It might be appropriate to say that Christmas came early for retirement advisors and consumers in 2022 when Congress passed, and President Biden signed into law, the $1.7 trillion omnibus spending bill that included Setting Every Community Up for Retirement Enhancement (“SECURE”) Act 2.0 (the “Act”). President Trump enacted the original SECURE Act in December 2019, making radical changes to retirement planning by increasing the age at which a taxpayer could contribute to their Individual … [Read more...] about What You Need to Know About SECURE Act 2.0
What Happens When You Don’t Trust Your Trustee – Part I
Estate Plans use both revocable and irrevocable trusts for myriad reasons. Regardless of the type of trust created, naming a suitable trustee to administer the trust tops the list of important considerations. After all, the trustee acts as the gatekeeper for the trust, doling out distributions based upon the trust agreement using their own discretion. A beneficiary serving as trustee only works in certain circumstances. Sometimes it’s necessary to name a third party to act as trustee. If a third … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part I
The Importance of Having an Estate Plan
The headline read “Battle Over Anne Heche’s Estate Settled” when it should have read “Yet Another Celebrity Dies Without an Estate Plan.” Anne Heche was a well-known actress who died unexpectedly following a fiery car crash in August 2022. Anne left behind two sons, one of whom is 20, the other of whom is 13, and no estate plan. Her case was tragic and the results were completely avoidable in many ways. Because Anne failed to create even a basic Will, her estate will pass pursuant to the laws of … [Read more...] about The Importance of Having an Estate Plan
Tax Planning for 2023
As the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than in other years. While 2022 held plenty of events: the war in Ukraine, an improved “bivalent” coronavirus vaccine addressing new coronavirus variants, the U.S. midterms elections, etc., it was a relatively quiet year for legislative changes impacting planning. Still, even in a quiet year, some things change due to inflation increases, etc.Estate Tax PlanningApplicable Exclusion rises from … [Read more...] about Tax Planning for 2023
Now That Mid-Terms Are Over, Let’s Talk Taxes
While many commentators saw the mid-term elections as an opportunity to focus on whether the Senate would remain blue and the House would turn red, they ignored other important aspects of the mid-term elections. According to Ballotpedia, voters in 37 states considered more than just who would take office. Folks cast ballots for a wide range of issues, such as approving the issuance of bonds for the development of low-income housing, raising the minimum wage, and increasing taxes. You might … [Read more...] about Now That Mid-Terms Are Over, Let’s Talk Taxes
Tis the Season for Giving
As we wind down 2022 and begin planning for 2023, it’s a great time to consider your 2022 individual income taxes and explore ways to position yourself favorably for those taxes. There are still a few days left to make last-minute charitable gifts before December 31, 2022. While certain benefits like the special provision included in the Coronavirus Aid Relief and Economic Security (‘CARES’) Act and subsequently extended by the Taxpayer Certainty Disaster Relief Act of 2020 that allowed anyone … [Read more...] about Tis the Season for Giving
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
As we gather with our family, friends, and loved ones to celebrate the holidays, while year-end obligations may tempt us to rush through the meal and return to “normal,” we should not. Instead, we should stop, savor the moments together, and remember why we choose to spend our time with these individuals. This time of the year offers a special opportunity to show our loved ones just how much we care. We can do this in any number of ways, including gifting.Let’s make this year the year we … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Planning for the International Client
As the world continues to emerge from the pandemic, many find themselves taking trips that they had postponed. If the pandemic taught us anything, it’s that the world has become more interconnected than ever before. It’s common to hear messages about remote work, which means that individuals can work from anywhere. By extension, that means that Estate Planning attorneys need to understand the ramifications for clients both at home and abroad, as well as for those clients who were not born here … [Read more...] about Planning for the International Client
What’s Retirement Got to Do with it?
Record numbers of folks began relocating during the pandemic. Some moved to be closer to family, others for better weather. Still, others changed domicile for financial reasons, like the pursuit of different job opportunities, for lower taxes, or because they planned to retire. Folks desiring to relocate should consider the various taxes in the desired state of residence, especially when they are at or nearing retirement. It’s no secret that taxes vary widely from state to state. Some states may … [Read more...] about What’s Retirement Got to Do with it?
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Paul Newman, famous actor turned entrepreneur, died in 2008. Prior to his death, Newman created Newman’s Own, a company that began by making and selling salad dressing and expanded into other food products. Newman wanted to give away all profits generated from Newman’s Own to charitable causes by creating Newman’s Own Foundation (the “Foundation”), the parent company of Newman’s Own. Several years before his death, Newman’s attorney drafted a letter of intent memorializing Newman’s intention to … [Read more...] about More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
