There is a myriad of reasons a trust is a practical estate planning tool. For many people, a resounding reason is avoiding probate in the process of distributing assets after death. While probate could be considered a useful alternative in unique cases or in certain jurisdictions, a trust commonly offers a high degree of privacy with quicker execution at lower costs.
It is important to understand that giving landscape to know how to get the most out of what you give. Working hard for success and sharing our success with others are the natural outcome many of us enjoy. Making the most of what we give to those who have the least is a goal of many of us and coordinating those objectives with family legacy issues ties the gift up with a bow.
As a result of the Tax Cuts and Jobs Act passed in 2017, the estate tax exemption more than doubled from $5.49 million per individual in 2017 to $12.08 million in 2022. Form many people, the primary reason to establish an irrevocable life insurance trust (ILIT) was to make sure proceeds of their life insurance policies would not be subject to estate tax. Upon the grantor’s death, his or her loved ones would receive the insurance proceeds,
One of the most consequential decisions in your estate planning is who to name as trustee. The trustee’s level of knowledge, commitment, ability and skill will have an enormous impact on the intended purpose of your trust. Despite the importance of this decision, it is often given less consideration than the structure of your plan or choice of attorney. Even the most well-drafted estate plan will fail to achieve its purpose if the trustee you select fails to carry out their role properly.
Power of Appointment is a provision within a trust document which provides a beneficiary, in many cases the surviving spouse, with the authority to name (assign) or change the ultimate beneficiaries.
Wow, this sounds great…..or does it?
A Power of Appointment provision can be a great feature, if it is a grantor’s desire to allow for the powerholder to have flexibility in terms of who gets the money next….
The simplicity and complexity of Portability often creates unintended consequences. Let’s discuss how to steer clear of traps for the unwary and anticipate the credit to come as we seek to understand the nuances of one of the newest features of the estate tax law. Optimizing the use of the Deceased Spousal Unused Exemption (DSUE) and avoiding common errors is crucial to make the most of this new law.
Let’s face it: Most people will not owe estate tax in the current estate tax environment. With an estate-tax-free amount of $12 million for individuals, less than two-tenths of one percent of Americans will owe estate tax. This brings estate planning for most people back to the most critical, and often most ignored, issues: family dynamics.
The topic of south Dakota as a favorable trust situs often leads to a discussion comparing the virtues of South Dakota versus Delaware. Whis jurisdiction is best? Why South Dakota? Since abolishing the rule against perpetuities in 1983, South Dakota has worked diligently to become the most trust friendly situs in the nation. The following simple table compares ….
Historically, estate planning centered on wealth transfer, but many families and their advisors have started to look at wealth preservation. Why? Because increase and portability, coupled with laws that capped damages in injury cases being struck down across the country, has made this option more appealing.
Wealth preservation is not just for the wealthy or for people in high-risk professions, such as doctors and lawyers. Consider the laws of California, Florida and other states that make parents
Selecting the right executor or trustee is a big decision facing those who are creating an estate plan. Putting some thoughtful consideration into the choice can make all the difference regarding the success or failure of the plan and how the beneficiaries feel about it. Choosing an executor or trustee is often not considered deeply enough; some of the key decision-making factors are explored below.
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