by Joel Roettger | Mar 11, 2019 | Estate Planning, Tax
Estate Tax Exemption ("Basic Exclusion Amount")$11,400,000 Applicable Credit Amount$4,505,800 Generation-Skipping Transfer (GST) Tax Exemption$11,400,000 Gift Tax Annual Exclusion$15,000 Taxable Income Threshold at which Highest Rate Applies for Trusts/Estates$12,750...
by Joel Roettger | Jan 26, 2019 | Estate Planning, Probate, Trusts, Uncategorized
Does Tennessee’s anti-lapse statute apply when the remainder beneficiary of a trust dies before the trust terminates? No. Tennessee’s anti-lapse statute is a savings clause for bequests. It states: Whenever the devisee or legatee or any member of a class...
by Joel Roettger | Aug 21, 2018 | Estate Planning, Trusts
If you are considering converting an income-only trust to a unitrust, think again. As the name suggests, an income-only trust is one in which the current beneficiary has access to the net income, but not the principal, of the trust. Once a common feature of the trust...
by Joel Roettger | Jul 19, 2018 | Estate Planning, Tax, Trusts
Wife transfers property to a trust for the benefit of Husband. The trust is intentionally structured so as not to qualify for the gift tax marital deduction. Wife files a gift tax return in connection with the gift, and Husband consents to split the gift. Husband is...
by Joel Roettger | May 29, 2018 | Estate Planning, Retirement Assets, Tax
It pays to read the footnotes. IRC § 408A prohibits direct contributions to a Roth IRA if a taxpayer’s AGI exceeds certain limits. (For the 2018 limits, see the table here). One strategy to circumvent this rule is a backdoor Roth IRA contribution. It works like this....
