Use nongrantor trusts to bypass the SALT deduction limit BY THEUS LAW OFFICES If you reside in a high-tax state, you may want to consider using nongrantor trusts to soften the blow of the $10,000 federal limit on state and local tax (SALT) deductions. The limit can significantly reduce itemized deductions if your state income and [...]Continue reading

If you’re a non-U.S. citizen, the estate planning rules are different BY THEUS LAW OFFICES Traditional estate planning strategies generally are based on the assumption that all family members involved are U.S. citizens. However, if you or your spouse is a noncitizen, special rules apply that may require additional planning. Defining “residency” and “domicile” If you’re [...]Continue reading

Inheriting property? Be aware of the basis consistency rules BY THEUS LAW OFFICES If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the income tax basis of property received from a deceased person can’t exceed [...]Continue reading

The Process of Obtaining Green Cards for Family Members BY THEUS LAW OFFICES First thing first, determining which family members you can petition for is of upmost importance. In this matter, depending on how your family member is related determines whether they will be able to come to the U.S. It is a myth that just [...]Continue reading

Determining whether you need to file a gift tax return can be tricky BY THEUS LAW OFFICES For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the [...]Continue reading

Take steps to curb power of attorney abuse BY THEUS LAW OFFICES A financial power of attorney can be a valuable planning tool. The most common type is the durable power of attorney, which allows someone (the agent) to act on the behalf of another person (the principal) even if the person becomes mentally incompetent or [...]Continue reading

If you’re planning to move overseas, it’s time for an estate plan review BY THEUS LAW OFFICES Whether you’re moving to another country for work-related reasons, retirement or simply want an opportunity to experience a new culture, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with [...]Continue reading

2 Trust Types to Consider when Estate Planning for a Blended Family BY THEUS LAW OFFICES No one said estate planning is easy, and this is especially true if you have a “blended family.” The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life [...]Continue reading

When is an Immigration Judge’s Decision a Done Deal? BY THEUS LAW OFFICES One of the most common inquires people have after attending their individual or merits hearing in Immigration Court is whether the Immigration Judge’s (“IJ”) decision is final or not. In the event you are not satisfied with the IJ’s decision, you may have [...]Continue reading

Have you coordinated your payable-on-death accounts with your estate plan? BY THEUS LAW OFFICES Payable-on-death (POD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts in certain states. POD designation is NOT available for brokerage accounts in [...]Continue reading