Filing a gift tax return for an Irrevocable Life Insurance Trust (ILIT), even if not technically required because all gifts are below the annual exclusion, is a good idea. Benefits: Filing starts the statute of limitations running on the IRS to audit the gift. Filing allows you to decide affirmatively …
From time to time, it’s good to review why having a complete, up-to-date set of estate planning documents is so important. A holistic estate plan not only confirms your own desired goals, it can provide valuable insights to your friends and family of the values you believe make the world …
Your Living Will is your statement of your wishes on whether to pull the plug if you are in an end-of-life situation. While the form does not appoint anyone to make decisions for you, you can allow your Health Care Agent under your Health Care Power of Attorney to “override” …
I am a proponent of Trust Protectors to assist a trust to accomplish its goals. The concept of a Trust Protector is to grant someone who is not a trustee or beneficiary certain powers over the trust. These powers often include: The power to remove and appoint trustees The power to make modifications …
People with potential taxable estates should consider maximum utilization of the Annual Exclusion. The Annual Exclusion is an amount a person (the Donor) can give to another person (the Donee) without any gift tax consequences. The current Annual Exclusion amount is $14,000 per Donee. So you could give 10 people …