This time of year, many parents with a college-aged child are squeezing in last-minute vacations, back to school shopping and other activities before their child returns to college or starts first semester. However, one component that is often overlooked is to ensure adult children have adequate estate planning in place to address their financial and
Pausing to reflect and consider a world without you — or a world with an impaired version of you — is not easy. It is also not easy for your loved ones. Implementing an estate plan is like handing a roadmap of your wishes to your friends and family when you are unable to speak
“I notice that your account does not have a beneficiary listed, would you like to list one now? Listing a beneficiary can avoid the expense and delay of probate.”
This is a question more and more of our clients are being asked (and encouraged to prepare) by representatives at financial institutions. However, for many of our
In a previous Wiggin and Dana LLP advisory, we addressed what constitutes a “foreign trust” under the Internal Revenue Code (IRC).[1] We now explore the tax consequences of a foreign trust, as well as the differences between a foreign grantor trust and a foreign non-grantor trust.
There are many benefits of having
Despite recent legislative advancements, including the 2015 historic Supreme Court decision in Obergefell v. Hodges to make same-sex marriage legal in all 50 states, lesbian, gay, bisexual, transgender and queer (LGBTQ+) individuals and their families still face unique challenges when ensuring their intentions and directives are respected and met, particularly after their death. Whether you
Like individuals, trusts are subject to income tax by the federal government and a majority of states. If a trust is characterized as a “grantor” trust, then its income is reported by the grantor thereof, who is usually the trust creator, and taxed as if earned by the grantor individually. If the trust is characterized
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
While historically high federal transfer tax exemptions remain in effect, the Spousal Lifetime Access Trust (“SLAT”) (also sometimes referred to as a Spousal Estate Reduction Trust, or “SERT”) remains one of the most effective planning techniques for married clients.
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