As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more. … [Read more...]
Maryland Medicaid Estate Recovery Program: Understanding What It All Means
The longer you live, the more likely it becomes that you, or your spouse, will need long-term care (LTC). If either of you does end up in LTC, you may end up relying on Medicaid to help cover the high cost of that care. Qualifying for Medicaid can be tricky because of the income and asset limits the … [Read more...]
The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your … [Read more...]
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially … [Read more...]
Intentionally Defective Grantor Trust: Why Create One?
One of the many estate planning tools used to protect and manage assets is a trust. If you own valuable assets, you should also be concerned about the impact that federal gift and estate taxes could have on your estate after you are gone. In that case, you may want to establish an Intentionally … [Read more...]
The Sky Isn’t Falling
When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making … [Read more...]
Irrevocable Life Insurance Trust: Including This In My Estate Plan
A trust is a common addition to the average estate plan. If you decide to create a trust, the type of trust you create will depend on the goal(s) of the trust. A simple trust can help distribute your estate assets after you are gone; however, there are also several highly specialized trusts that … [Read more...]
Practical Lessons in Drafting
Individuals who undertake Estate Planning want to ensure that their plan works the way it’s intended. When clients neglect to consider Estate Planning on a regular basis, they set themselves up for failure. Waiting until an emergency arises almost guarantees that the plan will fail when needed the … [Read more...]
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income … [Read more...]
Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
As fall turns into winter and the holiday season arrives, it’s natural to review the year, plan for the next, and count your blessings. One of the ways to plan for the next year, and perhaps to address some outstanding concerns in this one, is to consider making annual per donee exclusion gifts. … [Read more...]
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