Income tax reporting obligations do not cease at death. In fact, there may be multiple taxpayers required to file income tax returns after the death of an individual.  For example, the decedent, the executor of the decedent’s estate and trustees of trusts created by the decedent each has income tax reporting requirements.  The basics of

Congratulations, you just signed your Will and your Revocable Trust.  You set out clear directions on how your assets should pass at your death.  Your heirs will be grateful.  But there is more you can do to ease the burden of estate administration – you can fund your Revocable Trust while you are alive. Set

A directed trust is a sophisticated planning technique that divides the traditional duties of a trustee among more than one person or institution.  Unlike a standard trust with multiple co-trustees, all of whom would share the same duties, a directed trust makes each “trust director” responsible for a different type of task on behalf of

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

New York has become the first state to enact an analogue to the federal Corporate Transparency Act (the “CTA”), having signed the New York Limited Liability Company Transparency Act (“NYLTA”) into law on December 22, 2023, and later amending it on March 1, 2024.  The NYLTA, which will become effective on January 1, 2026, aims

Sometimes, a Trustee of an irrevocable trust needs guidance on properly administrating a trust or seeking formal approval for their actions. Historically, in Connecticut, the Probate Courts have served that function. Probate Courts provide a forum for a Trustee to raise questions or to seek formal approval of the Trustee’s actions. That could include seeking clarification

On Friday, March 1, 2024, Federal District Court Judge Liles Burke of the US District Court for the Northern District of Alabama issued a ruling on National Small Business United d/b/a National Small Business Association v. Yellen, in which the Court found that the Corporate Transparency Act (CTA) is unconstitutional “[b]ecause the CTA exceeds the

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

Overview

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