Recent News & Blog / Estate Planning
Moving a trust over state lines can offer tax savings and other benefits
Relocating a trust may offer a tax advantage if the trust is an irrevocable, nongrantor trust, accumulates substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. There also may be other advantages to moving a trust. Contact SEK's estate planning advisors with questions.
Estate planning for non-U.S. citizens requires extra care
If you or your spouse is a noncitizen, special rules apply that require additional planning when it comes to your estate. A significant difference between U.S. citizens and noncitizens, and a potential tax trap for the unwary, is that the marital deduction isn’t available for transfers to noncitizens. If you or your spouse is a noncitizen, talk to SEK's estate planning advisors about the potential estate planning ramifications.
Estate planning Q&A: Guardianship
If you’re the parent of a newborn, toddler or older child, you may be thinking about naming a guardian for him or her. This can be a difficult decision, especially if you have many choices or, on the other hand, no one you can trust. Read here for answers to common questions about guardianship. Contact the estate planning advisors at SEK for further guidance.
Have you prepared an advance health care directive?
An advance health care directive allows you to communicate your preferences, in advance, for medical care in the event you’re incapacitated. Comparable to a durable power of attorney, a health care power of attorney enables another person to make health care decisions for you. Contact the estate planning advisors at SEK with your questions.
5 questions single parents should ask about their estate plans
In many respects, estate planning for single parents is similar to that of families with two parents. Parents want to provide for their children’s care and financial needs after they’re gone. However, when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a single parent, here are five questions you should ask an estate planning advisor.
Intellectual Property Requires Careful Estate Planning
For estate planning purposes, intellectual property (IP) raises two questions: 1) what’s the IP worth and 2) how should it be transferred? You should also consider your income needs and who’s in the best position to monitor your IP rights and take advantage of their benefits. Contact the estate planning advisors at SEK for planning strategies that address IP.
Do you have a will?
When a person considers an “estate plan,” he or she typically thinks of a will. And there’s a good reason: A well-crafted, up-to-date will is the cornerstone of an estate plan. Let’s take a closer look at what to include in a will. Contact the estate planning advisors at SEK with questions.
Individuals: Use the annual gift tax exclusion to the max
With the holidays approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using your annual gift tax exclusion, those gifts, within generous limits, can reduce your taxable estate. For 2024, the annual gift exclusion amount is $18,000 per recipient. Contact the CPA's and business tax advisors at SEK with questions.
Should a married couple use a joint trust or separate trusts?
If you’re married, you and your spouse must decide whether to use a joint revocable trust or separate revocable trusts. The right choice depends on your financial and family circumstances, applicable state law, and other factors. To determine which is right for you, contact the estate planning advisors at SEK.
Ensure you’re properly documenting your charitable donations
If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. Contact the estate planning advisors at SEK with questions.