Wealthy individuals and families are increasingly incorporating charitable goals into their estate plan.  For donors who want to manage their philanthropic activities through longer-term vehicles, two of the most common options are donor-advised funds and private foundations.

Donor-Advised Funds

A donor-advised fund (DAF) is like a charitable savings account.  A donor opens and funds an

On this episode, Partner Michael Clear sits down with Larry Lipoff, CPA, TEP, CEBS, who is a Director in CohnReznick’s Trusts and Estates Practice, to discuss the key takeaways from the 58th Annual Heckerling Institute on Estate Planning Conference. They dive into topics such as the “Rockefeller Waterfall,” planning with fluctuating interest rates, a

Many people tend to believe that estate planning is something they can do once, and it is done. They made decisions several years ago about who should receive their assets after their death, who should serve as executor to administer their estates, and who should be the guardians for minor children. Congratulations on getting this

The year 2024 brings new changes to estate and gift tax laws in the United States, with updated exemptions, rates and regulations affecting taxpayers at both federal and state levels. As we settle into the new year, it is important to stay informed about the latest updates and requirements to ensure proper planning and compliance.

This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable life insurance trust (hereinafter referred to as an “ILIT” or the “Trust”).  When properly implemented and administered, an ILIT prevents the imposition of estate tax on any life insurance policies owned by the Trust

Assets that you own at your death are included in your taxable estate. Lifetime gifting offers an excellent opportunity to remove assets from your taxable estate, yet it is often psychologically and economically difficult for people to make gifts and completely relinquish control over an asset. For a client considering a lifetime gifting program, a

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