Ready to kick off the New Year and make good on all those estate planning resolutions? On this first episode of 2024, Partners Erin Nicholls and Michael Clear highlight the estate planning opportunities resulting from changes in estate, gift and generation-skipping tax exemptions and discuss why 2024 is a good year to consider making big
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
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 we wrap up 2023, let us take a look back at some of the important estate planning topics that were discussed throughout the year. Our Partners Erin Nicholls and Michael Clear and their distinguished guests shared their expertise on a wide range of subjects, including Using Trusts for Your Beneficiaries, SLATs, Estate
Following up on a prior advisory that we published on “Estate Tax Planning and the Often-Overlooked Power of the ‘Med-Ed Exclusion’” (click here to read), we offer this update and a deeper dive into the gift of medical care that may have meaningful implications on estate planning strategies for many individuals.
First, by
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
As 2023 draws to a close, we gear up for a busy holiday season and start planning for 2024 (#FutureFocused). On this week’s episode, Partners Erin Nicholls and Michael Clear highlight a few things that clients and advisors should focus on as we near the end of the year, including putting the finishing touches on