End of Year Thoughts

As we approach the end of the year, we want to thank each of you for your business and referrals. We really appreciate all of you. We also want to point out some items that you should consider as we approach year end. Take your required minimum distribution for the year,…

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Are You Entitled to A Trust Accounting?

As a current or contingent beneficiary of a trust are you entitled to an accounting? It depends for what accounting period you request. This issue was addressed in Hilgendorf v. Estate of Coleman. In 2000, Thelma Coleman (“Thelma”) created a revocable trust for her own benefit. She appointed Jennilynn Smith…

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Don’t Forget to Plan for a Non-Citizen Spouse!

Under federal tax law, a 100% marital deduction is allowed for assets transferred either outright or in trust for  a spouse in lifetime or death.  Marital deduction planning encourages lifetime gifts between spouses and transfers at death for surviving spouses.  Upon the surviving spouse’s death, any remaining property received from…

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Changes Brewing For IRA Required Minimum Distributions…

The Senate Committee on Finance recently scheduled a committee markup on September 21, 2016 of an original bill, the “Retirement Enhancement And Savings Act of 2016″ (the “Act”). The actual document was prepared by the Joint Committee on Taxation and includes a number of changes to the required minimum distribution…

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Can Reliance on Attorney Excuse Executor From Tax Penalties?

If an estate is taxable, then Form 706- United States Estate (and Generation-Skipping Transfer) Tax Return  (the “return”) must filed nine months after a decedent’s date of death (15 months if an extension is granted). What happens if an attorney advises the executor that the attorney will take care of the return, but then the return is filed late?…

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NEW 2017 Relevant Estate Tax Planning Numbers

Each year certain figures are updated for inflation. The following are a few of the relevant 2017 estate tax and estate income tax numbers: 1. The highest tax rate for estate and trust income is 39.6% and starts at  income of only $12,500. 2. In contrast, the highest tax rate for…

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STOLI is NOT Only a Vodka!

To obtain a life insurance policy on an individual’s life, the life insurance benefits must be payable to the individual insured or their personal representative or  to any person having an “insurable interest” in the insured. For example, I can buy a life insurance policy on my husband’s life and…

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