A few weeks ago, someone suggested that I write about the family dispute about the Tyrannosaurus Rex, “Sue,” and the fortune the family received from her sale. I was intrigued because my son has been obsessed with dinosaurs for as long as I can remember. I had a vague recollection of hearing about Sue many years ago and I found the case engaging. For the unaware, in 1990 fossil hunters discovered the remains of a tyrannosaurus rex on the Cheyenne River Reservation property owned by Maurice … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
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Estate Planning with Entities
Estate Planning attorneys have long recommended the use of closely held entities such as family limited partnerships (“FLPs”) and limited liability companies (“LLCs”) to provide flexibility in allocating rights to profits and capital, to shift income and property appreciation from one generation to the next, and to provide asset protection. Individuals transfer assets to the entity in exchange for membership or partnership interests, which provide management control and income distribution … [Read more...] about Estate Planning with Entities
Estate Planning Lessons from the Movies – Part II
Recently, a headline titled “Eight Lessons from Killers of the Flower Moon” caught my eye, and the idea for this two-part blog took hold. The article talked about the movie titled “Killers of the Flower Moon” that received critical acclaim for its depiction of the plight of the Osage Indian Tribe. The article focused on the many real-life Estate Planning lessons that we can learn from watching the movie. The first part, Estate Planning Lessons from the Movies – Part I, of this two-part series, … [Read more...] about Estate Planning Lessons from the Movies – Part II
Tax Planning for 2024
As 2023 draws to a close and the New Year dawns, we need to think of…tax planning for 2024 and beyond! Some years Congress tweaks the laws more than other years. While 2023 held plenty of surprises, it was a relatively quiet year for legislative changes impacting tax planning. Still, even in a quiet year, some things change due to inflation adjustments, etc.Estate Tax PlanningApplicable Exclusion rises from $12.92 million in 2023 to $13.61 million in 2024.GST Exemption rises from … [Read more...] about Tax Planning for 2024
The Seedier Side of the Holiday Season
It’s my favorite time of the year. Temperatures fall and spirits rise as we approach the holiday season. While we count down the days to year-end and enjoy gathering with our loved ones, it’s a great time to remind ourselves and our loved ones about the seedier side of the holiday season: scams. Scams run the gamut in ingenuity and range in form from charity scams to debt collection scams and from grandparent scams to imposter scams. Each scam has its own unsavory elements, but the grandparent … [Read more...] about The Seedier Side of the Holiday Season
Estate Planning Lessons from the Movies – Part I
I like to draw inspiration for my blogs from articles and other blogs that I read. Anytime those sources pull from real life, it piques my interest. After all, Estate Planning focuses on real life and the most real and inevitable part of life, death. Earlier this week, a headline titled “Eight Lessons from Killers of the Flower Moon” caught my eye, and the idea for this blog took hold. The article talks about the movie titled “Killers of the Flower Moon” that hit theaters late last month to … [Read more...] about Estate Planning Lessons from the Movies – Part I
It’s a Great Time to Consider a Donor Advised Fund
Charitable gifts offer a great opportunity to reduce income tax liability. When a taxpayer makes a charitable contribution, typically they get an offsetting charitable income tax deduction. Unfortunately, that offsetting deduction doesn’t always end up reducing the total tax burden. To take a charitable income tax deduction, the taxpayer needs to itemize their deductions. If the charitable contribution and other itemized deductions don’t exceed the standard deduction amount, then it makes sense … [Read more...] about It’s a Great Time to Consider a Donor Advised Fund
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 Thanksgiving, let’s take a moment to savor the food and our time together. 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 give gifts that benefit both the recipient and the donor. Annual exclusion gifts provide a benefit not only to the recipient but also to the donor. Annual per donee … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax
Most folks know that the federal government imposes an estate tax on estates with total assets that exceed $12.92 million in 2023. The Internal Revenue Code (“Code”) Section 2010 calls that amount the “Applicable Exclusion Amount” (“AEA”) and adjusts it for inflation annually. Even if individuals do not have that number etched in their memory, they understand that they need not worry about estate taxes at the federal level unless their estate includes assets well into the millions. Some might … [Read more...] about Understanding the Interplay of State Estate and Inheritance Taxes with Federal Estate Tax
The Horrors of Dying Intestate
October brought fall, pumpkin-spiced everything, and macabre things. Ghosts, ghouls, and goblins may Monster Mash through your mind; however, when I think of something truly terrifying, it’s dying without an estate plan…it’s the trick in Trick or Treating. Although everyone knows that they should treat their family to a comprehensive Estate Plan, many folks experience feelings of superstition and dread when considering planning for the end of their life, as if by planning for death, they invite … [Read more...] about The Horrors of Dying Intestate
