2021

When you choose someone to act on your behalf if you become incapacitated in the future, you allow them a great deal of power over your possessions or your health.

A partnership allows you to work with others toward the common goal of business success. However, choosing the right partner or partners is key when establishing your business as a partnership. What traits might you want to look for?

Many people turn to trusts during the estate planning process because they provide benefits that a simple will may not. By placing assets in a trust, those assets will avoid probate. This provides you with greater privacy and allowing your loved ones to receive their inheritance without the time-consuming probate process. It also allows you to include more detailed instructions for how and when your loved ones will receive their inheritance. However, your relationships and your wishes for your estate may change over time. When your life changes, can your trust change along with it? The answer depends on the type of trust you establish.

The structure you choose for your business can have a significant impact on its daily operations and the path you take toward future success. Each type of business structure has distinct benefits. Why might you choose to structure your business as a limited liability company (LLC)?

The legislative proposal approved by the Ways and Means Committee last week limits the application of the 75-percent exclusion and 100-percent exclusion rules (Section 1202) to taxpayers with adjusted gross income (“AGI”) of less than $400,000.

Here is a more thorough analysis from the Joint Committee on Taxation report of the tax provisions in the Ways and Means Markup released Monday, September 13 relating to estate tax, capital gains, grantor trusts and valuation discounts.

On Monday, September 13, the House Ways & Means Committee released a list of the tax proposals it plans to include in the legislative mark-up this week.

A college education is one important way for young people to invest in their future, and if you or a parent or grandparent you may want to set aside money to pay for your loved one’s college costs. How can you fund your loved one’s education in your estate plan?