■ Florida amended its power of attorney law. Since most folks living in high tax decoupled states (e.g. NY, NJ…) claim to live in Florida J this change in law will affect more than just Floridians. ■ Powers must be signed by the principal and by two subscribing witnesses and be acknowledged by the principal…
■Have Your Tax Cake and Eat it Too. So you want to fund a $5M bypass trust on the first death to maximize GST benefits and growth outside your estate. But you live in a state that has decoupled from the federal estate tax and which only has a $1M exemption. So it would cost…
◙ 2nd Inning Generation Skipping Tax: Finding the sweet spot is tricky with the fluctuations in the GST exemption amount. The idea of planning for GST with a $1M GST exemption is in a different league then GST planning with a $5M – or $10M if a husband and wife team hit double. You don’t…
IDIGT (pronounced: “I dig it”) is another wonderful tax acronym for an Intentionally Defective Irrevocable Grantor Trust. Selling assets to an irrevocable trust has become the fav leisure activity of the ultra-wealthy, not only cause it makes great talk on the links, but it can provide an incredible array of tax and asset protection benefits….