The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
Understanding the Importance of the Simultaneous Death Act
Most spouses create Estate Plans that are intertwined. The plans work well on numerous levels allowing the spouses to benefit the surviving spouse and then distributing their joint assets to their … [Read more...] about Understanding the Importance of the Simultaneous Death Act
The SECURE Act – the Gift That Keeps On Giving
The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
Gen X – This One’s for You (Really Every Generation Should Read This)
As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
What We Can All Learn from Diller v. Richardson – Part II
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
What We Can All Learn from Diller v. Richardson
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as … [Read more...] about What We Can All Learn from Diller v. Richardson
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. … [Read more...] about The Wonder of Wills
