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.

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.

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.

Do I Need to Be Wealthy to Set Up a Trust?

April 22, 2020
Bill O’Leary, Esq.
Asset Protection, Business Planning, Elder Law, Estate Planning, Life Insurance, Power of Attorney, Probate and Estate/Trust Administration

If you've heard of trust funds but don't know what they are or how they work, you're not alone. Many people know just one key fact about trust funds: they're set up by the ultra-wealthy as a way to protect passing on significant sums of money to family, friends or entities (charities, for example) after they pass away.

How Do I Revoke a Trust on My Home?

I want to revoke my trust on my house. How much would this cost? I need to do this quickly and don't know how to go about it.

What Exactly Is the Estate Tax?

March 3, 2020
Bill O’Leary, Esq.
Estate Planning, Probate and Estate/Trust Administration

The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.

How Does a Bull Market Affect My Estate Plan?

2019 was a wild year in the market, but in the end the Dow ended up 23 percent year over year. The S&P 500 went up 29 percent over the year, and the Nasdaq climbed 36 percent. In fact, the market is up about 60 percent since Donald Trump was elected President of the United States. Those are some pretty impressive gains.

What Does an Estate Planning Attorney Really Do?

Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.

An Estate Attorney Can See How Law Changes Impact Your Estate Plan

If you haven’t looked at your will or estate plan lately, now is a good time to do so.