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


Individuals who are neither United States citizens nor U.S. “domiciled” (U.S. resident with an intention to remain indefinitely in the U.S.) are subject to a less favorable estate tax planning environment.  In 2024, individuals who are U.S. citizens and domiciliaries can transfer $13,610,000 free of estate, gift and GST tax during their lives or

With so many people fleeing their northern home states and heading south for a sunnier lifestyle, it’s more important than ever to understand the process of changing domicile and residence. On this week’s episode, Partner Michael Clear travels to sunny Florida and chats with Florida-based Partner Veronica Bauer on the necessary “checklist” to declare domicile

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.

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

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

Special Considerations Regarding Domicile in Florida

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

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