The Real Story Behind Trust Fund Kids When we hear the phrase “trust fund kid,” words like “entitled,” “privileged,” and “financially irresponsible” might come to mind. But another word we should associate with “trust fund kid” is “protected.” What Is a Trust Fund Kid? According to a Forbes article published in 2021 about trust [...]

Your Clients’ Legacies: How Do They Want to Be Remembered?  As trusted advisors, we often discuss with our clients all aspects of the future, whether it be their financial future, the future support of their loved ones, or what the future will look like when they are no longer a part of it.  As [...]

Ways The Administration Wants To Modify The Tax Rules For Certain Trusts Taxes are not just for individuals—they can impact certain types of trusts as well. Whether a trust pays its own taxes or whether the taxes are paid by the trust’s beneficiaries or the trustmaker depends on several factors. Grantor Retained Annuity Trusts [...]

Four Improvements The Administration Wants To Make Regarding Administration For Trusts & Decedents’ Estates When a client dies, there are often several tasks that need to be completed to properly wind down the deceased’s affairs—funerals and other preparations need to be planned, bank and investment accounts closed, property transferred, arrangements made for pets, tax [...]

What You & Your Clients Need To Know About The 2024 Revenue Proposals On March 9, 2023, the Biden administration released a proposed budget for fiscal year 2024 calling for an increase in federal spending along with a series of counterbalancing revenue raisers. The budget was outlined in a document called the “General Explanations [...]

Has Your Client Outgrown Their Estate Plan? As estate planning attorneys, we work hard to set up estate plans that fit a client’s needs and ensure that everything works together for the client and their loved ones. Estate plans remain effective as long as they accurately reflect a client’s circumstances and current state and [...]

Helping Clients Embrace Estate Planning Etiquette May is National Etiquette Month, and the goal is to encourage all people to act with consideration, respect, and honesty in their interactions with others in their everyday lives. Etiquette can also play a role in estate planning. A well-crafted estate plan ensures that your client’s wishes are [...]

Help Your Clients Polish Up On Their Estate Planning & Personal Etiquette This Month: Important Probate Rules Everyone Should Know When a person dies, what happens next depends on whether the deceased person had any foundational estate planning documents such as a last will and testament (otherwise known as a will) or trust, who [...]

The Deceased Spouse’s Unused Exemption Amount: A Spouse’s Final Gift Spouses often work together to build wealth for themselves and their children. Congress recognized this by enacting the gift and estate tax portability election as part of the 2010 Taxpayer Relief, Unemployment Insurance Reauthorization, and Job Creation Act and making it permanent in the [...]

Spring Break Checklist After a long, cold winter, many of us—from the young to the more mature—are ready to make plans for spring break. As your client’s trusted advisor, you can provide valuable reminders to clients who will travel to take advantage of warmer weather and those who will enjoy their spring break at [...]