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Guarding Your Children’s Future: The Pros and Cons of Trusts and Direct Giving
Guarding Your Children's Future: The Pros and Cons of Trusts and Direct GivingPlanning for your children's financial future is a significant responsibility. Two common strategies include leaving assets in a trust for your children or directly giving money to their guardian. Each method has its...
Decoding Estate Planning for Millennials: A Guide for Financial Security and Legacy Creation
Decoding Estate Planning for Millennials: A Guide for Financial Security and Legacy CreationAs millennials, we're often caught in the whirlwind of life's milestone moments - getting married, welcoming a new baby, or even diving into the world of investments. But in this flurry of activity, one...
The Blueprint to Your Estate: Selecting Fiduciaries
The Blueprint to Your Estate: Selecting Fiduciaries Preparing for the future involves many important decisions, and estate planning can feel like navigating a labyrinth. A key decision in this process is selecting the right fiduciaries. This task involves designating trusted individuals or...
Unlocking the Future: A Guide to Effective Beneficiary Selection and Updates in Estate Planning
Unlocking the Future: A Guide to Effective Beneficiary Selection and Updates in Estate Planning Financial management encompasses various aspects, one of which is estate planning. This crucial process ensures that your assets are allocated according to your wishes posthumously. A key component of...
Clients Who Have Outgrown their Estate Plan
Clients Who Have Outgrown Their Estate PlanAs estate planning attorneys, we work hard to set up estate plans that fit a client’s needs and ensure that everything works together for the client and their loved ones. Estate plans remain effective as long as they accurately reflect a client’s...
Decoding the IDGT Debate: IRS Revenue Ruling 2023-2 and Its Impact on Estate Planning
Discover the implications of IRS Revenue Ruling 2023-2 on Intentionally Defective Grantor Trusts (IDGTs). The ruling clarifies that gifted assets to an IDGT are taxable to the grantor for income tax but do not receive a step-up in basis upon the grantor’s death. Learn how this affects estate planning strategies and asset protection for beneficiaries.
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