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

Nondeductible IRA contributions require careful tracking BY THEUS LAW OFFICES If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you [...]Continue reading

What Happens After a Grant of Asylum? BY THEUS LAW OFFICES After receiving your final approval of asylum, you are now legally allowed to live in the U.S., seek U.S. employment, and travel freely with the proper documentation in and out of the U.S. As time passes, you will be able to secure greater rights. As [...]Continue reading

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