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
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the estate’s income tax return (Form 1041). Making this decision impacts the estate’s overall tax liability
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
In this episode of Future Focused: Sophisticated Estate Planning, host Michael Clear welcomes Corporate Partner Daniela Spanos to dive into planning strategies tailored for founder-owned businesses navigating an exit or a transition to a new form of ownership. They examine the key drivers behind seller decisions, such as liquidity needs and retirement goals, and explore
Probate litigation is an area of law that can be fraught with unexpected twists and critical deadlines. The recent decision in Chartier v. Valliere, 234 Conn. App. 1 (2025), offers a compelling look into the complexities of will contests, the significance of precise court language, and the perilous consequences of delayed action. This case
On this episode, host Erin Nicholls welcomes Victoria Fiengo, Private Client Services Associate, to discuss the complexities of self-dealing in private foundations. The discussion focuses on the importance of understanding the broad definition of disqualified persons to avoid impermissible self-dealing actions that the IRS would consider an abuse of its rules. In this vein, practitioners