Trusts are an increasingly popular estate planning tool, as they provide many benefits. Trusts permit property owners (the “Settlor”) to transfer assets out of their individual name, to a trust, where the assets can be handled, managed, and ultimately passed to successor beneficiaries. Here are some of the most common reasons for creating a trust:
People are more than just the sum of their assets! During life, each of us leaves a mark on the world. Who we are and how we conduct ourselves impacts our friends, families, associates, and perhaps even strangers whom we’ve only encountered briefly. These intangibles, (i.e. our memories, values, visions, personality, skills, beliefs, jokes, traditions,
President Biden has proposed some drastic tax law changes. These changes include altering the step-up in basis tax break, capping gains that can be deferred, as well as potentially lowering the estate tax exemption. PROPOSED CHANGES TO STEP-UP IN BASIS AND INCREASED CAPITAL GAINS TAXES The American Families Plan as proposed by President Biden
There is a life that needs to be closed out after someone dies, which is often a process that takes time and hard work. After the appropriate medical professional issues the legal pronouncement of death, and after loved ones arrange the funeral and burial or cremation, the funeral home often helps you obtain one or
*** We initially communicated information about the Paycheck Protection Program to our clients here and subsequently provided an update about ongoing clarifications from the Treasury here. We will continue to provide periodic updates, but we strongly urge that affected businesses seek guidance from their tax advisors. *** The federal government initiated the Paycheck Protection Program
When working on a client’s estate plan, it is not unusual for a client to ask about identity theft. Sometimes the question is about if and how they can prevent it, and occasionally the question is what to do if it happens. As our clients age, we often have conversations with their adult children about
Roger Rabbit:“Yeah. Check the probate. Why, my Uncle Thumper had a problem with HIS probate, and he had to take these big pills, and drink lots of water.” Eddie Valiant:“Not prostate, you idiot. PROBATE.” Roger Rabbit is not the only one confused about what probate is. While most people today probably have a basic understanding
Since March 2020, the U.S. Government has spent more than $3 trillion dollars in Coronavirus relief. The government had previously been running at annual budget deficits of close to $1 trillion dollars per year. And the nation faces an election in November with a possible change in administrations. So, what tax changes may be likely?
Are you interested in estate planning in order to ensure the safety and security of your beneficiaries in the event of your death? Or maybe you own a business or have other unique situations and aren’t sure that a standard Will is enough to protect your assets? If you’ve never dealt with estate planning before,
As previously discussed here, the Paycheck Protection Program (PPP) was initiated by the federal government last month to assist small businesses impacted by the COVID-19 shutdown. To date, approximately 4,000,000 companies have secured a combined total of close to $500,000,000,000 in loans, an average of around $125,000 per borrower. While the PPP was intended for
Trusts are an increasingly popular estate planning tool, as they provide many benefits. Trusts permit property owners (the “Settlor”) to transfer assets out of their individual name, to a trust, where the assets can be handled, managed, and ultimately passed to successor beneficiaries. Here are some of the most common reasons for creating a trust:
People are more than just the sum of their assets! During life, each of us leaves a mark on the world. Who we are and how we conduct ourselves impacts our friends, families, associates, and perhaps even strangers whom we’ve only encountered briefly. These intangibles, (i.e. our memories, values, visions, personality, skills, beliefs, jokes, traditions,
President Biden has proposed some drastic tax law changes. These changes include altering the step-up in basis tax break, capping gains that can be deferred, as well as potentially lowering the estate tax exemption. PROPOSED CHANGES TO STEP-UP IN BASIS AND INCREASED CAPITAL GAINS TAXES The American Families Plan as proposed by President Biden
There is a life that needs to be closed out after someone dies, which is often a process that takes time and hard work. After the appropriate medical professional issues the legal pronouncement of death, and after loved ones arrange the funeral and burial or cremation, the funeral home often helps you obtain one or
*** We initially communicated information about the Paycheck Protection Program to our clients here and subsequently provided an update about ongoing clarifications from the Treasury here. We will continue to provide periodic updates, but we strongly urge that affected businesses seek guidance from their tax advisors. *** The federal government initiated the Paycheck Protection Program
When working on a client’s estate plan, it is not unusual for a client to ask about identity theft. Sometimes the question is about if and how they can prevent it, and occasionally the question is what to do if it happens. As our clients age, we often have conversations with their adult children about
Roger Rabbit:“Yeah. Check the probate. Why, my Uncle Thumper had a problem with HIS probate, and he had to take these big pills, and drink lots of water.” Eddie Valiant:“Not prostate, you idiot. PROBATE.” Roger Rabbit is not the only one confused about what probate is. While most people today probably have a basic understanding
Since March 2020, the U.S. Government has spent more than $3 trillion dollars in Coronavirus relief. The government had previously been running at annual budget deficits of close to $1 trillion dollars per year. And the nation faces an election in November with a possible change in administrations. So, what tax changes may be likely?
Are you interested in estate planning in order to ensure the safety and security of your beneficiaries in the event of your death? Or maybe you own a business or have other unique situations and aren’t sure that a standard Will is enough to protect your assets? If you’ve never dealt with estate planning before,
As previously discussed here, the Paycheck Protection Program (PPP) was initiated by the federal government last month to assist small businesses impacted by the COVID-19 shutdown. To date, approximately 4,000,000 companies have secured a combined total of close to $500,000,000,000 in loans, an average of around $125,000 per borrower. While the PPP was intended for
