Estate Planning

Common Mistakes with DIY Estate Plans

More and More Do-It-Yourself Wills and Trusts Available Online Every year I feel compelled to write about why online and pre-packaged estate planning documents are a big NO-NO. Just today, I received an email regarding a program. called Trust & Will. The internet offers all the information and tools we need to create our estate […]

The Harmonious Family that Won’t Fight

Do You Remember the Last Time You Had a Fight with Family Members? As we begin the start of the 4th of July Holiday weekend and the vacations families share around this time, I think about the messy and dysfunctional family, the back-stabbing Roys as I conclude the show Succession. Most families are happy families. […]

Planning Your Estate is Like Planning a Summer Barbecue

Summer has started, enjoying warm-weather activities, including backyard barbecues with friends and family. Although a cookout may be informal, planning is crucial to its success. Planning is critical to any successful endeavor and is valid for estate planning. Preparations are necessary for a successful cookout; the food, the condiments, the sides, and a little planning […]

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 […]

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 […]

Is Your Estate Plan Complete? Have you Considered These Points?

Roughly two-thirds of Americans do not have an estate plan, according to a recent survey from Caring.com. 1 If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think that your estate plan is settled. But think again. An estate plan is a […]

International Tax Series Part 3: The Taxation of Superannuation (Australian Retirement) Accounts

U.S. Income tax, Estate tax, and Inheritance tax In Part 1 and Part 2 of this series, we discussed that having an Australian superannuation account can create additional U.S. tax and reporting obligations, and these obligations were not adequately addressed in treaties between the U.S. and Australia. We now delve into the Internal Revenue Code […]

Extension of Time to file Portability Return

Effective July 8, 2022, the IRS has extended the time frame for electing portability from 2 years to 5 years after the decedent’s death under IRS Revenue Procedure 2022-32. What is portability? Portability is an estate planning tool and a way for spouses to combine their exemption from estate and gift tax. A surviving spouse […]

Tax Codes

The Tax Cuts and Jobs Act (TCJA) The Tax Cuts and Job Acts of 2017 made significant changes to the IRS tax code. While most people were looking at the reforms to the individual income tax, itemized deductions, childcare tax credit, and more, our job was to pay attention to the estate and gift tax exclusions. The […]

Estate Planning for the Family Business

Business owners are playing with fire without a business succession plan. A business succession plan is key to the continuity of operations of a family business, and an estate plan should integrate the succession plan for a family business with estate planning. Many people recognize the need for such a plan, but they struggle with understanding why […]

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