IRS Form 706 is commonly known as an “Estate Tax Return.” It is not well-known even by most accountants and is rarely filed. But estate planning lawyers will swear by them! So what’s the deal? Why are they so elusive to some, and yet so important to file according to others? Usually, there is a…
Who Needs a Bypass Trust? Prior to 2012, many married couples created joint trusts known as “A-B” trusts. The problem now is that these trusts may actually cause more harm than good. In this article, I discuss Bypass Trusts — who needs them, who does not, and what to do if you have one of…
It’s not the QTIP you’re thinking of! To better understand this concept, it’s advised that you first read my article about estate taxes and then my article on bypass trusts. The QTIP trust is a popularly-used strategy to limit potential estate taxes among married individuals, while also being able to control the destination of assets…
Why set up an irrevocable life insurance trust (ILIT)? An irrevocable life insurance trust (referred to as an ILIT) is a type of irrevocable trust that typically is used to own life insurance policies on your life. Instead of you owning the policy and naming your family members as the beneficiaries, the ILIT will own…
What is an Irrevocable Trust? Many people often ask me, “What’s an irrevocable trust?” Or some clients come ready to ask the follow-up question, “If an irrevocable trust means I cannot change it, why would anyone want to create one?” Let’s get one thing straight. No one wants a trust they can’t change. Rather, it’s…
Understanding the Estate and Gift Tax There are two types of federal taxes. The first, and more well-known one, is called income tax. The second type of tax is known as transfer taxes. There are three kinds of transfer taxes: the gift tax, the generation-skipping transfer tax, and the federal estate tax. One of the…
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