A revocable trust is a flexible estate planning tool that allows you to manage and distribute your assets during your lifetime and after your death. You retain full control over the trust while you’re alive, with the ability to amend or revoke it at any time. Upon your death or incapacity, a successor trustee steps
For insiders of publicly traded corporations, there are numerous Securities and Exchange Commission (“SEC”) regulations to follow and abide by. One set of those regulations comes from Section 16(b) of the Securities Exchange Act of 1934 (“the Securities Act”), sometimes referred to as the “short swing profits rule,” which prohibits certain company insiders from making
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. The OBBBA makes permanent several provisions implemented by Trump’s 2017 Tax Cuts and Jobs Act (TCJA) and also introduces several new rules, many which significantly affect high-net-worth individuals.
Outlined below are five major takeaways from the OBBBA. If you
Intrafamily loans, or loans between family members, can be an effective estate planning tool to transfer potential growth on loaned funds between generations without reducing the lender’s lifetime gift and estate tax exemption. The Internal Revenue Service (“IRS”) generally scrutinizes intrafamily loans and may recharacterize them as disguised gifts subject
In the premiere episode of our Speaker Showcase, Partners Michael Clear and Erin Nicholls explore the evolving landscape of estate planning, with a special focus on strategies for middle and high-net-worth clients in Connecticut. The discussion addresses the potential sunset of the estate and gift tax exemptions in 2026, offering practical gifting strategies to maximize
Many individuals are honored when asked to serve on a philanthropic non-profit board of directors. Serving as a board member can be a rewarding experience, but it also comes with significant responsibilities. This article guides you through the essential steps and considerations before committing to this important role.
Members of a
How can you reduce taxes by removing assets from your estate? In this episode, Partner Michael Clear answers this question, highlighting several gifting strategies to shift wealth out of a taxable estate. Michael touches on strategies like making annual exclusion gifts, direct payments for tuition and medical expenses, opening 529 accounts, and creating life insurance
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
Art is a unique asset. A piece of artwork may have incredible personal significance to the collector and the collector’s family. It may also be a lucrative investment and a significant estate asset. In the event of a collector’s death, artwork cannot be easily divided and distributed to beneficiaries. The market value of a piece
As the new year approaches, we present our annual year-end advisory for 2024. This edition highlights noteworthy estate and gift tax changes and outlines planning opportunities for year-end and beyond. We also take a moment to recognize some of our accomplishments in 2024 and provide our outlook for the new year.