Articles 2016-12-22T06:23:33+00:00

Articles

Big Changes Are Coming To The GA Trust Code, But Likely Not Until July 2018! (Originally Published March 2017 & Updated May 2017)

By Richard Morgan Many state legislatures over the last decade or so have been on a mission to modify state laws to become more friendly as to estate and trust laws. These changes have included, among others, the extension of the rule against perpetuities safe harbor from 90 years to either 360 years or longer, or a total termination of the rule (which effectively extends the number of years a [...]

February 15th, 2017|

NEWS ALERT: Important IRS Filings Due by May 1, 2017, for Those Involved with Micro-Captive Insurance Companies (IRS Notice 2016-66, as Modified by IRS Notice 2017-08)

The IRS has moved to put a yield sign in front of anyone creating or utilizing a micro-captive insurance company under IRC Section 831(b) by designating all (or mostly all) such micro-captives created on or after November 2, 2006, as transactions of interest which have significant notice requirements. These include the need for captive owners to file IRS Forms 8886 and every material adviser, which is anyone involved in a [...]

January 30th, 2017|

Non-Spouse Beneficiaries of Inherited IRAs & The 50% Penalty: Timing is Everything!

The IRS recently published IRS Information Letter 2016-0071. This Information Letter discusses rules that apply to anyone who has inherited an IRA account or other tax-deferred retirement savings account (which we will collectively refer to as “IRA accounts” for convenience in this post), and who is not the surviving spouse of the original IRA account owner (a “non-spouse beneficiary”). These rules are the Required Minimum Distribution (“RMD”) rules, and they [...]

December 8th, 2016|

NEWS ALERT: The IRS Just Confirmed That a QTIP Election Can Be Used With a Portability Election, Answering a Question That Has Existed Since 2010

The IRS recently answered a question that has existed for nearly six years now: whether Revenue Procedure 2001-38 would end up preventing the intentional use of a QTIP trust as part of planning aimed at using the new portability election to have a deceased spouse's Basic Exclusion Amount transferred to a surviving spouse.

October 3rd, 2016|

The Not-So-Obvious Reasons that Estate, Trust, Conservatorship, and Guardianship Related Disputes Are Going to Explode in Number in the Future

Common sense tells us that, as the number of older people in our country increases, the need for estate planning, trust planning, conservatorships, and guardianships will increase. Common sense also tells us that a increase in these matters will tend to result in an increase in the number of disputes related to estates, trusts, conservatorships, and guardianships. However, there are a lot of other factors which will lead to an [...]

September 27th, 2016|

Georgia 529 Plans Get Even Better For Married Couples

Beginning with the 2016 tax year (i.e., for Georgia income tax returns filed in 2017), the 529 Plan contribution income tax deduction for married couples filing jointly has doubled from a maximum of $2,000 per beneficiary account to a maximum of $4,000 per beneficiary account. When considering Georgia's flat 6% income tax rate, this will increase the maximum 529 Plan contribution tax benefit from the current $120 to $240 per [...]

August 25th, 2016|

Back to the Basics: First Party vs. Third Party Asset Protection

At our firm, most of our clients are hard-working and successful. Having worked hard to accumulate the assets that they have, these clients are often concerned about protecting those assets, so that they benefit themselves and their loved ones while being protected from predatory outsiders or creditors. “Asset protection,” in this context, generally means using a combination of insurance, business entities, asset titling, and, in some cases, trusts, to protect [...]

July 19th, 2016|

When it Comes to Life Insurance, “Permanent” Does Not Mean Unchanging

Life insurance comes in two very basic types: term insurance and permanent insurance. Term policies, the most common kind, usually provide only a death benefit and do not provide any cash or surrender value. Term policies are generally best suited only for a fairly short-term insurance need, such as 10, 20, or 30 years. At the end of the term, the policies are generally allowed to lapse. Permanent policies, on [...]

June 27th, 2016|

How to Fund Your Revocable Living Trust (Updated September 2016)

This newsletter is the final installment of our three part series on Revocable Living Trusts (“RLT”s). The first newsletter in this series was “Should I Use a Will or a Revocable Living Trust? Separating Facts From Fiction,” and the second newsletter in this series was “Do You Need To Fully Fund Your Revocable Living Trust During Your Life? Separating Facts From Fiction.” This newsletter is for those who answered “yes” [...]

April 25th, 2016|

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