“For the 99.5 Percent Act” Introduced in the Senate S. 994, 117th Cong. (2021) On March 25, 2021, Senators Bernie Sanders and Sheldon Whitehouse introduced the “For the 99.5 Percent Act” (the Act), which would make sweeping modifications to the estate, gift, and generation-skipping transfer tax exemptions. If the bill […]
The Pros and Cons of Powers of Appointments An often misunderstood but common estate planning tool that can appear in estate planning documents is the power of appointment. Not to be confused with a power of attorney (the document that allows you to delegate certain powers to an agent […]
Pass-Through Entity by Default Any business entity that has more than one owner and is not classified as a corporation is, by default, characterized as a partnership for tax purposes. This default classification applies to limited liability companies (LLCs). In other words, unless an LLC elects to be classified for […]
What Is a Trust Protector? Traditionally, the three roles that must be filled when setting up a trust are the settlor (also called a grantor, trustor, or trustmaker), the trustee, and the beneficiary. All three roles are necessary to create a trust that functions properly. Although it is relatively common […]
If you have already done your estate planning, you have taken a significant step toward ensuring that your loved ones will know how to manage your affairs if you become incapacitated or die. However, simply having a will or a trust and related estate planning documents is often […]