Blog - "Altman Speaks"

Funding a Trust Do I Have Everything Titled Correctly?

So, you have completed, signed, and notarized your estate plan written by your estate attorney, and you think you are done. But getting the document drafted and signed is the first step. For any trust to be effective, you must complete funding your trust as soon as you can. But what is funding? A common […]

How to Amend Your Trust - The Dangers of DIY

When you create a revocable trust, you reserve the right to amend your trust during your lifetime, giving you the flexibility to change your estate plan as your circumstances evolve. But special care must be taken when changing your revocable trust. If you make handwritten changes to your revocable trust or attempt to amend your […]

A Guide to the Corporate Transparency Act

January 1, 2024 will bring a major change to the business world as the Corporate Transparency Act (CTA) officially goes into effect. The CTA aims to create a database of companies’ beneficial ownership information (BOI) to aid in government investigations of criminal activity that shell entities would otherwise shield. Businesses must report their BOI to […]

Can a Beneficiary Also Be a Trustee of a Trust

Who should be a Trustee? I am often asked who the Trustee of our trust should be. One of the most important decisions a client will make during the estate planning process is whom to name to serve as trustee of the trust. This person (or entity) will control how trust assets are used […]

First Massachusetts Now ???

The press was abuzz about the wealth or millionaire’s tax this past weekend. Since the federal government won’t tax millionaires, State legislators have taken up the issue. Seven states are working together to introduce bills or announce plans to increase taxes on the wealthy. While all the plans seem different, states need money and say […]

Legislative Alert - Transferring Certain Firearms into Your Gun Trust

If you own firearms, precisely one with an attached stabilizing brace or pistol brace, consider transferring the firearm to a Gun Trust as soon as possible. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) recently published a new rule that regulates the possession of firearms with such a brace. The rule will reclassify such […]

Hiring a Professional to Be Your Trustee

I am often asked during the estate planning process by clients, whom do we name as trustee? Choosing a trustee to manage your estate is one of the most important estate planning choices you must make. An executor’s responsibilities deal with the execution of your will. A trustee has responsibilities for the execution of the […]

Withholding on Distributions to Foreign Beneficiaries of U.S. Estate Six-Step Process

Determining the U.S. tax to be withheld on distributions made to foreign beneficiaries of U.S. estates requires consideration of several factors. These six steps can help fiduciaries in navigating this process. One: Determine the Tax Status of the Beneficiary This step entails confirming that the Beneficiary is in fact a nonresident alien (NRA) and not […]

I am asked this question often as an Estate Planning Attorney

What is Revocable Trust? Is it the Same as a Living Trust? A revocable trust, a living trust, and or a family trust are all terms used in estate planning that mean the same thing. You are often called the grantor who transfers your assets into the name of the trust, naming yourself as trustee. […]

December is the perfect time to discuss your philanthropic goals in your estate plan.

It’s the time of year, the Holidays when 30% of all charitable giving takes place. A steady increase in gifts has occurred, 18% since 2018, even with the increase in the standard deduction under the Tax Cuts and Jobs Act. Recently Wealth Management Magazine examined the gifting activities of 1,000 private foundations with assets between $1 […]

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