finances

Appreciating the Nature of Fiduciary Litigation

It can be challenging to decide when to retain the assistance of a lawyer when navigating estate planning issues. The following are some important details about the fiduciary litigation process. If you have questions about fiduciaries or estate planning, reach out to an experienced attorney today.  The Role of Fiduciaries A fiduciary refers to an individual or entity in whom another person places trust to act in their best interest. A fiduciary is a person tasked with caring for the financial assets of another person. Some of the primary types of fiduciary relationships include relationships created by statutes like estate administration, relationships that are formed as the result of contracts, and relationships arising from underlying circumstances between parties, and the nature of the transaction at issue.  Some of the most common types of fiduciaries include trustees, personal representatives, and court-appointed guardians. Fiduciaries can owe different duties based on the nature of the fiduciary relationship including a duty of good faith, a duty of impartiality, a duty of loyalty, and a duty to maintain adequate records. Common Fiduciary Roles in Estate Planning Some of the most common types of fiduciary roles in estate planning include: Agents. An agent under a durable [...]

2021-05-28T18:00:42+00:00Tags: , , |

How to Anticipate Tax Changes with a Potential Administration Change

In a Wall Street Journal article published last month, Philip DeMuth commented that Americans currently live in an ideal age of taxes due to President Trump’s 2017 Tax Cuts and Jobs Acts. Unfortunately, however, the tax advantages offered through various regulations passed by the current administration are scheduled to end on December 31, 2025.    Potential Changes to Estate Planning Laws   It is a good idea to review each estate planning during such uncertain times to make certain that assets are not placed at risk of unnecessary taxation. Some of the potential changes that could occur include:   Increasing the maximum estate tax rate from 40% to 77% Placing substantial limits on estate planning techniques like Grantor Retained Annuity Trusts and Defect Grantor Trusts Reducing estate and gift taxes as well as generation-skipping transfer tax to $3,500,000 from $11,580,000 Restricting the $15,000 annual gift exclusion afforded to unlimited donees to only two donees a year    Even though it can be difficult to predict what regulations might be passed into law, due to both the significant federal deficit and current political government, at least some of these regulations are likely to come to pass.   Estate Planning Techniques During [...]

2020-08-19T03:02:17+00:00Tags: , , , |