How Does the Generation-Skipping Transfer Tax Work in Estate Planning?

Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.

Your Estate Planning Checklist for 2021

Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.

Did Robert Redford Have a Business Exit Plan?

January 15, 2021
Bill O’Leary, Esq.
Asset Protection, Business Planning, Elder Law, Estate Planning

Robert Redford officially bought what was once the Timp Haven Resort (now known as the Sundance Mountain Resort) in 1969. This year, he's stepped away, selling the resort to Broadreach Capital Partners and Cedar Capital Partners. While we don't know how much the resort was sold for, the structure of the sale shows how this iconic real estate investor has built a successful exit strategy.

How Can I Easily Pass My Home to My Only Child?

January 14, 2021
Bill O’Leary, Esq.
Elder Care, Elder Law, Estate Planning, Probate and Estate/Trust Administration

I am a single retired parent to an adult daughter, who is an only child. The home I currently reside for the last 26 years still has a mortgage and the deed is in my name only. I have a will that states everything is left to my daughter, and then to my grandson, if she proceeds me in death. Should my daughter be added to the deed?

What Do I Need to Know about Gift-Giving with the Biden Administration?

Gifting sounds pretty simple, but there are many ways to do it, and several tax ramifications to be aware of as well.

What’s the Estate Tax Exemption for 2021?

December 1, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Law, Estate Planning, Probate and Estate/Trust Administration

The federal estate tax exemption is going up again for 2021.

What is a GRAT and Does Your Family Need One?

During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.

Protecting Inheritance from the Taxman

October 17, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Care, Elder Law, Estate Planning, Life Insurance, Power of Attorney, Probate and Estate/Trust Administration

Received an inheritance of cash, investments, or property? Here are four ways that can help you keep it from being swallowed up by taxes.

Should I Create an LLC for Estate Planning?

July 22, 2020
Bill O’Leary, Esq.
Asset Protection, Business owner, Business Planning, Business Succession Planning, Estate Plan, Estate Planning

Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial not just for small-business owners but is also a powerful tool for estate planning.

How Does an Intentionally Defective Grantor Trust Work?

This type of trust can be established to benefit your spouse, children, grandchildren and other descendants. However, it may be more appropriate in some situations than others. Getting to know the details of what an IDGT is and how it works can help you decide if it makes sense for you.