Your parents getting older and so are you – welcome to the sandwich generation! It’s not uncommon for adult children with children of their own to be supporting their aging parents and in-laws in the new millennium. If you’re in this position, keep in mind that the adult-dependent exemption has been removed by tax reform...
Have you taken state estate taxes into account? The Tax Cuts and Jobs Act has doubled the federal gift and estate tax exemption, with inflation-adjustments projected to raise it to $11.18 million for 2018.This means federal estate taxes are a concern for fewer families, at least in the short term. (The doubled exemption expires December 31, 2025.) But...
Life Insurance Is An Important Asset Which Should Be Managed! Based on a study by the National Association of Insurance Commissioners, over 60% of people who own life insurance are not sure what the policy provides, and 29% admitted that they needed more insurance! Today’s life insurance policies are complex financial instruments and should be...
Take care of a loved one who has special needs with an SNT Special needs trusts (SNTs), also called “supplemental needs trusts,” benefit children or other family members with a disability that requires extended-term care or that prevents them from being able to support themselves. This trust type can provide peace of mind that your...
Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect all trust formalities. Case in point Here’s an example of just how critical this can be: In U.S. v. Tingey, a...
