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Ease itemized deduction limitations using a nongrantor trust 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 to reduce income […]

4 negative outcomes of jointly owning property with a family member 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 technique for leaving

Understanding The Bond Hearing Process In Immigration Court 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 that the person

Assets with sentimental value require extra planning 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 modest monetary value

Thinking about a Roth IRA conversion? Now may be the ideal time 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 Jobs Act (TCJA)

A buy-sell agreement can provide the liquidity to cover estate taxes 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 example, you may

Defensive Asylum Hearing Process in Immigration Court Generally, individuals seek asylum in the United States to escape specific types of persecution should he or she be forced to return to their homeland. The asylum hearing process varies on whether the foreign national is seeking asylum through an affirmative process or a defensive process. Unlike in

What’s The Difference Between The Two Types of Power of Attorney? When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those