A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
IRS Announces Increase in 2023 Tax Exclusions
Nov 30, 2022 | Estate Planning
The IRS announces three important increases for 2023 – Gift tax exlusions, estate tax exclusions, and the genertion-skipping transfer tax exemption.
Dynasty Trusts Used to Pass Wealth Down Through the Generations
Aug 2, 2022 | Estate Planning
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you.
Estranged Child and Your Estate Plan
Jun 21, 2022 | Estate Planning
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan.
When the Required Distribution from your IRA Isn’t Needed
Jun 6, 2022 | Estate Planning
Not everyone needs their required minimum distributions from their retirement accounts to make ends meet. If you don’t need your distribution, one option is to donate it to charity and not pay taxes on it.
2026 Estate Tax Exemption to be Cut
May 23, 2022 | Estate Gifting, Estate Planning
The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption.
What is a Grantor vs Non-Grantor Trust?
May 2, 2022 | Estate Planning
One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be useful in certain circumstances.
The Tax Consequences of Selling a House After the Death of a Spouse
Apr 12, 2022 | Estate Planning
If your spouse dies, you may have to decide whether or when to sell your house. There are some tax considerations that go into that decision.