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

An HSA can be a healthy supplement to your savings regimen and estate plan BY THEUS LAW OFFICES Longer life expectancies and rising health care costs make saving for retirement more important than ever before. A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings [...]Continue reading

Should you “Park” your Vehicle in a Living Trust? BY THEUS LAW OFFICES Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage one’s assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring [...]Continue reading

Get smart when tackling estate planning for intellectual property BY THEUS LAW OFFICES If you’ve invented something during your lifetime and had it patented, your estate includes intellectual property (IP). The same goes for any copyrighted works. These assets can hold substantial value, and, thus, must be addressed by your estate plan. However, bear in mind [...]Continue reading