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

Public Charge Rule for U.S. visa applicants BY THEUS LAW OFFICES The policy behind the proposed public charge rule was created to reduce the number of people who are eligible for visas, such as green cards, by reevaluating what makes those individuals dependent on government benefits.  Such policy also considers the likelihood of whether those individuals [...]Continue reading

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