Blog

Dec. 19, 2022

It's that time of year again where families gather together to celebrate the holidays. For some, this is a cherished tradition filled with excitement and joy. For others, it can be a reminder of loved ones who are no longer with us. Either way, the holiday season is often a time when people reflect on what is important to them.

Dec. 13, 2022

Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.

Dec. 6, 2022

With the end of the year fast approaching, it is important to plan for tax savings. Charitable giving can be a great way to save on taxes and make a difference in the lives of others. Not only does charitable giving provide you with a tax deduction, but it also provides you with an opportunity to give back and support your local community.

Nov. 29, 2022

As we’ve explained in several prior newsletters, a trust is a legal relationship between three parties: the grantor, also called trustor or settlor, the trustee, and the beneficiary. The grantor is the person who creates and funds the trust. The trustee is the person who manages the trust property according to the terms of the trust agreement. The beneficiary is the person who benefits from the trust property.

Nov. 22, 2022

As people age, accessing healthy meals can become more challenging. According to Feeding America, one in five older adults was food-insecure in 2020. Some older adults struggle with affording healthy foods, whereas others have difficulty going to the grocery store and preparing meals when recovering from an illness or injury.

Nov. 22, 2022

This week I am spending time with family reflecting on all God's wonderful blessings in my life; my health, my children, my home, my firm family (all of you guys that I have the privilege of serving), and countless other blessings. I came across this prayer written by Ralph Waldo Emerson a few years ago, that captures these feelings of gratitude that I would like to share, because it is a reminder to be thankful for all things.

Nov. 15, 2022

A children’ s trust is the best way to protect and provide for your little ones. By creating a trust properly, you ensure that your children have the resources they need when they need it. However, your carefully laid plans can be ruined by making one of these common mistakes.

Nov. 8, 2022

The tax Code provides a very strong incentive for making gifts of appreciated property to charity. Not only is there an income tax deduction for the fair market value of the contributed property, which offsets ordinary income, but at the same time you do not recognize the gain on which you would have been taxed had you sold the property and contributed the proceeds.

Nov. 1, 2022

In a previous blog post, we talked about the grantor retained annuity trust, or GRAT, and gave a brief description of that planning strategy which is based on section 2702 of the tax Code. In short, the GRAT is a device for discounting the present value of a deferred gift, but it requires that the trust be funded with assets from which a fixed annuity can be paid. What if the asset you are trying to give to your children and grandchildren is your residence?

Oct. 25, 2022

If you're like most people, you have worked hard to accumulate assets over the years—assets that you want to protect for yourself and your loved ones. You may have also heard about irrevocable asset protection trusts and wondered if one might be right for you. In this blog post, we will discuss what irrevocable asset protection trusts are, who might need one, and the benefits of having one in place.