Congressman Sander Levin (D-MI), ranking member of the House Ways and Means Committee, and other Democrats recently introduced a bill, H.R. 4996, to adjust the estate, gift and generation-skipping transfer taxes to more “sensible levels.” Hence, the bill was given the catchy name, the “Sensible Estate Tax Act of 2016” (the “Act”). Currently, a U.S... read more →
Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Wealth Transfer
Planning With A GRAT
An effective estate planning method for transferring assets to family members with little to no gift tax consequences may be achieved through the use of a Grantor Retained Annuity Trust (a “GRAT”). What is a GRAT? A GRAT is an irrevocable trust established by a grantor (the creator of the GRAT) in accordance with Internal.. read more →
Estate Planning, Estate Tax, Gift Tax, Gifts, Grantor Retained Annuity Trust (GRAT)
The Benefits Of A QPRT
QPRT is an acronym that stands for Qualified Personal Residence Trust. A QPRT is an irrevocable trust used as an estate planning technique to make a gift of a residence to family members at a reduced gift tax cost. The grantor of a QPRT (the person who creates the QPRT) may transfer a principal residence, another.. read more →
Estate Planning, Gift Tax, Qualified Personal Residence Trust (QPRT)
Considerations When Adding Children On Title To Real Estate
Problem. Bob and Mary Smith are in their 70s. They want their eldest daughter, Darla, to assist them in managing their assets. So, Bob and Mary add Darla as a signatory on all of their bank and brokerage accounts and they add Darla on title (as a co-owner) to all of their real estate holdings. .. read more →
Estate Planning, Gift Tax, Gifts, Property Tax
Kids grow-up fast. Before you know it, they are ready to embark on their college careers. Unfortunately, the cost of college tuition has escalated substantially over the last 20 years, placing a significant financial burden on parents, grandparents and students alike. I recently performed an informal survey to find out what some California colleges are.. read more →