The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off individuals to transfer much more to their heirs tax free during life—or at death.
Due to recent tax law changes, your family may be able to avoid adverse federal estate tax consequences when you leave assets to your adult children.
If you’re putting together an estate plan, you have no doubt heard about the benefits of a living trust.
A charitable trust can be set up in different ways and have various tax impacts. Two common types are the charitable remainder trust and the charitable lead trust. There are also variations within these categories.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries and it can significantly reduce the headaches of probate.
Revocable Living Trusts have become a widely used estate planning document, providing a path to managing assets, avoiding probate and gaining privacy at the settlement of an estate.
This case should be required reading for any person who has an interest in an entity or a trust.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.