October 2016

2910, 2016

An Overview of the IRC Section 2704 Proposal

Section 2704 of the Internal Revenue Code (IRC) pertains to family-controlled corporations and partnerships, specifically dealing with gratuitous transfers between family members in connection with the family owned business. According to IRC, the IRS can [...]

2910, 2016

Understanding the Irrevocable Life Insurance Trust

Life insurance can give great peace of mind to the insured by providing for their loved ones after their death. Life insurance benefits can help pay for your children’s college education or provide for your [...]

2910, 2016

Special Features of Special Needs Trusts

Parents wish to provide for their child with special needs after the parent passes away. However, many parents fear that the inheritance left to their child may disqualify the child from crucial government assistance programs. [...]

2910, 2016

Does My Trust Need a Separate Tax ID Number?

The type of trust that you utilize in your estate planning will affect how the trust’s income will be taxed. This is an important consideration when creating a trust as it will determine who will [...]

2910, 2016

Will My Will be Valid if I Move to Another State?

One common method of estate planning is a will. A will distributes your estate and contains certain instructions for your beneficiaries. Individuals often question whether their will will be valid if they move to another [...]

2710, 2016

3 Tips for Overwhelmed Executors

While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a [...]

2010, 2016

3 Celebrity Probate Disasters and Tragic Lessons

With extreme wealth accumulated, one would assume that celebrities would take steps to protect their estates. But think again: Some of the world’s richest and most famous people enter the pearly gates with no estate [...]