Estate planning isn’t something you want to take lightly. It’s imperative to the future well-being of your loved ones, so there’s never a good time to get off-track. Unfortunately, there are many pitfalls lurking, all of which can result in estate planning failure. Knowledge of what could go wrong can help you avoid trouble. Here … Read more
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of the Internal Revenue Code and the general principles that govern these situations.
Blended families can be challenging in many ways. In many ways, you are forging a new path. You have commitments and responsibilities from your prior relationship, such as your children. Now you are taking on new commitments and responsibilities in this new relationship, such as your new spouse. Often, issues arise when spouses enter a marriage … Read more
Most people don’t look forward to estate planning. Instead, they want to make the right decisions today so that they’re protected tomorrow. If this sounds familiar, you must consult with an estate planning attorney. If you don’t consult with an attorney, one of two things will happen: Either way, you’re inviting trouble. However, when you … Read more
Do-it-yourself (DIY) estate planning sounds like everything you’ve been looking for. You want to create an estate plan on your own terms, and you assume that this is the easiest way of doing so. While it’s an option that many people consider, there’s a lot that can go wrong. And if that happens, it puts … Read more
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies a creative solution to a common planning and business succession planning issue.
There are currently about 17 million people living with unmarried partners in the U.S. This includes both same-sex and different-sex couples. The number of unmarried couples living together nearly tripled in the past wo decades. Sometimes it seems that married couples get all the advantages. They can file a joint income tax return. They can give … Read more
You and your spouse live your lives as one. You’ve been together for years. It seems the simple solution is to just leave everything to each other upon your deaths. Unfortunately, in this situation, the simplest solution may not be the best. First, if you leave everything to your spouse, they will be estate taxed … Read more
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues.
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client.