In The Legal’s Wealth Management/Trusts & Estates supplement, read about tax-efficient gifts for children and grandchildren, opportunities created by the Tax Cuts and Jobs Act, and how to fix broken trusts.
One of the most commonly asked questions we receive as estate and financial planners is how to make tax-efficient gifts to children, grandchildren and other family members for education purposes.
Parties going through a divorce often have many decisions they need to make. Often those decisions will affect their financial future.
The wide-ranging changes to U.S. tax law contained in the Tax Cuts and Jobs Act of 2017 (P.L. 115- 97, the act) have created opportunities for clients whose net worth is expected to remain below the federal estate and gift tax exemption amounts.
The largest tax reform in over three decades has now been signed into law. The Tax Cuts and Jobs Act (act) became law on Dec. 22, 2017, and will have wide-ranging implications for many industries.
Trusts can “go bad” for many reasons. Some may be unsuitable from the outset, perhaps being the product of a trust-mill or a generic form downloaded from the internet, with terms the settlor neither understood nor desired.
Recent changes to the federal estate tax system have turned traditional estate planning on its head. Now under the new Tax Cuts and Jobs Act, most traditional estate plans for a married couple are likely to increase taxes at death, instead of saving taxes.
Even happily married couples often neglect to estate plan. It may seem overwhelming, perhaps time-consuming, and it certainly isn’t as appealing as planning a vacation or a retirement party or any of the myriad of more attractive items on their lists.