can roll over her deceased spouse's IRA — payable to a trust of which she is sole trustee and beneficiary — into her own IRA. Generally, where an IRA beneficiary is a trust, a surviving spouse is barred from treating a decedent's IRA as her own account.
Dynasty Trusts Are More Valuable than Ever
Posted by Cheryl A. Jankowski on June 28, 2019
The Tax Cuts and Jobs Act has brought great changes to estate planning. In doing so, it bolstered the potential value of dynasty trusts. This article explains why these trusts are well worth considering for tax purposes. We'll also look at valid nontax reasons for establishing one.
Beneficiaries Learn a Lesson About Paying Estate Taxes
Posted by D’Marie Murray on June 27, 2019
Beneficiaries of a South Dakota estate failed to make a payment when submitting a federal estate tax return — and again failed to pay when the IRS subsequently notified them of additional assessments. The IRS sued. In U.S. v. Ringling (2017), a district court reviewed the facts and ultimately granted the IRS's summary judgment motion.
When to Update Your Estate Plan
Posted by Cheryl A. Jankowski on June 11, 2019
Estate planning isn't just for the rich and famous. While it's true that the Tax Cuts and Jobs Act (TCJA) provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a comprehensive estate plan and regularly update it.
Tax Issues When Winding Up the Estate of a Loved One
Posted by Robert Ingrasci on June 10, 2019
When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs.
Wealth Planning Opportunity | Spousal Limited Access Trust
Posted by Cheryl A. Jankowski on May 09, 2019
Tax reform legislation doubled the federal estate, gift, and generation-skipping transfer (GST) tax exemption to $11.18MM (as indexed for inflation) per person. This created a seven-year window for increased wealth transfer planning.