The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...]
What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...]
Is It Time to Update Your Beneficiaries?
Taking the time to create an estate plan is only the first step toward protecting everyone and everything that is important to you. You must also update your plan for it to be successful and work as intended. One thing people often forget is to review and revise are the beneficiary designations within their estate plan. To keep you from making that mistake, the Phoenix estate planning lawyers at Morris Hall PLLC explain when and why you need to update your beneficiary designations. Estate … [Read more...]
What Happens If Someone Passed Away without a Will or Trust?
When a recently deceased loved one leaves behind a Last Will and Testament and/or a trust agreement the steps that need to be taken to administer the estate are much clearer. Unfortunately, not everyone executes a Will or a trust agreement prior to death. In case you are faced with such a situation, a Phoenix probate attorney at Morris Hall PLLC explains what happens if someone passed away without a Will or trust. What Does It Mean to Die Intestate? If a decedent left behind a valid Last … [Read more...]
What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. … [Read more...]
Does Your Estate Have Sufficient Liquidity?
When you think about estate planning concerns, the issue of liquidity is probably not the first thing that pops up. In fact, you might not have considered it at all – but you should. The estate planning attorneys at Morris Hall PLLC explain why having sufficient liquidity in your estate assets is an important factor if protecting loved ones is one of your estate planning goals. What Happens After You Are Gone? No one really wants to think about their own death; however, estate planning … [Read more...]
Understanding Asset Protection Trusts
Acquiring assets is undoubtedly part of your overall estate plan; however, simply amassing assets without taking steps to protect those assets can cause the most well-drafted estate plan to fail. One way to protect assets is through the creation of an asset protection trust. With that in mind, the trust attorneys at Morris Hall PLLC explain what you should know about asset protection trusts. Common Types of Asset Protection Trusts What Else Do I Need to Know about Asset Protection … [Read more...]
What’s Estate Planning Got to do with Interest Rates – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. Read on to learn more. … [Read more...]
What’s Estate Planning Got to do with Interest Rates – Part I
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment. Read on to learn more. … [Read more...]
The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...]
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