A Qualified Personal Residence Trust (QPRT) is a specific type of irrevocable trust that in certain circumstances can reduce estate and gift taxes by transferring a residence to a trust. Importantly, it is a strategy that is meant to be deployed during your...
When your child reaches 18, you may not realize that not only do their legal rights change, but so do yours as the parent. Your child is now considered a legal adult with the same rights and responsibilities as you. That means you can no longer obtain personal...
Discussion around end-of-life choices is slowly entering the mainstream. This is not surprising when we have an aging population and healthcare advances that can prolong life for increasingly ill people who only a few years ago might have otherwise died. However,...
As asset protection planning has gained prominence, more states are changing their laws to provide opportunities for individuals to create asset protection trusts. Such trusts were previously unavailable outside of a few limited jurisdictions. Connecticut made a...
Many parents wonder whether and when their children have to pay taxes. Children who earn wages pay taxes if their income exceeds their standard deduction, however, where children have unearned income, such as from investments or interest on bank accounts, they may...
When it seems like you’ve exhausted all tax-saving strategies, there still may be another one left. It’s called an Incomplete Gift Non-Grantor Trust (ING). An ING is an irrevocable trust designed to reduce or eliminate state income tax. It is typically used by...