Tag: Gift Tax

Your Estate Planning Checklist for 2021

Written by Kevin Quinn on January 29, 2021. Posted in Estate Planning, Trusts.

“Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that...

Annuity Payments, Beneficiary, Disclaimer Mechanism, Estate Planning Attorney, Generation Skipping Transfer Tax, Gift Tax, Grantor Retained Annuity Trust, GRAT, GST Exemption, SLATS, Spousal Lifetime Access Trusts, Trust, Trustee

How Does an Intentionally Defective Grantor Trust Work?

Written by Kevin Quinn on July 8, 2020. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, Giving, Inheritance, LCPC, LGBT, Miscellaneous, Tax Planning, Trusts, Wills.

“This type of trust can be established to benefit your spouse, children, grandchildren and other descendants....

Estate Planning Attorney, Generation-Skipping Tax Exemptions, Gift Tax, IDGT, Intentionally Defective Grantor Trust, Irrevocable, Revocable

How a Charitable Remainder Trust Works

Written by Kevin Quinn on June 29, 2020. Posted in Asset Protection, Beneficiary Designations, Charitable Giving, Current Affairs, Estate Planning, Giving, IRA, IRA Planning, LCPC, LGBT, Miscellaneous, Retirement Planning, Secure Act, Tax Planning, Trusts, Wills.

“The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really...

Beneficiary, Charitable Remainder Trust, CRT, Estate Planning Attorney, Federal Estate Tax, Gift Tax, IRA , Qualified Retirement Account, Spousal Exemption, Withdrawals

Understanding GRAT’s in Estate Planning

Written by Kevin Quinn on June 9, 2020. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, Giving, Inheritance, IRA Planning, LCPC, LGBT, Retirement Planning, Tax Planning, Trusts, Wills.

“Simultaneously, T&E practitioners are well aware of the primary risk posed by a GRAT; namely, the mortality of...

Annuities, Estate Planning Attorney, Estate Tax, Gift Tax, Grantor Retained Annuity Trust, GRAT, Taxable Estate

How an Experienced Estate Planning Attorney Helps People

Written by Legacy Counsellors P.C. on January 15, 2020. Posted in Asset Protection, Current Affairs, Estate Planning, IRA Planning, LCPC, Miscellaneous, Power of Attorney, Retirement Planning, Special Needs Planning, Tax Planning, Trusts, Wills.

Estate planning attorneys work with couples and individuals in case one or both of them become incapacitated,...

Estate Planning Lawyer, Estate Tax, Financial Planning, Gift Tax, Guardianship, Power of Attorney, Tax Planning, Unified Federal Estate & Gift Tax Exemption, Wills

Can Inheritance Taxes For A Step-Grandchild be Avoided?

Written by Legacy Counsellors P.C. on January 9, 2020. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, Inheritance, LCPC, Miscellaneous, Tax Planning, Trusts, Wills.

Inheritance taxes are another good reason to have a comprehensive estate plan . A strategic plan, created with the...

Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance Tax, Life Insurance, Step-Grandchild, Stepchild, Tax Planning, Unified Federal Estate & Gift Tax Exemption

Will the New Tax Levels Really End in 2025?

Written by Legacy Counsellors P.C. on December 17, 2019. Posted in Charitable Giving, Current Affairs, Estate Planning, Giving, LCPC, Miscellaneous, Tax Planning, Trusts, Wills.

The IRS has said that even if taxpayers don’t die until after the tax overhaul expires in 2026, they may still...

Estate Planning Lawyer, Estate Tax, Gift Tax, Probate Attorney, Tax Planning, Unified Federal Estate and Gift Tax Exemption

SECURE Act or RESA Act Will End the Stretch IRA

Written by Legacy Counsellors P.C. on November 14, 2019. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, Inheritance, IRA, IRA Planning, LCPC, Life Insurance, Miscellaneous, Retirement Planning, Tax Planning, Trusts, Wills.

Both of these acts include removing the ability of non-spousal heirs to stretch the tax-deferred condition of an...

401(k), Asset Protection, Estate Tax, Financial Planning, Gift Tax, Inheritance, IRA , Irrevocable Trust, Legislation, Life Insurance, Required Minimum Distribution (RMD), Roth Conversion, Tax Planning

When is a Sale to a Family Member a Gift?

Written by Legacy Counsellors P.C. on October 18, 2019. Posted in Current Affairs, Estate Planning, Inheritance, Miscellaneous, Tax Planning, Trusts, Wills.

