Compliments of the McGee Law Firm, Attorney Brandon McGee Death and incapacity are natural parts of the process of life. We are born; we grow up; we may experience incapacity; and we eventually pass away. Along the way, we develop our values and accumulate assets and experiences. Sure, when we die, we want to pass … Read more
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. Read on to learn more.
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more.
Compliments of the McGee Law Firm, Attorney Brandon McGee As we age, one of our most deeply held concerns is that we may begin to lose our mental alertness. We can try to stave off mental decline by doing crossword puzzles and other brain building games that help maintain alertness. But, like physical decline, the … Read more
Tax proposals would increase capital gains rates, among other things. These proposed changes could make a Charitable Remainder Trust look even better. A Charitable Remainder Trust can earn the donor an income tax deduction upfront and defer gains on its sale of assets. Read on to learn more.
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more.
Compliments of the McGee Law Firm, Attorney Brandon McGee What is an estate plan? An estate plan is a plan that passes your assets to whom you want and in the manner you want after your death. However, an estate plan is more than just documents. For example, some of your assets may not even … Read more
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more.
Compliments of the McGee Law Firm, Attorney Brandon McGee Surprisingly, estate planning and footwear share many similarities. Let’s see how: Like estate plans, shoes protect you from unexpected obstacles in your path. Like a great pair of shoes, a good estate plan prepares you for any contingency. When choosing shoes, you need to consider the … Read more
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more.