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20180503

Provide for your spouse, then your kids, with a QTIP trust

By Legacy Protection, LLP |

If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money management skills or if you two don’t see eye to eye on how assets… Read More »

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20180426

Beware IRD if you’ve received an inheritance

By Legacy Protection, LLP |

Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn’t the case with an asset that’s considered income in respect of a decedent (IRD). If you inherit previously untaxed property, such as an IRA or other… Read More »

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20180412

What estate planning strategies are available for non-U.S. citizens?

By Legacy Protection, LLP |

Non-U.S. citizens in the United States face some estate planning challenges when it comes to taxes. If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen, with a few exceptions. But if you’re a nonresident alien, the tax treatment of your estate will be significantly different…. Read More »

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20180405-Website

A total return unitrust can help maintain family harmony

By Legacy Protection, LLP |

A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder beneficiaries can leave lifetime beneficiaries with little or no annual payouts. This makes it more difficult for your estate plan to achieve your objectives and places your trustee in a… Read More »

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20180315_1

Power of attorney abuse: What you can do about it

By Legacy Protection, LLP |

A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable estate planning tool. The main disadvantage is that it’s susceptible to abuse by scam artists, dishonest caretakers or greedy relatives. Help or harm The most common type is the… Read More »

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20180308

Keeping a trust a secret could violate state law

By Legacy Protection, LLP |

If your estate plan includes one or more trusts, you may have a good reason for wanting to keep them a secret. For example, you may be concerned that, if your children or other beneficiaries knew about the trust, they might spend recklessly or neglect educational or career pursuits. Despite your good intentions, however,… Read More »

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A joint home purchase can ease estate tax liability

By Legacy Protection, LLP |

If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks… Read More »

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Follow IRS rules to ensure you receive your charitable tax deductions

By Legacy Protection, LLP |

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you… Read More »

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20180208

Only certain trusts can own S corporation stock

By Legacy Protection, LLP |

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders. In an estate planning context, it’s critical that any trusts… Read More »

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20180201

If you made gifts last year, you may (or may not) need to file a gift tax return

By Legacy Protection, LLP |

Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With the April 17 filing deadline approaching, now is the time to find out an answer. Return required… Read More »

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