by hoodlawkc | Estate Planning, Business Planning, Living Trust, Tax Planning
The Estate Tax Portability Feature is Now Permanent – Should You File Form 706 Even If It Is Not Required? One of the biggest developments in the estate and gift tax field to come out of the recent tax act (American Taxpayer Relief Tax Act Of 2012) is the permanence...
by hoodlawkc | Estate Planning, Business Planning, Living Trust
Estate planning for digital assets has become a popular topic of late for the estate planning community. These are just a few of the articles you may find of interest: See, e.g., Beyer & Griffin, Estate Planning for Digital Assets Beyer and Cahn: When You Pass...
by hoodlawkc | Estate Planning, Business Planning, Living Trust
In my previous entry, I indicated that there are, as a general rule, no income tax disadvantages to holding property in a revocable trust. Prior to that, I indicated that a revocable trust does not offer any income tax advantages. Notwithstanding the above, there is...
by hoodlawkc | Estate Planning, Business Planning, Living Trust
In an earlier entry, I indicated that a revocable trust does not have any income tax advantages. But does it have any income tax disadvantages? Generally, the answer to this question is no with a few exceptions. For example, under prior law, the benefits of the one...
by hoodlawkc | Living Trust, Business Planning, Estate Planning
This post explores the numerous income tax advantages of having a Living Trust upon the death of the grantor. For more information on this topic, see the ‘Advantages of a Living Trust Upon Death of Grantor). Avoidance of Ancillary Administration— If an...
by hoodlawkc | Living Trust, Estate Planning
Despite the do-it-yourself books and on-line documents available on the internet, it is a very bad idea for a layperson or for that matter an inexperienced attorney to set up a living trust. A qualified estate planning attorney can draft the trust agreement and...
