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As estate planning attorneys, one of our jobs is to advise clients on the handling of assets that pass outside of their living trusts. Individual Retirement Accounts, also known as “IRAs,” are a common retirement savings tool that many clients have in their portfolios. We often get questions about how these accounts pass to beneficiaries … IRA Rollovers, Transfers, and Cashouts . . . Oh My!

The current estate and gift tax exemption, also known as the unified credit, is the amount a person can transfer to a non-spouse U. S. citizen free of estate or gift tax. In 2024 the exemption will be $13.61 million, but it is scheduled to sunset in 2026 to approximately half that amount. Barring an … Now is the Time to Plan for 2026

Part III of our series on post-mortem trust administrations of trusts discussed the difference between receiving an inheritance “outright,” and receiving an inheritance “in trust.” Part IV of the series addresses what beneficiaries of inheritance trusts need to know in order to understand, manage, and protect their inheritance. While many implications stem from receipt of … Post-Mortem Administration Series, Part IV: What You Need to Know About Your Inheritance Trust

At the death of the surviving spouse Trustmaker (or at the death of a single Trustmaker), the trust enters its final phase of administration. At the conclusion of this administration, no assets should remain in the name of the Living Trust, Family Trust, QTIP, or in the name of a Trustmaker. So, where does the … Post-Mortem Administration Series, Part III: How Do Your Beneficiaries Receive Their Inheritance?

In Part I of this series, we discussed what happens to a joint living trust at the death of the first spouse. In this article, Part II of the series, we will take a look at what happens at the death of the survivor. This will depend on (1) whether there is a credit shelter … Post-Mortem Administration Series, Part II: What Happens to Your Trust When the Surviving Trustmaker Dies?

For married couples, what happens to your trust property at the death of the first spouse depends on the estate plan that you chose to implement. In this multi-part series, we will review the different administrative paths that property takes, based on the type of trust and the circumstances. In Part I, we explore what … Post Mortem Administration Series, Part I: With a Joint Trust, What Happens to Your Property when the First Spouse Dies?

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At the start of 2021, I did not antici-pate writing a year-end estate tax summary that ended the year the way it started with no substantial changes to the estate and gift tax. With the incoming Biden administration, there was a great deal of discussion related to a possible decrease in the estate tax exemption, … Generations Estate Tax Summary: The Year Ended the Way It Started

A change in the makeup of Congress is a good time to review your estate planning strategy. One consideration is whether gifting, sometimes referred to as “lifetime gifting,” would be an appropriate addition to that strategy. All United States citizens are permitted to make a gift of up to $15,000 in value per person, per … Gifting as an Estate Planning Tool

The estate tax has changed and will continue to evolve over time. The same goes for the estate planning tools available to clients. In 2010, Congress implemented an estate planning tool called a “portability election,” whereby a surviving spouse could use the deceased spouse’s unused estate tax exclusion. This allowed a couple that failed to … Implementing Portability Into Your Estate Planning