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 along our assets to our family while paying the least possible taxes, but, what is most important is passing along our lifetime of values and experiences. A new paradigm in … [Read more...] about Preserve Your Legacy, Not Just Your Money
Using Disclaimers to Achieve Client Goals: Double Disclaimers
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. … [Read more...] about Using Disclaimers to Achieve Client Goals: Double Disclaimers
Tax Reporting with Trusts
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. … [Read more...] about Tax Reporting with Trusts
CRT: Best Tool for Proposed Tax Changes?
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. … [Read more...] about CRT: Best Tool for Proposed Tax Changes?
Taxation of Nongrantor Trusts
“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. … [Read more...] about Taxation of Nongrantor Trusts
Estate Planning: It’s Not Just About the Documents
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 be controlled by your Will or Trust. Let’s look at a case study. Mike had a Will which left everything to his wife, Sally. It also provided that if Sally did not survive him, … [Read more...] about Estate Planning: It’s Not Just About the Documents
Advantages of Using a “Grantor Trust” in Planning
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. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Do You Know Why You Need an Estate Plan?
It’s easy to continually put estate planning on the back burner. That’s especially true if you’re young and healthy. While you may be able to get away with it, it’s a risk you shouldn’t be willing to take. Here are some of the issues that can arise if you don’t have an estate plan: Your assets may not end up with the right person: If you don’t have a will, at the very least, your assets are distributed based on state law. This could result in them ending up with the wrong person. No … [Read more...] about Do You Know Why You Need an Estate Plan?
Trust Distribution Standards May Be Very Broad
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. … [Read more...] about Trust Distribution Standards May Be Very Broad
Estate Planning in the Electronic Age
Compliments of the McGee Law Firm, Attorney Brandon McGee In today’s electronic age, it seems that things are changing faster and faster. Every time we turn around, there’s a new technology and more and more information to keep in mind and safeguard. Now, increasingly people have “electronic assets,” such as website domain names and accounts with Gmail, Facebook, Yahoo! Mail, YouTube, Amazon, TikTok, LinkedIn, and Twitter, and many other websites that require an account and may … [Read more...] about Estate Planning in the Electronic Age
