Beware if your estate plan leaves specific assets to specific heirs BY THEUS LAW OFFICES Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them.Illustrating the problem Illustrating the problem [...]Continue reading

Leave your mark with a dynasty trust BY THEUS LAW OFFICES If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount established by the Tax Cuts and Jobs [...]Continue reading

Charitable lead trusts offer philanthropic and family benefits BY THEUS LAW OFFICES Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. Although interest rates [...]Continue reading

Ease itemized deduction limitations using a nongrantor trust BY THEUS LAW OFFICES The record-high exemption amount currently in effect means that fewer families are affected by gift and estate taxes. As a result, the estate planning focus for many people has shifted from transfer taxes to income taxes. A nongrantor trust can be an effective option [...]Continue reading

4 negative outcomes of jointly owning property with a family member BY THEUS LAW OFFICES A common estate planning mistake that people make is to own property jointly with an adult child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple [...]Continue reading

Understanding The Bond Hearing Process In Immigration Court BY THEUS LAW OFFICES A person who is detained by Immigration and Customs Enforcement (ICE) may be eligible for release upon payment of a bond. A bond is an amount of money paid as collateral for the release of a person from custody. The bond guarantees the court [...]Continue reading

Assets with sentimental value require extra planning BY THEUS LAW OFFICES When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — your tangible personal property. Examples include jewelry, antiques and photographs. These personal items — which often have [...]Continue reading

Thinking about a Roth IRA conversion? Now may be the ideal time BY THEUS LAW OFFICES Roth IRAs offer significant estate planning and financial benefits. If you have a substantial balance in a traditional IRA and are considering converting it to a Roth IRA, there may be no better time than now. The Tax Cuts and [...]Continue reading

A buy-sell agreement can provide the liquidity to cover estate taxes BY THEUS LAW OFFICES If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies, for [...]Continue reading