As we enter an important election year, it raises questions about how much work Congress will accomplish in 2024. In particular, will Congress extend the high estate tax exemption introduced in 2017 under the Tax Cuts and Jobs Act or allow it to sunset in 2025?...
Cryptocurrency is still in its infancy but has become increasingly mainstream over the last few years. As a result, more people have to address cryptocurrency in their estate plans. If you have a meaningful amount of cryptocurrency or other digital assets, such as...
The Tax Cut and Jobs Act of 2017 (“TCJA”) made meaningful changes to the tax code which is set to “sunset” at the end of 2025. Come Jan 1, 2026, the historically high estate and gift tax exemption, among other provisions, will disappear and revert to pre-TCJA...
Irrevocable trusts are created with the intent that they cannot be altered, amended, or revoked. The benefit is that such trusts can be used to minimize estate taxes or protect assets for numerous purposes such as Medicaid planning or to provide creditor...
If you are the beneficiary of a trust but lack critical details about the trust, most states have streamlined procedures in place that allow you to obtain information without the need for a full court proceeding. As a trust beneficiary, you are entitled by law to...
The generation-skipping transfer tax (GST) is perhaps one of the most confusing and least understood topics in estate planning. Many attorneys have only a limited understanding of how GST works beyond the basics. This is problematic because GST tax can have a...