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Many states offer married individuals the option of filing for legal separation as opposed to divorce or dissolution of marriage. If you are unhappily married, you may wonder why there are two paths and which one you should pursue. Before you make a choice, you...
A private split dollar arrangement is an estate planning strategy that allows individuals to set up an Irrevocable Life Insurance Trust (ILIT) providing money for heirs while minimizing gift and estate taxes. It is one of many tools that allow wealthy individuals...
A Will is an essential legal document that sets forth how you want your assets to be distributed upon your death. However, in some instances, your beneficiaries may want extra assurances that they will receive what was promised to them because they are concerned...
Trusts are one of the most commonly utilized tools in estate planning. A significant benefit of a trust is that it can last for many generations depending on how it is drafted. However, that can also be a downside. Sometimes, due to the evolution of laws and other...
Few people can match the $1 billion donation of Ruth Gottesman to the Albert Einstein School of Medicine endowing the school to be forever tuition-free. However, incorporating charitable giving into your estate planning offers considerable rewards even at...
Gift tax returns are filed with the IRS to report gifts that exceed the annual exemption amount. This amount changes every year. For 2023, the amount was $17,000 and it has increased to $18,000 for 2024. As with any tax return, it is important to understand your...