Latest Blog Posts
2017 is now fading into the rearview mirror. As we all look ahead to 2018, let’s consider a few things to watch regarding estate planning, especially with the reticently-passed Tax Cuts and Jobs Act.
A car accident, sudden illness, workplace injury or chronic medical condition can force you to re-evaluate the core assumptions you used to plan your future and set up your estate plan.
A resume is a ‘snapshot’ of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you want it to do? Likely not. Estate plans are similar in that they need to be updated on a regular basis to reflect changes in your life – and to do what you want them to do.
While Jackson created a trust to care for his children and other family and friends, he never actually funded it. The result? Embarrassing and seemingly endless probate court battles between family members, the executors, and the IRS.
2016 update for Federal and Montana estate taxes, gift taxes, and generation-skipping transfer taxes
The Internal Revenue Service has released the official inflation adjustments that will affect 2016 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. Remember, that although Montana does have an state estate tax, its computation is broken. Thus in reality Montana does not have a state estate tax.
On December 19, 2014, President Obama signed the Achieving a Better Life Experience Act (ABLE Act) into law. The ABLE Act will allow certain individuals with disabilities to establish tax-free savings accounts that can be used to cover expenses not otherwise covered by government sponsored programs. After very disappointing Treasury Regulations, ABLE accounts do not serve as a viable alternative to Special Needs Trusts for most individuals.
The Internal Revenue Service has released the official inflation adjustments that will affect 2016 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. These changes will affect the way your accountant and your attorney help you plan as 2015 comes to an end.
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust.
state planning has truly evolved over the past 20 years. In fact, today’s estate planning is more complicated than ever before.
Due to the increased volume of federal estate tax return filings in order to make the ‘portability election,’ the IRS has announced that estate tax closing letters will only be issued upon request by the taxpayer. This change in IRS policy started on June 1, 2015.
Bryan Law Firm, PC
11 East Main St., Suites B & D
Bozeman, MT 59715
Telephone: (406) 586-8565