If a parent sells a home to a child for far less than the bank-appraised value of the property, are there tax...

Estate Planning, Estate Tax, Financial Planning, Gift Tax, Probate Attorney, Tax Planning

What Can an Irrevocable Life Insurance Trust Do in an Estate Plan?

Written by Legacy Counsellors P.C. on August 15, 2019. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, Inheritance, Life Insurance, Miscellaneous, Retirement Planning, Tax Planning, Trusts, Wills.

Families with young beneficiaries or significant assets might want to consider the use of an Irrevocable Life...

Asset Protection, Beneficiary Designations, Estate Planning Lawyer, Estate Tax, Financial Planning, Gift Tax, Inheritance, Irrevocable Life Insurance Trust (ILIT), Life Insurance, Tax Planning, Trustee

When Was the Last Time You Reviewed Your Will?

Written by Legacy Counsellors P.C. on July 12, 2019. Posted in Asset Protection, Charitable Giving, Current Affairs, Estate Planning, Miscellaneous, Tax Planning, Trusts, Wills.

If you don’t remember the last time you reviewed your will, checked your beneficiaries on insurance policies or...

Estate Planning Lawyer, Estate Tax, Financial Planning, Gift Tax, Legislation, Tax Planning, Unified Federal Estate & Gift Tax Exemption

Small Business Plans to Prepare for the Unexpected

Written by Legacy Counsellors P.C. on July 5, 2019. Posted in Asset Protection, Business Succession Planning, Current Affairs, Estate Planning, Miscellaneous, Retirement Planning, Tax Planning, Trusts.

When you are the center of a small business, it’s not hard to lose sight of the big picture. Running the day-to-day...

Asset Protection, Business Succession Planning, Capacity, Estate Planning Lawyer, Gift Tax, Retirement Planning, Trusts

Any Taxes on Gift From Billionaire to Graduating Morehouse College Students?

Written by Legacy Counsellors P.C. on June 12, 2019. Posted in Charitable Giving, Current Affairs, Estate Planning, Giving, Miscellaneous, Tax Planning.

In an amazing gesture of generosity, Robert F. Smith announced that he will pay off the student loans for the 2019...

Charitable Donation, Financial Planning, Gift Tax, Student Loan, Tax Planning

What Role Does Charitable Giving Play in an Estate Plan?

Written by Legacy Counsellors P.C. on March 15, 2019. Posted in Asset Protection, Beneficiary Designations, Charitable Giving, Estate Planning, Giving, Miscellaneous, Retirement Planning, Tax Planning, Trusts, Wills.

We are a nation of volunteers and donors. Some give their time and expertise to charities, while others feel a...

401(k), Asset Protection, Charitable Donation, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, IRA , Split Interest Trust, Trustee, Wills

Are My Retirement Accounts Part of My Estate Plan?

Written by Legacy Counsellors P.C. on January 2, 2019. Posted in Estate Planning, Retirement Planning.

There’s more to your estate plan than distributing tangible assets, like your home or stamp and coin collection. For...

401(k), Asset Protection, Beneficiary Designations, Estate Planning Lawyer, Estate Tax, Financial Planning, Gift Tax, Inheritance, Intestacy, Pension, Probate Attorney, Probate Court, Required Minimum Distributions (RMDs), Rollover IRA, Stretch IRA, Tax Planning, Trusts, Wills

What Taxes Are Paid on Big Gifts?

Written by Legacy Counsellors P.C. on December 24, 2018. Posted in Giving, Tax Planning.

So your parents are all about generosity, and gave you an extra big gift this year. Don’t worry about the taxes....

Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Trusts

2019 Brings Higher Estate and Gift Tax Limits

Written by Legacy Counsellors P.C. on December 12, 2018. Posted in Estate Planning, Tax Planning.

The official estate and gift tax limits for 2019 were announced by the IRS. The news for high-net worth families is...

Estate Planning, Estate Tax, Gift Tax, Inheritance, Portability

Will a Joint Bank Account with My Child Solve a Problem or Create One?

Written by Legacy Counsellors P.C. on December 10, 2018. Posted in Estate Planning, Inheritance.

It seems like a simple answer: putting a child’s name on bank accounts, so they can access money, if needed, in an...

