Individual, Estate, and Gift Taxation

A Charitable Lead Trust (CLT) is a great option for affluent families who wish to give to charity while minimizing gift and estate taxes. These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. Although interest rates have crept up a bit in recent years, they remain quite low.

Mind your CLATs and CLUTs...

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. While it is not at the top of the list when preparing for a move, do not forget to factor in your state tax situation. Establishing residency for state tax purposes may be more complicated than it initially appears to be.

Here are a few items to keep in mind.

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If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount established by the Tax Cuts and Jobs Act, a dynasty trust is more appealing than ever.

GST tax and dynasty trusts

By allowing substantial...

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them.

Illustrating the problem

Let’s say Debbie has three children — Abbie, Mary Kate and Lizzie — and wishes to treat them equally in her estate plan. In her will, Debbie...

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