Don’t worry! A broken trust can be fixed BY THEUS LAW OFFICES There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a beneficiary, what if an irrevocable trust no longer serves [...]Continue reading

The net investment income tax is alive and well: How it can affect your estate plan BY THEUS LAW OFFICES The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates, but it left the 3.8% net investment income tax (NIIT) in place. It’s important to address the NIIT in your estate plan, because it [...]Continue reading

Obtaining an Immigration Work Permit: Application for Employment Authorization Document (Form I-765) BY THEUS LAW OFFICES Being in the United States legally does not necessarily mean that you are authorized to work. As most know, working in the United States without a legal work permit is taken very serious. If you are currently in the process [...]Continue reading

BDIT lets you give away property without losing control BY THEUS LAW OFFICES By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own businesses or other [...]Continue reading

Flex plan: In an unpredictable estate planning environment, flexibility is key BY THEUS LAW OFFICES The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping [...]Continue reading

Parental priorities: How to choose a tutor for your child BY THEUS LAW OFFICES If you have minor children, arguably the most important estate planning decision you need to make is choosing a tutor (referred to as a "guardian" outside Louisiana) for them should the unthinkable occur. If you haven’t yet made this decision, formalize your [...]Continue reading

Have you considered making direct payments of tuition and medical expenses? BY THEUS LAW OFFICES With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate taxes. However, there are no guarantees that estate tax law won’t be [...]Continue reading

3 pitfalls to avoid when naming a beneficiary of a life insurance policy BY THEUS LAW OFFICES Life insurance can be a powerful financial and estate planning tool, but its benefits can be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Common pitfalls to avoid [...]Continue reading

IRS confirms large gifts now won’t hurt post-2025 estates BY THEUS LAW OFFICES The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released in November 2018. The [...]Continue reading

Qualified Opportunity Funds: A new weapon in the estate planning arsenal BY THEUS LAW OFFICES The Tax Cuts and Jobs Act created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) — funds that can provide wealthy [...]Continue reading