401(k), Beneficiary Designations, Capacity, Estate Planning Attorney, Financial Planning, Gift Tax, Intestacy, IRA , Joint with Rights of Survivorship” (JWROS), Life Insurance, Pension, Power of Attorney, Probate Attorney, Probate Court, Tax Planning, TOD (Transfer on Death), Wills

Dividing Heirlooms Among Family Members

Written by Legacy Counsellors P.C. on November 27, 2018. Posted in Estate Planning.

When it comes to distributing your assets, investment accounts are easily divided. However, tangible...

Capital Gains Tax, Estate Planning Lawyer, Estate Tax, Family Partnership, Gift Tax, Inheritance, Intestacy, Limited Liability Company (LLC, Probate Attorney, Tax Planning, Trusts, Wills

What You Need to Know About Living Trusts

Written by Legacy Counsellors P.C. on November 1, 2018. Posted in Estate Planning.

There are benefits to using a Living Trust as part of your estate plan, but they are not the right tool for every...

Asset Protection Trust, Charitable Trust, Estate Planning Lawyer, Estate Tax, Executor, Gift Tax, Inheritance, Irrevocable Trust, Personal Representative, Probate Court, Revocable Trusts, Tax Planning, Trustee, Wills

Planning for a Successful Business Transition

Written by Legacy Counsellors P.C. on October 4, 2018. Posted in Business Succession Planning, Estate Planning.

Start by making a list of pros and cons. Will you sell to a family member? Sell to a key employee? Or just close the...

Asset Protection, Basis, Buy-Sell Agreement, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Intestacy, Probate Attorney, Tax Planning, Trusts, Wills

Strategies for 529 and ABLE Plans Need Review Under New Tax Law

Written by Legacy Counsellors P.C. on June 14, 2018. Posted in 529 Education Savings Plan.

If your family has 529 or ABLE accounts, these changes may impact how they work within your larger financial...

401(k), 403(b), 457(b), 529 Education Savings Plan, ABLE Accounts, Disability, Estate Planning, Gift Tax

Why You Need to Review Your Estate Plan This Year

Written by Legacy Counsellors P.C. on April 16, 2018. Posted in Estate Planning, Tax Planning.

Even if the Trump tax law had not passed, other factors make it wise for estate plans to be reviewed this year....

Advance Directive, Asset Protection, Disability, Estate Planning Lawyer, Estate Tax, Executor, Gift Tax, Guardianship, Inheritance, Inter Vivos Trust, Intestacy, Letter of Last Instruction, Lifetime Exemption, Living Will, Personal Representative, Power of Attorney, Probate Court, Special Needs Trust, Tax Planning, Testamentary Trust, Trusts, Wills

There’s a Little Surprise in the New Tax Law: A Gift Tax Trap

Written by Legacy Counsellors P.C. on March 8, 2018. Posted in Tax Planning.

With the increases in the estate tax exclusion, far fewer Americans will need to pay the federal estate tax. ...

Estate Planning Lawyer, Estate Tax, Generation-Skipping Transfer (GST) Tax, Gift Tax, GST Exemption, Step-up Basis

Know the Rules about Inherited Roth IRAs to Avoid Costly Mistakes

Written by Legacy Counsellors P.C. on March 7, 2018. Posted in IRA.

The rules about distributions of Roth IRAs are different, depending on whether the beneficiary is a spouse, a child...

Asset Protection, Estate Planning, Estate Tax, Generation-Skipping Transfer (GST) Tax, Gift Tax, GST Exemption, Inheritance, Inherited IRA, Probate Court, Required Minimum Distributions (RMDs)

How Will the New Tax Law Impact Your Estate Plan?

Written by Legacy Counsellors P.C. on February 13, 2018. Posted in Estate Planning, Tax Planning.

Several estate planning oriented tax exemptions have increased, but there are numerous other changes that require a...

Asset Protection, Estate Planning Lawyer, Estate Tax, Generation-Skipping Transfer (GST) Tax, Gift Tax, GST Exemption, Inheritance, Tax Planning, Trusts

Retirement Finances for Those Who Have No Intention of Retiring

Written by Legacy Counsellors P.C. on December 22, 2017. Posted in Retirement Planning.

If you love your work and don’t want to give it up, your retirement plan is different than the person who is...

401(k), Estate Planning, Estate Tax, Gift Tax, Required Minimum Distribution (RMD), Retirement Planning, Roth IRA, Social Security

Estate and Gift Tax Limits Increase for 2018, Says the IRS

Written by Legacy Counsellors P.C. on November 29, 2017. Posted in Giving, Tax Planning.

