Income Taxation of the Third-Party Special Needs Trust
MARCH 23, 2015 VOLUME 22 NUMBER 12 Last week we wrote about how to handle income tax returns for self-settled special needs trusts. Our simple message: such trusts will always be “grantor trusts”, an income tax term that means they do not pay a separate tax or even file a separate return. This week we’re […]
Even With No Estate Tax, Some Tax May Be Due on Inheritance
JUNE 9, 2014 VOLUME 21 NUMBER 21 Our clients are often confused about whether their heirs will owe any taxes on the inheritance they are set to receive. We don’t blame them — it’s confusing. Let us try to reduce the confusion. The federal estate tax limit was raised to $5 million and indexed for […]
Joint Tenancy with Right of Survivorship, or Community Property?
MARCH 24, 2014 VOLUME 21 NUMBER 12 Which is better? How should we take title to our house? How about our brokerage account? These questions are really common in our practice. The answer is actually pretty straightforward, but we do need to lay a little groundwork. Arizona is a community property state. That means that […]
Simple Estate Planning for a Married Couple
AUGUST 12, 2013 VOLUME 20 NUMBER 30 Last week we saw a married couple in our office. The couple had come to us for estate planning. They did not have children with disabilities, or spendthrift sons-in-law or daughters-in-law. Their assets were not unusual (some Arizona real estate, a brokerage account, several bank accounts). Their net […]
Estate Taxes, Crystal Balls and What Might Happen This Year
MAY 24, 2010 VOLUME 17, NUMBER 17 There is no estate tax in 2010. But there might be. When will we know? What should you do? Estate planning attorneys have joked darkly (as a group, we often have slightly off-kilter senses of humor) that 2010 is the year to die. Because of Congressional plans first […]
Our Free Seminar Reviews 2010 Law Changes For Estate Plans
APRIL 19, 2010 VOLUME 17, NUMBER 13 This has been a tumultuous year for estate planning attorneys—and for their clients. The federal estate tax has been repealed, there are new rules in effect governing Roth IRAs, and heirs are facing higher capital gains liability. We don’t profess to have all the answers, but we think […]
