Effective January 1, 2018, the Tax Cuts and Jobs Act (“TCJA”) made temporary changes to the Estate, Gift and Generation Skipping Transfer Taxes (collectively, “Transfer Taxes”) which could dramatically affect how our clients plan for the future and the outcomes of their estate plans. Exemptions and Planning. Prior to enactment of the TCJA, the first
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. In our last article, we provided you with an update on the Federal Gift and Estate Tax. While most will not pay a Federal Gift and Estate Tax, nearly everyone pays income tax. To that end, we have prepared a list
The onset of the Information/Digital Age has created new types of planning not anticipated by the typical mold of traditional estate planning. We have: first frequent flyer miles, credit card rewards accounts, e-mail and digital music, health insurance rewards accounts linked to GPS enabled fitness devices (i.e. Fitbit and Garmin), social media accounts (i.e. Facebook,
Trust and estate advisors often receive the desperate call from a family member or close friend of a loved one who has just been diagnosed as terminally ill. The news is often sudden and unforeseen, leaving the family and loved one emotionally unprepared and disoriented. The advisor is informed that estate planning documents were drafted
In June, the United States Supreme Court in United States v. Windsor struck down the 1996 Defense of Marriage Act. In Windsor, the Court decided that same sex married couples would be entitled to all deductions available under the federal estate tax regime. Since same sex marriage is still only permitted in a handful of
Most everyone is familiar with the fact that the voters of the State of Arizona passed a new minimum wage law in last fall’s election as part of Prop 206. What most folks are not aware of is that as part of that proposition, all employers in the State of Arizona are obligated to provide
A common scenario in estate planning occurs when a Husband and Wife set up a joint living trust. To illustrate, assume the Husband and Wife have $4 million in combined assets, all held in the joint trust. Under the terms of the trust, upon the first spouse’s death, one-half of the property (or $2 million)
We seldom view ourselves as mortal so we do not fully plan for the unexpected. We do not consider the chaos that may be left behind in the wake of our own death. For individuals who find themselves unmarried and/or without children, this tendency not to plan is oftentimes exacerbated. Three recent news stories provide
The statistics are staggering. According to the United States Substance Abuse Services Administration, there are approximately 21.5 million Americans over the age of 12 who have an addiction to alcohol, illicit drugs, or both. 100 people die every day from drug overdoses, a number which has tripled in the past 20 years. Overdoses caused by
We are often asked by our clients whether or not it makes sense for them to make contributions to 529 plans for their children and grandchildren. We have always been a big proponent of 529 plans. However, as part of such discussions, clients also ask which states have the best 529 plan managers. Morningstar, the
Effective January 1, 2018, the Tax Cuts and Jobs Act (“TCJA”) made temporary changes to the Estate, Gift and Generation Skipping Transfer Taxes (collectively, “Transfer Taxes”) which could dramatically affect how our clients plan for the future and the outcomes of their estate plans. Exemptions and Planning. Prior to enactment of the TCJA, the first
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. In our last article, we provided you with an update on the Federal Gift and Estate Tax. While most will not pay a Federal Gift and Estate Tax, nearly everyone pays income tax. To that end, we have prepared a list
The onset of the Information/Digital Age has created new types of planning not anticipated by the typical mold of traditional estate planning. We have: first frequent flyer miles, credit card rewards accounts, e-mail and digital music, health insurance rewards accounts linked to GPS enabled fitness devices (i.e. Fitbit and Garmin), social media accounts (i.e. Facebook,
Trust and estate advisors often receive the desperate call from a family member or close friend of a loved one who has just been diagnosed as terminally ill. The news is often sudden and unforeseen, leaving the family and loved one emotionally unprepared and disoriented. The advisor is informed that estate planning documents were drafted
In June, the United States Supreme Court in United States v. Windsor struck down the 1996 Defense of Marriage Act. In Windsor, the Court decided that same sex married couples would be entitled to all deductions available under the federal estate tax regime. Since same sex marriage is still only permitted in a handful of
Most everyone is familiar with the fact that the voters of the State of Arizona passed a new minimum wage law in last fall’s election as part of Prop 206. What most folks are not aware of is that as part of that proposition, all employers in the State of Arizona are obligated to provide
A common scenario in estate planning occurs when a Husband and Wife set up a joint living trust. To illustrate, assume the Husband and Wife have $4 million in combined assets, all held in the joint trust. Under the terms of the trust, upon the first spouse’s death, one-half of the property (or $2 million)
We seldom view ourselves as mortal so we do not fully plan for the unexpected. We do not consider the chaos that may be left behind in the wake of our own death. For individuals who find themselves unmarried and/or without children, this tendency not to plan is oftentimes exacerbated. Three recent news stories provide
The statistics are staggering. According to the United States Substance Abuse Services Administration, there are approximately 21.5 million Americans over the age of 12 who have an addiction to alcohol, illicit drugs, or both. 100 people die every day from drug overdoses, a number which has tripled in the past 20 years. Overdoses caused by
We are often asked by our clients whether or not it makes sense for them to make contributions to 529 plans for their children and grandchildren. We have always been a big proponent of 529 plans. However, as part of such discussions, clients also ask which states have the best 529 plan managers. Morningstar, the
