The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Section 529 Plans: Make Five Years of Gifts in a Year Normally, a gift made directly […]
Important Documents Related to Final Distribution of a Trust Estate NOTICE OF PROPOSED ACTION In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries. The most common decision would be to sell a piece of property or borrow […]
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The IRS has announced the 2018 inflation adjustments for many tax provisions, including exemptions for estate, gift and generation-skipping transfer taxes and the annual exclusion amount for gifts. The 2018 estate and gift tax “exemption” will be $5,600,000, up from $5,490,000 for 2017. This is the total amount that can pass free from estate tax […]
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Valuation of Cash or Financial Assets Valuation of Cash or Financial Assets is determined by providing an independent statement such as from a Bank, Brokerage, Insurance Company or other financial institution. Valuation of Tangible Personal Property In general, if the value of any item of Tangible Personal Property exceeds $5,000 then, a value must be […]
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More than three decades have elapsed since the Immigration Reform and Control Act (IRCA) began requiring employers to complete I-9 forms when hiring to verify a new employee’s identity and authorization to work in the United States. Given the recent focus on illegal immigration, there’s a good chance that immigration enforcement efforts at the employer level […]
Reverse mortgages have been around for years. But they’re getting a new spin: Some senior homeowners are tapping into their home equity to “bridge the gap” until the time they’re ready to apply for Social Security benefits. However, an independent consumer agency — the Consumer Financial Protection Bureau (CFPB) — is cautioning retirees against using this […]
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You work hard to provide for your family, pay for your child’s college tuition, and ensure your family lives a good life. Wouldn’t you want to make sure that still happens when you’re no longer there? A well-thought-out estate plan can help accomplish that goal. Estate planning seems like a huge undertaking, but it’s quite […]
Which is the right Trust for you and your family? One of the key goals of estate and Trust planning is to avoid federal estate taxes. Careful estate planning can eliminate a significant estate tax burden for surviving spouses and their beneficiaries. Any of the Trusts below can be useful tools in preserving an estate’s […]
Is My A/B Trust Obsolete? A revocable living trust is a valuable tool to protect and preserve your assets both for you, your children and future generations. A living trust can help you avoid the unnecessary costs and delays associated with Probate and can help you minimize or avoid estate and inheritance taxes. Like any […]
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Protecting Your Goals and Your Loved Ones Naming beneficiaries of an insurance policy seems likes an easy thing to do. If a person is married, the spouse is the beneficiary. The children are often named the contingent beneficiaries. If a person is not married but has children, the children are often named as first beneficiaries. […]
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