Estate Law News

If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, you may need to report it. 

It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event you lose everything, it is important that your estate planning and other important documents are beyond reach and easily retrievable. 

When interest rates are low, intrafamily loans can be a good way to assist children with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the next generation.

A number of tax proposals being considered in Congress that could significantly affect gifting and estate plans. There are planning strategies to help protect your estate from future tax changes, so now is a good time to look at your estate plan and see if you need to make adjustments. 

Summer is winding down and if you are one of the lucky ones, you got to spend some time at a family vacation home. How do you make sure your children and grandchildren can enjoy that second home as much as you did?

Marriage is supposed to be “until death do us part,” but after one spouse dies, is it possible to have the marriage annulled? It can be done, as a Nebraska widower recently learned, but only in certain circumstances. 

Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.  

While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and minority valuation discounts are one strategy.

Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children.  

Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may.