The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike … [Read more...] about Avoiding an Audit
Estate Planning
Planning for Long-Term Care in Louisiana: What You Need to Know
Imagine facing an unexpected health crisis that requires extensive care and realizing that you’re financially unprepared for the associated costs. Long-term care is essential in estate planning, yet many overlook it until it’s too late. Proactive … [Read more...] about Planning for Long-Term Care in Louisiana: What You Need to Know
The Role of an Attorney in Resolving Probate Disputes
Probating a will or naming an executor of an estate can be a nerve-wracking experience for all parties involved. It can be emotional and difficult and often invites disputes among family members. It isn’t rare for disagreements between beneficiaries … [Read more...] about The Role of an Attorney in Resolving Probate Disputes
Do You Want to Discuss Dynasty Trusts?
Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the … [Read more...] about Do You Want to Discuss Dynasty Trusts?
There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan. Read … [Read more...] about There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what if any, steps you should take to help you achieve your goals. One of the easiest, … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that … [Read more...] about Estate Planning Lessons from the Movies – Part I
Marriage, Divorce, and Parenthood: Estate Planning During Life Changes
Estate planning is the best way to protect your loved ones from unnecessary financial burdens and ensure that your assets are distributed according to your wishes after your passing. It’s important to regularly update and change your estate plan when … [Read more...] about Marriage, Divorce, and Parenthood: Estate Planning During Life Changes
How to Keep Your Estate Plan Confidential
Privacy is an important factor when planning for your estate. Many people want to keep the details of their estate plans confidential while ensuring their assets are properly distributed according to their wishes when they pass away. Privacy is a … [Read more...] about How to Keep Your Estate Plan Confidential
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
