Express Trusts
An express trust is declared in express terms and arises from voluntary action of the parties, usually in the form of a trust instrument that defines the duties of the trustee and the rights of the beneficiary. When we are discussing trusts, usually we are talking...Estate Tax Update
The American Taxpayer Relief Act of 2012 (ATRA) was passed on January 1, 2013, and was signed into law on January 2, 2013. The changes are often referred to as “permanent” because there are no sunset provisions. However, the Obama Administration has already proposed...Estate Planning and Basis Step Up
A primer on basis step up and estate planning: When you sell an item of property, you generally pay tax on the capital gains. This tax is applied to the excess of the sale price over your tax basis in the property. Your basis is generally the purchase price, perhaps...Disclaimer Trusts and the Clayton Alternative
DISCLAIMER TRUST The disclaimer trust is a common form of planning, used as an alternative to funding a bypass trust with a marital deduction formula in order to utilize a decedent’s applicable exclusion amount. (Use of a formula generally makes sense only if...CRUMMEY POWERS AND THE IRS
Annual exclusion gifts are often used to provide seed money for an estate freeze technique, or for payment of premium on a trust-owned life insurance policy, or to transfer fractional ownership in an asset (such as a limited partnership) in order to obtain valuation...CHOOSING TRUST SITUS
Put simply, trust situs is where a trust is located. However, a trust can hold assets in many states so situs does not simply mean where trust assets are located—although place of administration of personal property can be a factor considered by courts. (Real property...Business Planning
Set up your business with tax planning, estate planning, asset protection, and family protection in mind. In this economy, you need every competitive advantage, and your competitors are not standing still when it comes to tax planning. Estate planning and business...An Exit Strategy for your Business
Your business is most likely a major asset and source of income to you and your family. However, it is probably not properly protected from life events of the co-owners, due to lack of an exit strategy. Most business owners would be shocked to discover what happens to...An Estate Plan Requires Estate Goals
The term “estate plan” has been commoditized and cheapened to the point of referring merely to a set of documents designed very generally to avoid probate and perhaps minimize estate tax. For this we can blame high-volume trust mills operated by non-lawyers, usually...
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