States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it. State Income Taxation … [Read more...] about State Income Taxation
What Can an Estate Plan Do for You?
If you have yet to create an estate plan, you are hardly alone. Over half of all Americans do not have even a simple plan in place, despite acknowledging the need for one. Like many of those people, you may have put off creating your estate plan because you are not aware of all the benefits an estate plan offers. A better understanding of exactly what an estate plan can do for you may encourage you to finally get started on your plan, Estate Planning Components Estate planning is a highly … [Read more...] about What Can an Estate Plan Do for You?
Is a Family Wealth Trust Only for the Rich?
A trust is among the most popular additions to a well thought out and comprehensive estate plan. If you are contemplating the addition of a trust to your plan, you will need to decide which type of trust best suits your needs. You may have heard of a Family Wealth Trust and thought that’s not the right trust for your plan because you are not wealthy. If so, think again because a Family Wealth Trust is not just for the wealthy. In fact, it might be the perfect trust for your estate plan. Why … [Read more...] about Is a Family Wealth Trust Only for the Rich?
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important
6 Important Estate Planning Considerations – Part 4: Beneficiary Designations
Beneficiary designations can be a simple way to pass assets at death. While beneficiary designations avoid probate, they may introduce other problems. This article shows how a revocable trust can provide a more flexible way to achieve a client’s goals. 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations … [Read more...] about 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations
Rumors Spark Renewed Interest in Richard Pryor Estate Battle
When Richard Pryor passed away in 2005, the world lost one of its funniest – and most controversial – comedians. As is often the case when a large estate is involved, Pryor’s death triggered a family feud that was ignited again recently following comments made about Pryor by Quincy Jones. Whether you agree with the outcome of the litigation or not, the facts and circumstances that led to the litigation providing some valuable estate planning lessons for all of us. Quincy’s Comments The latest … [Read more...] about Rumors Spark Renewed Interest in Richard Pryor Estate Battle
Trusts for Privacy
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. Trusts for Privacy … [Read more...] about Trusts for Privacy
Planning to Avoid Too Much SALT
The new tax law brought a cap of $10,000 on federal deduction for state and local taxes. People are trying different ways to get around the cap. Some of the ways work and others could land you in hot water. Read the article to find out more. Planning to Avoid Too Much SALT … [Read more...] about Planning to Avoid Too Much SALT