Inflation is the primary reason for increases in the 2018 estate and gift tax exemptions. After months of...

Asset Protection, Dynasty Trust, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Portability, Probate Court, Tax Planning

Overly Generous in 2017? Here’s What You Need to Know About Gift Taxes

Written by Legacy Counsellors P.C. on November 21, 2017. Posted in Giving.

There are a few basics you’ll want to know about gift taxes, especially if a gift inadvertently exceeded the annual...

Estate Planning Lawyer, Estate Tax, Gift Tax, Medicaid, Tax Planning

Wealthy Americans are most likely to be Over 80 Years Old

Written by Legacy Counsellors P.C. on October 6, 2017. Posted in Current Affairs.

People in their 50s can buy as big a house and as fancy a car as they want, but when it comes to real wealth, that’s...

Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Tax Planning, Trusts and Estates

Can You Use a Trust to Fund Higher Education?

Written by Legacy Counsellors P.C. on October 5, 2017. Posted in 529 Education Savings Plan, Estate Planning.

This approach isn’t for everyone, but if your assets are large enough that you may be facing estate tax issues, a...

529 Education Savings Plan, Estate Planning Lawyer, Estate Tax, Gift Tax, Irrevocable Trust

Is a Trust Right for Your Estate Plan, and What Kind of Trust is Best?

Written by Legacy Counsellors P.C. on September 4, 2017. Posted in Estate Planning, Trusts.

Wealthy people are not the only ones who use trusts in their estate planning. They also serve many different...

Asset Protection Trust, Bypass Trust, Charitable Giving, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Medicaid, Probate Court, Special Needs Trust, Tax Planning, Totten Trust

A Smart Retirement Plan Includes Life and Disability Insurance

Written by Legacy Counsellors P.C. on August 28, 2017. Posted in Life Insurance.

“Will your beneficiaries receive death benefits free of the federal estate tax?” Your long-term personal financial...

Asset Protection, Beneficiary Designations, Disability Insurance, Estate Planning Lawyer, Estate Tax, Gift Tax, Irrevocable Trust, Life Insurance

How to Make Gift Tax Part of Your Tax Planning

Written by Legacy Counsellors P.C. on August 2, 2017. Posted in Tax Planning.

Did you know that the donor is responsible for paying any gift taxes, not the recipient? When you think of tax...

Charitable Giving, Estate Planning, Estate Tax, Gift Tax, Tax Planning, Unified Lifetime Exemption

Why Wills and Estate Planning are Not Do-It-Yourself Projects

Written by Legacy Counsellors P.C. on July 31, 2017. Posted in Estate Planning, Trusts, Wills.

Estate planning attorneys are often called upon to repair the damage, after homemade wills are found to be...

Asset Protection, DIY Wills, Estate Planning Lawyer, Estate Tax, Executor, Gift Tax, Inheritance, Probate Attorney, Probate Court, Trustee, Uniform Transfers to Minors Act (UTMA), Will Changes, Will Contest

Changing the Value of an Estate before Death

Written by Legacy Counsellors P.C. on July 17, 2017. Posted in Tax Planning.

Certain situations present opportunities to lower the value of an estate before death, thereby decreasing tax...

Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Guardianship, Healthcare Directive, Inheritance, Living Will, Power of Attorney, Probate Court, Tax Planning

Tax Deferred Accounts Are Great, Until They Aren’t!

Written by Legacy Counsellors P.C. on June 20, 2017. Posted in Retirement Planning.

Here’s an example of how the best made plans can be undermined. Your 401(k), 403(b) or IRA accounts are robust and...

401(k), Asset Protection, Estate Planning, Estate Tax, Gift Tax, Inheritance, IRA , Medicaid, Medicare, Required Minimum Distribution (RMD), Tax Planning

Can You Pass Your Home Down Without Going Through Probate?

Written by Legacy Counsellors P.C. on June 12, 2017. Posted in Estate Planning.

Using a life estate can help you pass down your home to heirs without going through probate, which is costly and...

Asset Protection, Estate Planning Attorney, Gift Tax, Inheritance, Life Estate, Medicaid, Tax Planning, Trusts, Wills

Great Grades and Great Planning Equally Needed for a College Education

Written by Legacy Counsellors P.C. on May 26, 2017. Posted in 529 Education Savings Plan, Current Affairs, Giving.

The cost of higher education is growing so rapidly, that students and families are finding it a huge financial...

