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Mar
Surviving Spouses Need To Be Aware Of Potential Changes To The Estate Tax
Clients who have lost their spouse within the past two years may want to speak to us if his or her estate is close to $6 million. Why? Because there are pending tax proposals before Congress that would reduce the current $11. 7 million exemption down to approximately $6 million on...
View MoreCategories: Estate Planning Taxation Trust Administration
06
Mar
Proposed New Tax Bill Impact on Life Insurance Trusts
One of the most common tools in the estate planner’s toolbox is an Irrevocable Life Insurance Trust, or ILIT for short. The ILIT is useful for clients who have a life insurance policy that, if included with their other assets, would be subject to the estate tax. Consider this exa...
View MoreCategory: Trusts
06
Mar
Strauss Attorneys Opens Raleigh Office with 3 Attorneys
Attorney Cory Howes is leading the Raleigh team: attorneys Samantha Reichle and Jessica Mantekas and paralegals Katherine Adams and Lenae Rastafar. Our Raleigh team is experienced with the full spectrum of estate planning, including basic wills to advanced estate tax and asset...
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Mar
When States Compete for Trust Business, Clients Win!
by Andy StraussCommunity property is the law in nine states (Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin) for property acquired by spouses during the marriage. While the laws differ somewhat between community property states, it ge...
View MoreCategories: Estate Planning Trusts
06
Mar
A $10 Million Tax Benefit for Small Business Investments
by Andy Strauss The Tax Cuts and Jobs Act of 2018 (“TCJA”) reduced corporate and personal income tax rates (top personal rate fell from 39. 6% to 37% and the top corporate rates are now a flat 21%), but also eliminated many deductions. Notable deductions that were elim...
View MoreCategories: Business Planning Taxation
06
Mar
Spousal Lifetime Access Trusts (SLATs): How Married Couples Can Have Their Cake And Eat It, Too.
The federal estate tax exemption has never been higher than it is today. It is currently set at $11. 70 million per person (married couples can have a combined exemption of $23. 40 million), which means that a person can gift that amount, either during their life or at their death...
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06
Mar
Interstate Moves in Estate Planning
IS YOUR ESTATE PLANNING STILL GOOD IF YOU MOVE TO A DIFFERENT STATE? Practicing estate planning law in Western North Carolina can be very busy. There has been a continuous influx of people moving to our beautiful area from all over the country, and indeed, the world. One questio...
View MoreCategories: Estate Planning Trusts
06
Mar
Tax Law Roulette
Speculating about tax law legislation is a lot like speculating about the weather. Even when you use the best instruments (barometers, hygrometers, radar, etc. ), the weather can throw you a surprise from left field. The same can also be said for predicting tax legislation. Logic...
View MoreCategory: Taxation
06
Mar
Trust Titling (funding) and Non-Qualified Annuities
Revocable Living Trusts (referred to also just as Living Trusts) are a common foundational estate plan technique. Not only can Revocable Living Trusts replace a Will (become a “Will substitute”) in distributing property after a person dies, but these trusts also provide planning...
View MoreCategories: Estate Planning Trusts
06
Mar
Your Car and Your Estate Plan Need Tune-Ups
Like your car, it is always a good idea to periodically review your estate plan to make sure it is functioning optimally. After arranging your accounts and property with an attorney, it is easy to assume that you have checked estate planning off of your list forever. The reality...
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