Choosing a Trustee: Navigating the Complexities and Key Considerations
Once Removed Episode 22: Building Flexibility into the Estate Plan
A Primer On Trusts - A Podcast with Janathan Allen
INTRODUCING MALTA SPLIT DOLLAR
What is an Irrevocable Trust?
What is an irrevocable trust? It is important to know when to use an irrevocable trust as part of your estate plan. What is the difference between an irrevocable trust and a revocable trust?...more
President Donald Trump’s massive tax-and-spending package requires attention from both individuals and estate planners to advance their estate and income tax planning objectives. Originally Published by Bloomberg Law. ...more
For restaurant owners, protecting business and personal assets from lawsuits, creditors, and financial risks is essential. One of the most effective legal strategies is using trusts to shield wealth and ensure long-term...more
In this episode of Legacy Lessons, Shawn R. McClelland, Partner in our Tax, Trusts, and Estates Practice Group, walks us through one of the most common estate planning questions families face: Should I create a will, or do I...more
Qualified Small Business Stock (QSBS) offers business owners significant federal tax benefits of exclusion of up to $10 million or ten times the stock’s basis in capital gains, whichever is greater. The stock must be held for...more
The lifetime estate tax exemption amount is as high as ever. The estate tax exemption amount rose from $1,000,000 in 2002 to $5,000,000 in 2011. Then, Congress doubled the amount of the estate tax exemption in 2018. As of...more
The Massey Family’s $10M Settlement: A Win, But What’s Next? Sonya Massey’s tragic death was yet another painful reminder of the deep racial injustices that persist in America. On July 6, 2024, Sonya, a 36-year-old Black...more
You likely have created revocable or irrevocable trusts, or a few of both, in your estate plan. Ideally, these have been properly drafted with plenty of flexibility so that they can continue to meet your wealth planning goals...more
The current federal estate tax exemption levels, introduced by the Tax Cuts and Jobs Act (TCJA) in 2018, have provided historically high federal estate tax exemptions. But this period of increased exemption is expected to...more
As we enter 2025, it’s important to stay informed about the current federal estate and gift tax laws, including annual exclusion limits and significant changes anticipated by the end of this year. Annual Exclusion Amount- ...more
Not all trusts age like fine wine. Family situations change, tax laws are updated, and an irrevocable trust created years ago may no longer be ideal for today’s circumstances. ...more
Many savvy estate plans include the use of an irrevocable trust that was established many years ago. However, the very nature of an irrevocable trust means that once the trust agreement is finalized, the terms of that trust...more
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential...more
On this episode of “Splitting Heirs,” Warren K. Racusin welcomes back Sharon L. Klein, President of Family Wealth for the Eastern US Region of Wilmington Trust Company and member of the Estate Planning Hall of Fame, to...more
As part of the Tax Cuts and Jobs Act (TCJA), the estate and gift tax exemption was doubled for tax years 2018-2025. In 2018, the exemption doubled from $5.49 million in 2017 to $11.18 million in 2018, and that amount has been...more
This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more
There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s taxable estate...more
For some time, promoters have shopped around an arrangement known as a “section 643(b) trust,” known alternatively as a “non-grantor, irrevocable, complex, discretionary, spendthrift trust.” On August 9, 2023, IRS Chief...more
In establishing and funding an irrevocable trust, a common question is who is responsible for the income tax liabilities associated with the trust? Many individuals assume that the trust is a separate and independent...more
Earlier this year the stock market entered bear market territory. This happens when the market declines more than 20% or more from its most recent high. The market decline has been attributed to several factors including...more
Under the Internal Revenue Code’s “grantor trust” rules, the grantor of a trust may be treated as the “owner” of all or part of the trust. As such, the grantor is taxed on the trust’s income and reports its deductions...more
Join the Williams Mullen Private Client and Fiduciary Services team for our annual Fiduciary Focus event. This year’s agenda is packed with insights on recent developments affecting fiduciaries – including tax law updates...more
It is said that two things are certain in life: death and taxes. True, but incomplete. What is missing from this short list is a third inevitable occurrence – tax law changes. We now have a new and pressing series of proposed...more
Holland & Knight invites you to read our China Practice Newsletter, in which our authors discuss pertinent Sino-American topics. HIGHLIGHTS: - Non-Fungible Tokens and Intellectual Property Law: Key Considerations ...more
In the next webinar in our Estate Planning 101 series, wealth preservation attorney Whitney Patience O’Reilly will discuss the basics of trusts. She will review the differences between revocable and irrevocable trusts and...more