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…
We often get questions from clients on how to hold title to property they are about to purchase. As real estate might be the most important asset that an individual or couple may own, how ownership is vested is extremely important. Proper titling will affect the current and future rights of parties to the transaction, Read the full article…
In our last article in this series, we covered the different types of trusts that can be established. In this article, we’ll discuss uncommon trusts that can be utilized. Other Trusts That Can Be Established Blind Trust The trustees of a blind trust manage the assets in the trust without the beneficiaries’ knowledge. The beneficiaries Read the full article…
Please note the following updates for 2022 Estate and Gift Exclusions: Estates of decedents who passed away during 2022 have a basic exclusion amount of $12,060,000, up from a total of $11,700,000 for estates of decedents who passed away in 2021. The annual exclusion for gifts increases to $16,000 for the calendar year 2022, up Read the full article…
In the last article in our series, we covered the benefits a trust offers for creators and beneficiaries. In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Types of Trusts Revocable Trusts Revocable trusts (living trusts) can be changed or canceled at Read the full article…
Please note the following updates for 2022 Estate and Gift Exclusions: Estates of decedents who passed away during 2022 have a basic exclusion amount of $12,060,000, up from a total of $11,700,000 for estates of decedents who passed away in 2021. The annual exclusion for gifts increases to $16,000 for the calendar year 2022, up 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…
We are happy to announce the release of our newest quarterly magazine! The Sports & Entertainment Issue highlights some of the hot topics pertaining to sports & entertainment professionals such as tax issues for athletes, Loan-Out Corporations, Qualified Business Income Deduction, and more. What You’ll Find Inside this Issue: Game-Changing Tax Matters for Athletes By Read the full article…
