Wealth Transfer, Gifting & Crummey Trusts

Generational Generosity

Estate Planning Mistakes Would you rather transfer your wealth to the IRS or to your loved ones? If you answered the IRS, then disregard this article. On the other hand, if you answered your loved ones, then read on. We will review some of the relevant tax rules for lifetime gifting and then examine two common transfer methods (along with a few of their potential pitfalls).

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Crummey Trusts

There are many non-tax benefits to making lifetime gifts to loved ones, aside from the obvious tax benefits. For example, what better way to preview the financial maturity of your loved ones with an inheritance in the future than through a dress rehearsal in the present … while you are still in the audience?

Read on for more information about Crummey Trusts ...

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Is it Time to Review Your Plan?

Wealth Transfer & Gifting is a process, not simply a one-time event. Therefore, it only makes sense to periodically review your planning goals and legal instruments. Review this list of life changes that could alter your estate-planning needs. If you notice some areas that might apply to you or your family, it may be time for an estate plan check-up.

Marriage, remarriage or divorce
Death of a spouse
Substantial change in estate size
Death or incapacity of an executor, trustee or guardian
Move to another state
Acquisition of property in another state
Birth or adoption of a child or grandchild
Serious illness of a family member
Change in business interest or retirement
Change in insurability for life insurance
Marriage or divorce of a beneficiary
Change in beneficiary attitudes
Financial irresponsibility of a child
Change in tax law
More than two years since review of plan with attorney

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This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. You should consult an attorney for individual advice regarding your own situation.