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Mar
When States Compete for Trust Business, Clients Win!
by Andy Strauss Community 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...
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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...
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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...
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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...
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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 ...
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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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06
Mar
Did You Know the State Has Already Given You an Estate Plan?
There are many misconceptions about what would happen with your assets if you died without a will. Some married couples think their spouse would get all their assets. Some think their spouse would only get something called an “elective share”, which is an amount that changes dep...
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06
Mar
Did You Know That the State Wrote a Prenuptial Agreement for You Before You Got Married?
With a well-drafted marital agreement, more assets might be protected from being spent down on nursing home care for the surviving spouse. Also, concerns about children from a previous marriage being disinherited, or other family inheritance concerns might be addressed. Both par...
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06
Mar
May You Live In Interesting Times
2020 Year-End Newsletter Brad Henry You might be aware that the above adage is thought to be a Chinese curse referring to times full of instability and uncertainty, and not as a type of blessing. Regardless of its origin, and regardless of whether it is a curse or a blessing, we ...
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06
Mar
Preparing for Falling Federal Estate Tax Exemptions
At the end of the year, please watch this space for our 2021 outlook letter, which will report on adjustments and changes in federal estate tax exemptions, among other estate and tax planning strategies. However, as a lead up to that, we would be remiss in not addressing and prep...
View MoreCategories: Estate Planning Trust Administration Trusts
06
Mar
A Coda to the Trilogy: The Role of the Living Will
In the last two posts, we looked at the Durable Power of Attorney and the Health Care Power of Attorney. In this last of the trilogy, we will look at the Living Will. Together, these three documents are often referred to as the client’s “ancillary documents,” in the sense that th...
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