Why Setting Goals Is Necessary in your Business Plan
May 16, 2018Setting Goals is an Important Part of a Business Plan Every successful company starts with a good idea. These ideas are expressed in goals that you set and carry out on paper. Your business plan is the document that you need to get started. See how important it is to develop this plan correctly and… Read more »
Which Comes First: Estate Plan or Exit Plan?
April 10, 2018Chicken or the Egg? It’s the Same with Estate Plan or Exit Plan Business Exit Planning is part of every successful business plan. An exit plan guides you on how you can leave your business. You do not want to bear the loss when you close your business. It answers the question of what you… Read more »
Can I Get the Capital Gains Benefit if I Buy My House from my Trust?
September 01, 2017Utilizing a QPRT for Capital Gains Benefit A qualified personal residence trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary. QPRT may allow for… Read more »
What if I Survive the Trust Term?
August 30, 2017Trust Term of a Qualified Personal Residence Trust (QPRT) A qualified personal residence trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary. Qualified personal residence… Read more »
Are There Any Disadvantages to a Qualified Personal Residence Trust?
August 28, 2017Qualified Personal Residence Trust-what are the advantages? What exactly is a Qualified Personal Residence Trust (QPRT)? A qualified personal residence trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate for the purpose of reducing the amount of gift tax that is incurred when… Read more »
What is a Qualified Personal Residence Trust and How Does it Work
August 24, 2017Learn About Qualified Personal Residence Trust (QPRT) A QPRT is a trust that holds a personal residence for a term of years, allowing you, in effect, to give away your residence at a discount and “freeze” its value for federal estate tax purposes—all while continuing to live in it. A Qualified Personal Residence Trust takes… Read more »
Are There Non-Tax Reasons to Use a Dynasty Trust?
August 22, 2017There are many reasons to Use a Dynasty Trust, some are non-tax reasons The non-tax reasons for creating the dynasty trust vary depending upon the needs and desires of the trustmaker. Dynasty trusts can be created to provide creditor and “predator” protection for the beneficiaries of the trust, generation after generation. They can shield against… Read more »
What is a Dynasty Trust?
August 18, 2017Dynasty Planning and Dynasty Trusts You can utilize your Generation Skipping Transfer (GST) Tax exemption to plan for several generations and build enormous wealth. This type of planning is known as dynasty planning. One of the reasons Congress enacted the GST Tax is to curb the wealth-building effects of dynasty planning. The concept of dynasty… Read more »
What is a Grantor Deemed Owner Trust?
August 16, 2017Grantor Deemed Owner Trust or Beneficiary Deemed Owner Trust-Call it what you will A Grantor Deemed Owner Trust (GDOT) is an irrevocable trust that is treated differently for federal income tax purposes than for federal estate tax purposes. For estate tax purposes, any gifts you make to the GDOT will be treated as completed gifts,… Read more »
Gifting Annual Exclusion Amounts
August 14, 2017I’ve Created an Irrevocable Trust and am Interested in Gifting Annual Exclusion Amounts to Decrease my Taxable Estate, but I am Gifting in Disproportional Amounts for Each of the Children’s Families. Isn’t This Giving Unequal Amount to My Children? When considering the nuances of gifting annual exclusion amounts, many questions like this arise. According to… Read more »