Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago—as well as the scheduled 50% reduction in the size of the federal estate tax exemption four years from now—has resulted in a renewed interest in estate planning for IRA and 401(k) accounts owned by married couples.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
In terms of federal tax law changes, the last year had much ado but little change.
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
Estate Planning may not be something you necessarily WANT to think about, but it could protect your interests and wishes long after you are gone.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.
In general, the best reason to establish a charitable trust, is if you would like to create a long-standing form of charitable giving.
This case should be required reading for any person who has an interest in an entity or a trust.
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