The New Year Brings Higher Estate And Gift Tax Limits
By: Joe D. Lieberman, J.D., LL.M., Law Clerk, Morris Law Group - January 13, 2020
With Trump’s tax law changes doubling the federal estate tax exemption base level amount last year to $10 million until 2026, some affluent people decided to make big gifts in 2019. However, many high net worth individuals took more of a cautious approach and decided to wait on their gifting. Now with impeachment and the 2020 presidential election looming, some fear that the estate tax exemption might be going back down sooner rather than later.
Joint Vs. Separate Revocable Trusts: Why Married Couples May Want To Choose Separate Revocable Trusts
By: Joe D. Lieberman, J.D., LL.M., Law Clerk, Morris Law Group - December 06, 2019
As we discuss on our website, a Revocable Trust is a fundamental component of an estate plan. It is created by an individual (also known as the Grantor) during his or her lifetime, and can be revoked or amended by the Grantor at any time he or she is living and not incapacitated. All assets owned by a Revocable Trust are managed by the Trustee, which in most cases is also the Grantor. Upon the Grantor’s death, the designated Successor Trustee will step into the role and administer the distribution of the Grantor’s assets.
Deciding between joint and separate Revocable Trusts for married couples is an important aspect of estate planning. The following are some reasons why married couples may want to choose separate as opposed to joint Revocable Trusts.
Wealth Preservation Solutions: The Tiers Of Asset Protection
By: Joe D. Lieberman, J.D., LL.M., Law Clerk, Morris Law Group - November 01, 2019
The theory behind wealth preservation is to move assets away from a potential creditor's reach. The ideal time to consider wealth preservation planning is before being sued or threatened with a suit and while the individual is solvent. At Morris Law Group, we employ a tiered asset protection approach to create a Wealth Preservation Solution that is unique to each client’s situation. Below are the asset protection tiers, starting at the simplest form: