Tax & Corporate Lawyer Blog
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Merry Christmas from the Law Offices of Barry L. Gardiner.
Merry Christmas from the Law Offices of Barry L. Gardiner.
Proceeds from life insurance are usually not taxed, and so a life insurance trust is an option to pay estate taxes.
Because life insurance proceeds generally are not taxed for U.S. Federal income tax purposes, a life insurance trust could be used to pay estate taxes. However, if the decedent holds any incidents of ownership like the ability to remove or change a beneficiary, the...
Estate plans can include durable power of attorney, a living will, and/or a healthcare proxy.
Your estate plan can be set up to create directives that dictate what should happen to your estate, in regards to your personal care if you were to become legally incapacitated.
Estate planning and privacy
An estate plan can be designed to prevent your will becoming a matter of public record, should your family’s privacy be a concern.
As of 2018, you may give away as much as $15,000/year without incurring gift taxes.
One tax strategy to minimize, or avoid, federal estate and gift tax is to distribute your property incrementally, as gifts during your lifetime.
A short list of what estate planning involves. – Wikipedia
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial...
Revocable Trusts vs. Irrevocable Trusts: Which Trust Is Right for Your Clients? | ThinkAdvisor
Living trusts tend to come in two basic flavors: revocable and irrevocable. Most clients will instinctively favor the revocable version. After all, why should they want to put their money into something they can never change, when they could put it into something they...
Gift taxes apply to transfer of property during a person’s lifetime.
Gift taxes apply to transfer of property during a person’s lifetime. Estate taxes apply afterwards. There are many strategies to minimize the amount of taxes paid in either case, in accordance with all laws. Barry Gardiner is an expert in all of these avenues. Let him...
7 Major Errors In Estate Planning – Forbes
In a sense, everyone does have an estate plan; state law makes this point a certainty. It simply may not be the plan that you had in mind, or that your family would have preferred. Not having a will means that at your death the distribution of your assets will be...
According to US Law, assets left to your spouse are not subject to estate tax.
However, assets left to other heirs may be. Barry Gardiner Law can help you structure your estate plan to account for this in the most favorable ways codified by the law.