On December 18th, 2015, President Obama signed into law legislation that includes a permanent extension of the qualified charitable distribution (QCD) sometimes referred to as IRA Charitable [...]
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The Standard. A trustee must manage a trust according to a “prudent person” standard. A trustee is a fiduciary, which means the trustee’s actions must be in the best interests of the [...]
On December 18, 2015, the Senate passed a $1.1 trillion tax package with over $600 billion in tax breaks. Please find below the changes that made Santa’s nice list. Affordable Care Act [...]
As the end of the year approaches, it may be prudent to consider making gifts and taking advantage of annual gift tax exclusions. For 2015, an individual is permitted to gift $14,000 per [...]
You receive a call at home telling you this is your final notice from the IRS and that the IRS is going to file a lawsuit for taxes owed. This call is a scam. The IRS will never telephone you [...]
Withdrawing From a MEC Owned by a Life Insurance Trust The tax code limits the use of tax benefits of life insurance to accumulate cash with a small insurance benefit. Funding a cash-rich life [...]
Irrevocable life insurance trusts (ILITs) are designed to keep life insurance from being subject to estate tax in the insured’s estate. However, the trust must be precisely drafted and [...]
For many people, an Individual Retirement Account (IRA) can be your most valuable and important retirement asset. However, planning for the transfer of an IRA at one’s death often does not get [...]
Irrevocable life insurance trusts (ILITs) are designed to keep life insurance from being subject to estate tax in the insured’s estate. However, the trust must be precisely drafted and [...]
By its nature, an irrevocable trust cannot generally be changed. And the big fear of every irrevocable trust is inflexibility. Of the many “future looking” powers we can include in a trust, [...]
