There are targeted estate planning tools that can be used to satisfy very specific objectives. One of them is the QDOT, and we will look at this highly effective legal device in this post. Federal Estate Tax The acronym “QDOT” stands for a qualified domestic trust. You can use this type of trust to gain estate tax efficiency if you are married to citizen of another country. This tax is a looming threat to your legacy if you have been very successful from a financial standpoint, because it … [Read more...] about The QDOT Solution for Non-Citizen Spouses
Estate Planning
Are You Sure Your Kids Want Your Stuff?
A lot of people make estate planning assumptions that are a bit self-serving. Since you have an emotional investment in your belongings, you may assume that your children are on the same page. In reality, this may not be the case at all. Your Home The house that you live in may be the same property that your children grew up in, and it is a repository of many cherished memories. Even if this is not the case, you chose the home because it appeals to your sensibilities, and it is a source of … [Read more...] about Are You Sure Your Kids Want Your Stuff?
Five Tips for Planning Your Estate Effectively
A lot of people without estate plans do not take action because they don’t know where to begin. With this in mind, let’s look at five tips that should provide some insight and motivation. Focus on Your Family Estate planning can seem like a somber responsibility that is easy to put off, and the years of inaction can start add to up. You may know that you should put a plan in place, but it is easy to convince yourself that there is time to do it later on. Indeed, you may live a natural … [Read more...] about Five Tips for Planning Your Estate Effectively
Use It Before It’s Gone
The amount you can pass free from estate tax is at a record high of $11.7 million per person. There’s legislation which would lower the exclusion to $3.5 million per person. Married people can take advantage of the current exemption. Read on to learn more. … [Read more...] about Use It Before It’s Gone
The Role of the Estate Planning Attorney
Clients often come to an Estate Planning attorney with specific ideas in their minds. The attorney’s role is to counsel them regarding their plan, not just to draw up documents to accomplish it. Read on to learn more. … [Read more...] about The Role of the Estate Planning Attorney
Tax Proposals Could Alter Estate Planning Landscape
Senators Sanders and Whitehouse have introduced legislation in the Senate which would significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Time is of the essence. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
CRT: Best Tool for Proposed Tax Changes?
Tax proposals would increase capital gains rates, among other things. These proposed changes could make a Charitable Remainder Trust look even better. A Charitable Remainder Trust can earn the donor an income tax deduction upfront and defer gains on its sale of assets. Read on to learn more. … [Read more...] about CRT: Best Tool for Proposed Tax Changes?
“Last Will and Testament” Origin
Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
Using Disclaimers to Achieve Client Goals: Double Disclaimers
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals: Double Disclaimers
Pandemic Relief for Employers
The pandemic has been difficult for many of us, including some Estate Planning attorneys. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