529 Education Savings Plan, Asset Protection, Estate Planning Lawyer, Gift Tax, Higher Education, Tax Planning

How Charitable Giving Works for Estate Plans Today

Written by Legacy Counsellors P.C. on May 12, 2017. Posted in Charitable Giving.

Philanthropically-minded families have long made charitable giving part of their estate plan. While the tax benefits...

Asset Protection, Charitable Giving, Charitable Lead Trust, Charitable Remainder Trust, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Probate Court

How Boomers Can Lighten Their Tax Load While Helping with Preschool Costs

Written by Legacy Counsellors P.C. on April 27, 2017. Posted in Giving.

Private preschools can be almost as expensive as state colleges. The cost of private colleges, by the time today’s...

529 Education Savings Plan, Estate Planning Lawyer, Estate Tax, Family Loan, Gift Tax, Tax Planning

Gifting with Warm Hands While Trimming Estate Tax Costs

Written by Legacy Counsellors P.C. on April 4, 2017. Posted in Asset Protection, Charitable Giving, Giving.

There are many ways to reduce estate taxes for those rarefied few who would otherwise have to pay them, a number of...

529 Education Savings Plan, Asset Protection, Charitable Giving. Unified Tax Credit, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Qualified Personal Residence Trust (QPRT), Tax Planning

It is Best Not to Wait to see How Tax Laws Will Change

Written by Legacy Counsellors P.C. on March 30, 2017. Posted in Tax Planning.

There may be some advantages to making changes in tax planning now, before the changes are made. There’s no way to...

Asset Protection, Domestic Asset Protection Trust (DAPT), Estate Planning, Estate Tax, Gift Tax, Grantor Trusts, Hybrid DAPT, Tax Planning

Trusts and Tigers are Good Together

Written by Legacy Counsellors P.C. on March 14, 2017. Posted in Asset Protection.

Savvy, sophisticated trusts have protected the Detroit Tigers and their family owners. While members of the Ilitch...

Asset Protection, Estate Planning, Estate Planning Lawyer, Estate Tax, Gift Tax, Guardianship, Inheritance, Probate Court, Tax Planning, Trusts, Trusts and Estates, Wills

What’s the Easiest Estate Planning Mistake to Make?

Written by Legacy Counsellors P.C. on March 2, 2017. Posted in Beneficiary Designations.

Maybe this happens so often because it’s so simple. Take the time to review your beneficiary designation, unless you...

401(k), Asset Protection, Beneficiary Designations, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, IRA , Life Insurance, Look-Through Trust, Tax Planning, Will

Estate Planning Basics to Address in 2017

Written by Legacy Counsellors P.C. on March 1, 2017. Posted in Estate Planning.

If you spent the holidays catching up with friends and family, you saw how many lives changed over the course of the...

401(k), Asset Protection, Beneficiary Designations, Estate Planning Lawyer, Estate Tax, Gift Tax, IRA , Joint Tenancy with Right of Survivorship (JTWROS), Life Insurance, Payable on Death (POD), Power of Attorney, Succession Planning, Tax Planning, Wills

Trump’s Tax Plan and Your Budget

Written by Legacy Counsellors P.C. on February 17, 2017. Posted in Tax Planning.

Get ready for what may be the biggest changes to the tax code since the Reagan era. For starters, President...

Asset Protection, Estate Tax, Gift Tax, Tax Planning

What Kind of Trust is Right for Your Estate Plan?

Written by Legacy Counsellors P.C. on February 13, 2017. Posted in Estate Planning.

We trust that these legal entities will provide us with the protection and facility to perform on our behalf, if and...

Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Trusts

Trump Presidency Raises Concerns for Vulnerable Americans

Written by Legacy Counsellors P.C. on January 31, 2017. Posted in Uncategorized.

A lot of things said on the campaign trail have the elderly, disabled and special needs families worried about what...

Asset Protection, Disability, Elder Care, Estate Planning, Estate Tax, Gift Tax, Medicaid, Special Needs Trust, Trusts and Estates, VA Benefits

How Savvy Grandparents Can Help with Grandchildren’s College Expenses

Written by Legacy Counsellors P.C. on January 23, 2017. Posted in 529 Education Savings Plan.

Before you act on your generosity, learn about how to help without putting your grandchildren’s financial aid at...

529 Education Savings Plan, Asset Protection, Gift Tax, Inheritance, Lifetime Exclusion, Tax Planning

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Tag: Gift Tax

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