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Estate Planning & Trusts
In early 2020, we alerted you about Congress’s enactment of the “Secure Act” in a two-part article series. For the most part, this new federal law ended “stretch” inherited individual retirement accounts allowing beneficiaries to withdraw IRA funds over the course of their ...
Few spouses recognize that just as you can make annual trust gifts for other family members that are excluded from federal gift and estate tax, you can also make annual tax excluded gifts to your spouse. These spousal tax excluded gifts are often an overlooked opportunity b ...
We previously provided an overview of Charitable Remainder Trusts (“CRTs”) and suggested that now might be a good time to employ this strategy to avoid immediate capital gains taxes on appreciated or concentrated marketable securities positions. That overview has sparked a ...
Each year, the approaching Holidays spark questions about the federal gift tax and its applicability to year-end gifts. We all quite naturally want to make gifts in this season so that we can watch our loved ones enjoy them. For those who can afford to do so, thi ...
Inflation Adjustments and Initial Observations on the 2017 Tax Act’s Impacts: In late October, the Internal Revenue Service issued its inflation-adjusted exemptions, exclusions and tax brackets to be used for 2018 federal tax returns. See generally, Internal Revenue Notice 2 ...
We recently reviewed and extolled the benefits of Inheritance Trusts in three blog posts on this website. Two of the principal benefits of such trusts are to provide creditor and divorce protection for beneficiaries on accumulated trust income and to immunize such accumulate ...
A Personal Representative is the individual who is appointed to carry out all of the duties of collecting a decedent’s assets, paying the decedent’s outstanding obligations, and distributing the remaining property to the decedent’s legatees or heirs. When you become a Person ...
Richard T. Wright will be a featured speaker and panelist on “Maryland Trust Act Developments and Applications” at the Maryland Bar Association’s Advanced Tax Institute on November 15, 2016. Learn more about the Maryland State Bar Association’s 2016 Advanced Tax Institute at ...
Are you a Trustee or Trust Beneficiary with financial responsibilities that seem a little overwhelming? You may have realized there are several legal obligations, processes and actions in taking on the role of a Trustee or Personal Representative. Here at the Wright Firm, we ...