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20170914

Charitable giving pièce de résistance: Artwork donations

By Legacy Protection, LLP |

Charitable giving is a key part of estate planning for many people. If you’re among them and own valuable works of art, they may be ideal candidates for charitable donations during your life. Generally, it’s advantageous to donate appreciated property because, in addition to gaining a valuable tax deduction, you can avoid capital gains… Read More »

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20170907

Tax basis planning worth a look if estate taxes aren’t a threat

By Legacy Protection, LLP |

For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject to those taxes. If gift and estate taxes aren’t a concern for your family, it… Read More »

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20170831

Estate tax relief for family businesses is available … in the form of a deferral

By Legacy Protection, LLP |

If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs may be forced to borrow funds or, in a worst-case scenario, sell the business… Read More »

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20170824

Have you properly funded your revocable trust?

By Legacy Protection, LLP |

If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance. But these benefits aren’t available if you don’t fund the trust…. Read More »

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20170817

Powers of attorney: Springing vs. nonspringing

By Legacy Protection, LLP |

Estate planning typically focuses on what happens to your assets when you die. But it’s equally important (some might say more important) to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. That’s where the power of attorney (POA) comes in. A POA appoints a trusted representative… Read More »

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20170811-GSTImage

Beware the GST tax when transferring assets to grandchildren

By Legacy Protection, LLP |

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. GST basics The GST tax is a flat, 40% tax on transfers to “skip persons,” including grandchildren, other family members more than a… Read More »

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20170803

Use a noncharitable purpose trust to achieve a variety of goals

By Legacy Protection, LLP |

Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One type of purpose trust that you may be familiar with is the charitable trust. But don’t overlook the noncharitable purpose (NCP) trust as a potential tool for achieving your estate planning goals. What is an NCP… Read More »

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20170727

Don’t overlook tax apportionment when planning your estate

By Legacy Protection, LLP |

If you expect your estate to have a significant estate tax liability at your death, be sure to include a well-thought-out tax apportionment clause in your will or revocable trust. An apportionment clause specifies how the estate tax burden will be allocated among your beneficiaries. Omission of this clause, or failure to word it… Read More »

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Pass-through entities far outnumber C corps. Here’s a closer look.

By Legacy Protection, LLP |

Which business entity? The choice is yours.

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20170713

ABLE accounts can benefit loved ones with special needs

By Legacy Protection, LLP |

For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI), estate planning can be a challenge. On the one hand, you want to provide the most comfortable life possible for your family member. On the other hand, you don’t want to jeopardize… Read More »

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