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
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
Understanding and Manipulating Estate and Gift Taxes
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
The Intersection of Bank Failure and FDIC Insurance
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a … [Read more...] about Show Your Love by Creating an Estate Plan
The Not-So Transparent Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another … [Read more...] about The Not-So Transparent Corporate Transparency Act
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the … [Read more...] about What You Need to Know About SECURE Act 2.0
