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Category Archives: Income Tax

Education Trust vs. 529 Plan A Comprehensive Comparison

Education Trust vs. 529 Plan: A Comprehensive Comparison

By John L. Wong, Esq. |

When it comes to saving for your child’s education, two popular options often come to mind: Education Trusts and 529 Plans. Both have their advantages and disadvantages, and understanding the tax implications of each can be crucial in making an informed decision. In this article, we will delve into the differences between Education Trusts… Read More »

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Significant Proposed Estate Planning Changes Seem to Be Disappearing

By John L. Wong, Esq. |

When you closely monitor estate planning changes for almost 20 years you learn to not overreact. There seems to always be a significant proposed change in the law that may affect estate planning.  2021 was no exception.  Three major proposed changes were included in President Biden’s Build Back Better plan: Reducing the estate tax… Read More »

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Eliminate Capital Gains Tax with a Trust – The USB Trust™

By John L. Wong, Esq. |

Yes, you read that right: You can eliminate capital gains tax with a Trust.  The good news: it is completely legal.  We have no interest in assisting any client with tax fraud and would never advocate a scheme that is even remotely fraudulent.  The bad news: It is not as simple as putting your assets… Read More »

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Trump’s Proposal to Repeal Estate Taxes

By John L. Wong, Esq. |

President-elect Donald Trump made several promises during his campaign for President. As your estate planning attorney, we have focused on Trump’s promises related to estate tax reform. Based upon Trump’s tax plan, the following are Trump’s proposed changes to the federal estate tax regime during his presidency. Current Estate Tax Regime Currently, a married… Read More »

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Adding Your Child to Title on Your House to Avoid Probate – Good Idea?

By John L. Wong, Esq. |

Should You Add Your Child to Title or House Deed to Avoid Probate? The simple answer is no. First, let’s discuss why many of you are considering adding your child to title. Someone, perhaps an estate planning attorney, has told you that when you die, your assets go through probate. There are certain assets… Read More »

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