Blog Category - Trust Administration Page 2

Name: Strauss Attorneys PLLC
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Apr

Estate Plan Lessons from DeMuth v. Commissioner

Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, only estates worth $12. 92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable e...

Apr

The Life and Legacy of Jimmy Buffett

Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to Earth, in 1970...

Apr

What Happens to My Leased Car If I Die Before the Lease Term Ends?

After a house, a car is often the second-most valuable piece of property a person owns. About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the lessee (the person who l...

Apr

Managing Accounts and Services After a Loved One’s Passing

Losing a loved one is never easy, and along with the emotional strain, there are practical tasks to address, like handling their accounts and services. This guide will help you understand what to do with various accounts and subscriptions. Identifying the Accounts First, you nee...

Apr

Should the Trustee of My Trust Be Different during My Incapacity Than at My Death?

When you create a trust, choosing a trustee is one of the most important decisions you will make. If you create a revocable living trust—that is, a trust that you establish during your lifetime and can revoke or amend—you may opt to act as trustee for your trust, retaining the f...

Apr

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...

Apr

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...

Apr

For Deceased Individuals, the IRS Wants its Stimulus Payments Back

I was meeting with a client recently who wanted her Will and other documents signed. Her father had passed away a few months ago and during the signing, she told me that she had just received a check from the IRS for $1200 made payable to her father. She asked me what she should...

Apr

Inherited IRAs Face a Paradigm Shift in 2020 and Beyond.

The new SECURE Act changes estate planning regarding inherited retirement accounts starting in 2020. SECURE is in an acronym that stands for “Setting Every Community Up for Retirement Enhancement. ” The new SECURE act was signed into law on December 20, 2019, and is now in effect...

Apr

What does it mean when the assets of someone who has died goes through probate?

Below is a simplified version of the first 90 days of the probate process…. In North Carolina, the Clerk of Superior Court (the “Clerk of Court”) is the basically the Probate Judge and is responsible for overseeing most all estate matters. Appointment: If a resident of North Caro...

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