It’s Not Too Late for a Portability Election

Posted by Robert L. Arone – New Opportunity for Late Portability Just Opened Up by IRS Portability has brought both convenience and confusion to the estate planning community. Available for surviving spouses after 2011, portability allows an unused estate tax exemption to be transferred from a deceased spouse to his or her surviving spouse. While this sounds like an appealing prospect to look into for your clients, it has come with its fair share of hassle thanks to ever-shifting policies and narrow windows of time in which to take action. Taking advantage of portability has been harder in practice than was anticipated. IRS Revenue Procedure 2017-34 Previously, surviving spouses had a mere 15 months (9 months plus a 6-month automatic extension) in which to elect portability after the death of their partner. As you know, your clients are only human: The experience of losing a spouse is always a trying

Dynasty Trusts – A Planning Tool for the Masses?

Posted by Robert L. Arone – Think Twice Before Ruling One Out When most people hear the term “dynasty trust,” they assume it is something for only the wealthiest of families. Dynasty trusts are not as out of reach as many people and advisors might think, and can be used by many more families of a greater wealth spectrum than currently use them. Read on to see whether this type of trust is the perfect estate planning solution for keeping your clients’ financial resources within the family from one generation to the next. Demystifying dynasty trusts Dynasty trusts keep your clients’ wealth within their family for a long time. When properly designed, they can last forever, which is a draw for many individuals and families who want to ensure lasting security. Dynasty trusts are, however, irrevocable. That means that adjustments to the plan require a great deal more work than

Trump’s First 100 Days: Looking Back and Planning Ahead

Posted by Robert L. Arone – How to Help Your Clients Future-Proof Their Estate Plans Through tried and true estate planning measures, we can make sure your clients’ plans are both flexible enough to handle change and sturdy enough to weather the uncertainty. In addition to providing wills, trusts, powers of attorney, and other core documents that make up a sound estate plan, we will continue to keep our fingers on the pulse of the legislative developments that will matter to them most. While there have been several proposals that may impact estate planning, no significant changes have already taken effect. Let’s begin with a quick look back at these first 100 days and consider what they’ve meant for the U.S. tax and healthcare landscape. Then we’ll discuss strategies that can be used to make sure your clients’ estate plan are future-proof. Actions from the first 100 days that could

How a Community Property Trust Can Save Tens of Thousands of Dollars in Capital Gains Taxes

Posted by Robert L. Arone – Community property trusts can save your clients tens of thousands of dollars in capital gains taxes, and that is just one of their many benefits. This lesser-known strategy is not necessarily the best fit for all couples either because of their assets or state of residence. However, for households you work with that can make the most of them, it is a planning tactic that could have a significant impact on keeping more of the value of their estates in the family. These trusts offer a huge benefit to couples who take advantage of them. There’s also a lot to gain for their financial advisors. Thanks to the double step-up for property held in this type of trust, your clients will retain a significant amount of wealth that would otherwise go to the IRS because of capital gains tax. So it is a solution

Estate Planning Should Always be a Team Effort

Posted by Robert L. Arone – A Team of Coordinated Professionals Is Your Clients’ Best Bet Picture a symphony’s worth of classical musicians all trying to play a piece in perfect harmony, but they can’t see one another. Each of them also has slightly different sheet music. It doesn’t take a stretch of the imagination to know it’s not going to sound pretty. That’s what it’s like for clients whose various advisors don’t communicate. Of course, an individual’s wealth management strategy doesn’t come from just one part of their approach, but rather a comprehensive and holistic combination of the efforts of several professionals. A little miscommunication goes a long way You might be surprised to consider just how often disjointed planning and advising can impact a client’s long-term financial well-being. Estate planning attorneys, CPAs, financial advisors, and insurance agents may have access to the same initial set of client documents

Wealth Counselor

It’s Not Too Late for a Portability Election

Dynasty Trusts – A Planning Tool for the Masses?

Trump’s First 100 Days: Looking Back and Planning Ahead

How a Community Property Trust Can Save Tens of Thousands of Dollars in Capital Gains Taxes

Estate Planning Should Always be a Team Effort

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© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

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Wealth Counselor

It’s Not Too Late for a Portability Election

Dynasty Trusts – A Planning Tool for the Masses?

Trump’s First 100 Days: Looking Back and Planning Ahead

How a Community Property Trust Can Save Tens of Thousands of Dollars in Capital Gains Taxes

Estate Planning Should Always be a Team Effort

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How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?