Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are subject to the federal tax. And even though President Biden has proposed reducing the exemption to $3.5 million, it’s uncertain whether that proposal will pass Congress. If nothing happens, the exemption is scheduled to revert
Trusts Archives - Crawford Ellenbogen
Apr 29, 2021
Dec 1, 2020
Avoid these four estate planning deadly sins
- By Victor Dozzi
- Estate
- 0 Comments
According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are four transgressions to avoid. Sin #1: You don’t update beneficiary forms.
Jul 2, 2020
Concealing a trust could run afoul of state law
- By Victor Dozzi
- Estate
- 0 Comments
If your estate plan includes trusts, you may want to keep them a secret from the beneficiaries, such as your children. But, don’t run afoul of state law, which may require trustees to disclose information to beneficiaries. For example, the Uniform Trust Code adopted by many states requires a trustee to provide trust details to
Aug 6, 2019
Naming a trustee may be one of the most important decisions of your life
- By Ellenbogen
- Estate
- 0 Comments
One of the major decisions you’ll need to make when establishing a trust is who will act as your trustee. As the name implies, this individual or financial institution must be above reproach. But that’s just one quality of many that your trustee requires. Other qualities include an understanding of tax and trust law, integrity