Studies suggest that millennials will inherit an astounding $68 trillion in the coming years, making them the wealthiest generation in history. While this may be great news for some, it also comes with significant tax implications.
06/09/23 • by: The Law Office of John A. Laine, P.C.
The IRS has confirmed its view that when assets are gifted to an irrevocable grantor trust and not included in the grantor’s estate, the trust assets will not receive a step-up in basis at the death of the grantor.
06/02/23 • by: The Law Office of John A. Laine, P.C.
When you purchase and own a home, your name is on the title to the property, indicating ownership. However, you can transfer ownership of your residence to another person or entity in the form of a real estate trust.
06/02/23 • by: The Law Office of John A. Laine, P.C.
First, debts in a person’s estate are payable from the decedent’s assets in the course of administering their probate estate or administering their living trust estate.
05/25/23 • by: The Law Office of John A. Laine, P.C.
There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.
05/19/23 • by: The Law Office of John A. Laine, P.C.
The primary benefits of revocable trusts only are available if a revocable trust is FUNDED during life. Unfortunately, experienced estate planning attorneys often have clients who delay the funding of their revocable trusts until it is too late and miss many of the benefits that these trusts provide.
05/03/23 • by: The Law Office of John A. Laine, P.C.
