Understanding the contents of a will BY THEUS LAW OFFICES You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law. Basic provisions Typically, [...]Continue reading

A poorly worded apportionment clause can upend an estate plan BY THEUS LAW OFFICES Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still affluent individuals whose estates may be subject to hefty estate tax bills. [...]Continue reading

Expanded 529 plans offer unique estate planning benefits BY THEUS LAW OFFICES If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts and Jobs Act (TCJA) to cover elementary and secondary school expenses as well. [...]Continue reading

Take intrafamily lending to the next level by establishing a family bank BY THEUS LAW OFFICES One of the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death. But what if you’d like to use that wealth to help a family member in [...]Continue reading

Control how your charitable gifts are used by adding restrictions BY THEUS LAW OFFICES If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Outright gifts can be risky, especially large donations that will benefit a charity over a [...]Continue reading

New Asylum Restrictions BY THEUS LAW OFFICES According to the Department of Justice and Homeland Security, the southern border has been overwhelmed with asylum applicants in the past year. There are nearly 436,000 pending asylum applications that have yet to be decided. The Supreme Court of the United States rendered a decision this past week that [...]Continue reading

When it comes to asset protection, a hybrid DAPT offers the best of both worlds BY THEUS LAW OFFICES A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this, you must limit estate [...]Continue reading

The Crummey trust: Still relevant after all these years BY THEUS LAW OFFICES Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now [...]Continue reading

Sec. 6166: Estate tax relief for family businesses BY THEUS LAW OFFICES Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses, including farms. Fortunately, Internal Revenue Code [...]Continue reading

Leave a philanthropic legacy with a charitable remainder trust BY THEUS LAW OFFICES Let’s say you’re charitably inclined but have concerns about maintaining a sufficient amount of income to meet your current needs. The good news is that there’s a trust for that: a charitable remainder trust (CRT). This type of trust allows you to support [...]Continue reading