Irrevocable Trust
Dynasty Estate Planning and Asset Protection
Two Sides of the Same Coin… Usually if you have planned your estate, you have also tried to protect your assets from being taxed. If things are included in the estate, they will be taxed, so assets need to be moved out and made unavailable to the government. Who are we protecting our assets from?…
Read MoreWhat is Preventive Law?
Just as many people avoid going to the doctor until there is a problem, people also avoid meeting with their attorney until something goes wrong. Similarly, as regular visits to the dentist can prevent traumatic dental experiences, regular appointments with your attorney can help you prepare for the road ahead and plan for worst case…
Read MoreRevenue Ruling 2023-2
Revenue Ruling 2023-2 is Nothing New The IRS ruled in Revenue Ruling 2023-2 that assets in an irrevocable trust outside the taxable estate of the grantor, do NOT get a step up in cost basis when the grantor dies. Although this ruling has received some attention and disagreement in the media, it is nothing new…
Read MoreCHARITABLE PLANNING: A FORK IN THE ROAD
You may decide to do charitable planning for several reasons. Some people do it because they want to give back to the community. Some just want a tax deduction. Others don’t have any heirs, and they want a low risk method to ensure they have enough money until they die. Whatever the reason, charitable planning…
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