Articles
Estate Taxes Under a Second Trump Administration
It’s official. Donald J. Trump will take office as the nation’s 47th president in January 2025. With the upcoming expiration of the Tax Cut and Jobs Act (TCJA), what can we expect a second Trump Administration to do to the estate tax? In 2012, the American Taxpayer Relief Act (ATRA) was signed into law… Read More »
Estate Planning After Divorce – What Needs to be Done?
When going through a divorce, the last thing you probably want to do is hire an estate planning attorney. However, estate planning becomes a vital part of your life before and after your divorce. Why? Well, when you are married, some of your estate planning can be deferred to your spouse if you die first…. Read More »
3 Tax Issues to Consider in Estate Planning – Income Taxes
We previously wrote about how estate planning decisions are significantly affected by at least three different taxes – income, property and estate taxes. Here, we will dive deeper into how income tax consequences can affect the choices you make in your estate plan. First, we’ll start with simplified definitions of the following terms: Your… Read More »
3 Tax Issues to Consider in Estate Planning
When planning for the distribution of assets after your death, it’s important to understand the income, property, and estate tax consequences of decisions about who inherits, how, and when. Here, we introduce these tax considerations with the intention of delving deeper into each tax issue in future articles. Income Tax It may seem odd… Read More »
2024 Legal Updates
Modern Wealth Law is committed to providing our clients with comprehensive, up-to-date legal services. As part of this commitment, we have prepared the following summary of legal developments and strategies that can help you align your estate plan with the current legal framework. Portability and the estate tax exemption: The 2024 estate tax exemption… Read More »
The SLAT – Avoid Estate Taxes Without Giving Away Your Money
In the realm of estate planning, the use of various irrevocable trusts has become a staple strategy for individuals seeking to preserve and distribute their wealth efficiently. One such trust that has gained popularity, especially in light of the historically high estate tax exemption, is the Spousal Lifetime Access Trust (SLAT). This article will… Read More »
Education Trust vs. 529 Plan: A Comprehensive Comparison
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 »
Choosing Wisely: Naming Your Trust as Beneficiary of Your Life Insurance
Introduction Most people buy life insurance to provide assets to their loved ones upon their death. This becomes especially important when you have young children. Most people, wealthy or not, don’t have sufficient liquidity to maintain the current lifestyle for their children if they were to pass away. The simple solution in most cases… Read More »
Estate Planning for Expatriates: Securing Your Legacy Across Borders
Introduction – Living as an expatriate can be an exciting and fulfilling experience, as it provides the opportunity to explore new cultures, expand one’s horizons, and build a global network. However, amidst the thrill of living abroad, it’s crucial not to overlook the importance of estate planning. Estate planning is a crucial step for every… Read More »
Estate Planning for California Business Owners
As a business owner, you devote endless hours, resources, and energy to growing your business. However, amidst the daily demands of running a business, it’s crucial not to overlook the importance of estate planning for business succession. By creating a comprehensive estate plan, you can protect your business and secure your legacy. In this… Read More »
