When considering the creation of a will or a trust, one usually thinks about pre-death planning. However, the beneficiaries have an opportunity where post-mortem planning comes into play. Let’s look at an important post-mortem planning tool – the disclaimer. A disclaimer is a refusal to accept an interest in or a power over property – Read the full article…
A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse. The reciprocal trust doctrine allows the IRS Read the full article…
With the advent of the Tax Cuts and Jobs Act of 2017, the estate, gift, and generation skipping tax exemptions increased dramatically, but these changes were only temporary. With the Biden administration now in place and at least some Democratic control of the senate, there is added uncertainty that should be evaluated soon. It is Read the full article…
This is a preview of one of the articles in the new KROST Quarterly Sports & Entertainment Issue, titled “Loan-Out Corporations: To Be or Not To Be” by Douglas Venturelli, Esq. with guest author Jonathan Louie, CPA. With the passing of the Tax Cuts and Jobs Act (TCJA) of 2017, many actors, writers, directors, and Read the full article…
