News & Articles
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.
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 [...]
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 [...]
Morgan and DiSalvo, P.C. Partner, Richard M. Morgan, Named to Best Lawyers® List for Fifth Consecutive Year
Morgan and DiSalvo, P.C. is pleased to announce that Richard M. Morgan has been named to the 2017 Edition of The Best Lawyers in America in the practice area of Trusts and Estates. Best Lawyers in America is the oldest and one of the most respected peer-review publications in the legal profession. Best Lawyers has published the list for more than three decades, earning the respect of the legal profession, the media, [...]
NEWS ALERT: Brand New Proposed Treasury Regulations Under IRC Section 2704 May Significantly Impact Family Business & Investment Entities
The Treasury Department and the Internal Revenue Service (“IRS”) have long planned to modify Internal Revenue Code (“IRC”) Section 2704. Finally, on August 2, 2016, the proposed new rules were announced.
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 [...]
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 [...]
Morgan and DiSalvo, P.C., is pleased to announce the promotion of Karrah Hammock to paralegal. Hammock's new role is a reflection of her professional growth and her dedication to providing an exceptional experience for our clients. The firm will be conducting a search to fill the office administrator role that Hammock is vacating. "We remain committed to personalized and customized estate planning for our clients," said Richard Morgan, partner at [...]
Have you heard of a situation where a deceased person’s former spouse ended up receiving his life insurance or retirement savings, instead of the person’s new spouse or children? Have you heard of a situation where the deceased person wanted to have assets held in trust for her minor children after her death, under her Will, but instead most of the assets ended up passing directly to the children, so [...]
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” [...]