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A Fresh Look at CRTs, CRATs and CRUTs

Posted by Melanie Abigania, CPA on Jul 29, 2021 1:10:50 PM

A charitable remainder trust (CRT) allows you to support a favorite charity while potentially boosting your cash flow, shrinking the size of your taxable estate, and reducing or deferring income taxes. In a nutshell, you contribute stock or other assets to an irrevocable trust that provides you — and, if you desire, your spouse (or others you designate) — with an income stream for life or for a term of up to 20 years. At the end of the trust term, the remaining trust assets are distributed to one or more charities you’ve selected.

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Topics: Insider, Test, Estate Planning

The Advantages and Disadvantages of Holding a Joint Title to Property with a Family Member or Friend

Posted by Jessica Simons, CPA on Jun 29, 2021 3:16:21 PM

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences.

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Topics: Estate Planning

Help Guide Your Family with a Road Map for Your Estate Plan

Posted by Melanie Abigania, CPA on Jun 29, 2021 2:59:15 PM

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan.

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Topics: Tax, Estate Planning

Members of the Sandwich Generation Find Themselves in a Unique Situation

Posted by Jessica Simons, CPA on Jun 29, 2021 2:49:40 PM

The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.

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Topics: Tax, Estate Planning

4 Reasons to Revisit Your Power of Attorney

Posted by Melanie Abigania, CPA on May 24, 2021 7:20:46 PM

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself.

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Topics: Estate Planning, High Net Worth

What To Do If Your Spouse Doesn't Designate You as a Beneficiary of His or Her IRA

Posted by Melanie Abigania, CPA on Apr 26, 2021 4:33:55 PM

One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72. This differs from an IRA inherited from someone other than a spouse, when the entire IRA balance must be withdrawn within 10 years of the original owner’s death. (Note that different rules apply to IRAs inherited before January 1, 2020.)

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Topics: Estate Planning, High Net Worth

Review Your Estate Plan in Light of the New Presidential Administration

Posted by Melanie Abigania, CPA on Mar 27, 2021 3:16:19 PM

As President Biden settles into his new role as President of the United States, you may be wondering how the federal estate tax may be affected.

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Topics: Estate Planning, High Net Worth

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