Gift Tax Surprise

June 20, 2025
"Every year I pay income tax. And when I pass away my estate will owe tax. But I was absolutely stunned today to hear that I might even have to pay a gift tax! Do you mean that if I give this land to my children, there is yet another...

Zero-Tax Cash and Trust

June 13, 2025
About 15 years ago, Linda's father passed away. As her inheritance, she received a commercial lot that was a mile outside of town. At the time she received the inherited property, it was worth about $100,000...

Domicile - Where You Live Affects Your Taxes

June 6, 2025
A successful business owner with a large estate passed away in 1976. He had grown up in Texas, moved to California and also lived for many years in Nevada...

Family Limited Partnerships

May 30, 2025
A family limited partnership (FLP) is usually created by parents. It has several purposes. An FLP can save estate taxes and permit transfers to family members...

Family Business Bailouts

May 23, 2025
Joe and June started Children's Clothing Company 30 years ago. They are now both age 65 and are interested in retiring. Their daughter Susan is currently the company president and their son Michael is the vice president of marketing...

Family Business - Sell and Retire

May 16, 2025
Bill and Alice started their family business many years ago. The early years were very challenging. Both worked without salary and it was a great struggle to finally get the business on a solid financial base...

Loans and Sales to Children

May 9, 2025
Parents are frequently approached by children who desire loans for various purposes. Parents may make a loan to a child for the down payment on a home, to start a new business, to cover costs for a personal emergency or for education...

Gifts with Life Income

May 2, 2025
Many friends of charity have acquired appreciated property over time. A great way to use this appreciated property is for a charitable gift...

Gifts of Homes

April 25, 2025
Most families purchase their largest personal residence in their mid-forties. Families with children often need the additional space...

Gifts of Land

April 18, 2025
Many friends of charities have benefited from a gift of land or a gift of land with a building or other structure. There are two main benefits for this gift...

Gifts of Stock

April 11, 2025
What will the market do this year? Perhaps the best answer is, "It will go up and down." Stock returns vary to a significant degree each year. However, long-term stock returns have been reasonably substantial...

Gifts of Cash

April 4, 2025
Many people use their annual gift exclusion as part of an overall estate planning strategy...

Irrevocable Life Insurance Trust (ILIT)

March 28, 2025
Susan and Steve have been talking to their tax attorney, Elizabeth, about plans for their family. Susan is very concerned about their family...

Life Insurance - Costs and Benefits

March 21, 2025
Let's look at the "top five" reasons people give for not owning life insurance...

'Wait A While' Trust

March 14, 2025
Bill and Clara were talking to their attorney Susan about gifts for their family...

'Give It Twice' Trust

March 7, 2025
A very popular option for a parent with children is called the "Give It Twice" trust. This is a trust funded when the surviving parent passes away...

Trusts for Creative Spenders

February 28, 2025
Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function: It protects the principal from being rapidly spent by a child...

Trusts to Protect Children

February 21, 2025
Trusts are an excellent way to provide for the support and care of children while protecting them. Two important reasons to create a trust are to care for minor children or for a special needs child...

Trusts for Surviving Spouse

February 14, 2025
There are three different basic types of trusts for a surviving spouse: a qualified terminable interest property trust (QTIP), a qualified domestic trust (QDOT) or a charitable remainder trust (CRT)...

Income for Surviving Spouse

February 7, 2025
Elliot and Alexis were concerned about planning for the future. They had built a substantial estate of $1,600,000. When Elliot was 70, he rolled over his $600,000 qualified retirement plan into an IRA. Because he is now over age 73, Elliot is taking distributions...