Domicile is a subjective concept — it depends on your intent. However, when disputes arise over a person’s domicile, courts look at a number of objective factors to aid them in determining a person’s domicile. The following list contains some of the factors courts have considered as indicative of an intent to establish domicile in
Though the words are often used interchangeably in casual conversation, domicile and residence are two distinct legal concepts. Your domicile is the place you intend to make your home. You may be a resident of more than one state, but you are domiciled in only one state. Domicile is
A wealthy family may create a family office to achieve a wide range of objectives. These objectives may include realizing the benefits of pooled capital in order to maximize the universe of available investment opportunities at optimal cost; maximizing investment returns; ensuring financial security for future generations; and providing coordinated administrative, managerial and wealth advisory
A personal residence can be an ideal asset to gift to a properly designed trust for your descendants or other beneficiaries.
The basic concept is deceptively simple: Parent establishes an irrevocable trust for the benefit of children, thereby locking in use of Parent’s lifetime gift exemption as a hedge against a reduction in the exemption
GRATs Allow Transfer of Wealth Outside Your Estate With Minimal or No Gift Tax
Now is a good time to consider wealth transfer strategies that remove assets from your taxable estate. A common strategy is a grantor retained annuity trust, commonly referred to as a GRAT.
Description. A GRAT is a strategy that freezes the
Many of our clients want to facilitate their child’s purchase of a home. In doing so, there are several options to consider:
A Qualified Personal Residence Trust (“QPRT”) is a special kind of irrevocable trust that can be used to transfer your residence to your children at a significantly reduced gift tax cost.
How This Technique Works. During your lifetime, you transfer your residence to a trust and retain the right to continue to live in
As the new year approaches, we present our annual year-end advisory for 2023. This edition highlights noteworthy estate and gift tax changes in the law and outlines planning opportunities that can be utilized before the end of the year. We also take a moment to recognize some of our accomplishments in 2023 and provide our
Following up an advisory we published last year (click here to read), we offer this update on recent developments in the case of Salce v. Cardello that may have meaningful implications for the use and enforcement of no contest clauses in wills and trusts.
In a narrow and unusual ruling, the Connecticut Supreme Court denied
Ownership of real property in multiple states can raise many estate planning issues. How the property is titled (i.e., whether the property is owned directly or through an entity, such as a trust or a limited liability company, may have a dramatic impact on the settlement of your estate and the taxes due. Fortunately, there