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What is a Charitable Remainder Trust and How Are They Taxed?

Last modified: March 13, 2024

Key Takeaways

Charitable Remainder Trusts provide:

  • Income and Tax Benefits: Offers an income source while enabling significant tax deductions.
  • Asset Management: Facilitates the transfer of assets to a trust for charity and personal gain.
  • Philanthropic Goals: Supports charitable causes after fulfilling the income period.

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A significant benefit of Charitable Remainder Trusts is that they allow the opportunity for donors to know they will be giving financial support to a favored charity in the future. Charitable Remainder Trusts are commonly used for the purpose of planned giving within a thoughtful and holistic financial plan.

Alliance administers many different kinds of Charitable Remainder Trusts. Learn more about how they are taxed differently than other types of trusts in this article.

Continue reading What is a Charitable Remainder Trust and How Are They Taxed? →

Posted in Charitable Remainder Trusts, Charitable Trusts, Estate Planning, Trusts 1 Comment

Estate Planning Tax Changes: What To Expect Under New Administration

Last modified: March 13, 2024

Key Takeaways

Estate planning tax changes anticipate:

  • Exemption Reductions: Potential lowering of gift and estate tax exemptions.
  • Capital Gains Adjustments: Possible changes to capital gains tax strategies.
  • Proactive Planning: The importance of early estate planning in response to tax law changes.

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Changes to Both Gift and Estate and Capital Gains Taxes expected under Biden’s administration

President Joe Biden presented reform strategies during his presidential campaign, creating a prudent need for high-net-worth families to review their estate plans early in 2021. While campaigning, President Biden proposed several tax changes, two of them significant estate planning tax changes.

The first is a premature reduction of the gift and estate tax exemption from the Tax Cuts and Jobs Act of 2017. The second is ending the step-up in tax basis for capital gains taxes on inherited property. Let’s take a look at both.

Continue reading Estate Planning Tax Changes: What To Expect Under New Administration →

Posted in Estate Planning, Taxes, Trusts 2 Comments

COVID-19 Creates a Stark Reminder That Even a Basic Estate Plan is Far Better Than No Plan

Last modified: October 20, 2023

COVID-19: An Example of Just How Unpredictable Life Can Be. Why a Revocable Trust May Be a Great Starting Point For You

If COVID-19 has made you take a closer look at your financial plans, you’re not alone. You may have only recently started establishing a basic estate plan, or you may be rethinking the plans you had previously put in place. Now is a great time to review your financial strategies and consider establishing a revocable trust as part of your estate plan.

Chances are, you know the fundamental differences between a will and a trust, but have you considered why a trust might be the better decision for you? First, we review the differences and benefits of each.

Continue reading COVID-19 Creates a Stark Reminder That Even a Basic Estate Plan is Far Better Than No Plan →

Posted in Estate Planning, Living Trusts

COVID-19: Why Estate Planning is More Important Than Ever

Last modified: November 10, 2023

A brief overview of the two most common estate planning strategies

The current global health crisis has left many people uncertain about the future. Now more than ever, having a financial plan in place is crucial. Not only should you consider your immediate and short-term financial goals, but you should also look at long-term planning.

Specifically, what plans do you have in place to make sure your wishes are carried out and your family is taken care of after you are gone?

We review the basics of Estate Planning and what to consider in light of COVID-19.

Continue reading COVID-19: Why Estate Planning is More Important Than Ever →

Posted in Estate Planning, Living Trusts, Trusts

Summarizing the 54th Annual Heckerling Institute on Estate Planning

Last modified: November 10, 2023

Popular Estate Planning Topics and Innovations Presented By Industry Leaders

13-17 January 2020 @ The Marriot World Center, Orlando, FL

The weeklong 54th Annual Heckerling Institute on Estate Planning included 4,000+ attendees, including several representatives from Alliance Trust Company of Nevada. We have collaborated to compile the below summary covering the highlights from the conference.

Continue reading Summarizing the 54th Annual Heckerling Institute on Estate Planning →

Posted in Estate Planning Tagged

Deciding Between a Will and a Trust? The Distinctions You Need to Know

Last modified: September 6, 2023

The Basics of Wills and Trusts and What You Need to Know About Probate

We get a lot of questions about the differences between a will and a trust – but there are a few more distinctions we think you should know.

Understanding how to protect your assets and your family requires knowledge of what protections your will, trust, or testamentary trust actually grants you and your beneficiaries.

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Posted in assest protection, Estate Planning, Living Trusts, Trusts

Selecting a Successor Trustee: Is a Family Member Really the Best Option For You?

Last modified: November 10, 2023

Should You Choose a Corporate Trustee or Appoint Someone You Know?

When a family establishes a revocable trust, the grantor is, in many cases, the trustee as well. However, a revocable trust requires that the grantor appoints a successor trustee.

The successor trustee is on standby until the acting trustee dies or becomes mentally incapacitated and is unable to manage the trust.

You may think you know whom you would choose as a successor trustee, but it’s not as simple as appointing a family member and calling it a day. The successor trustee has many essential functions that take up time and resources.

If your family appoints this person, you must consider how other family members will view it and ensure there are no conflicts of interest.

Continue reading Selecting a Successor Trustee: Is a Family Member Really the Best Option For You? →

Posted in assest protection, Estate Planning, Trusts 1 Comment

Why You Need to Establish a Trust Versus a Will: Protect Both Your Assets and Your Privacy

Last modified: July 11, 2024

Have a will, but don’t think you need a trust? You may want to think again.

It’s a misconception that trusts are only for the ultra-wealthy. For many people, a trust should be an essential part of a sound and smart financial strategy. If you don’t think you need a trust, here are a few examples of why you might:

Continue reading Why You Need to Establish a Trust Versus a Will: Protect Both Your Assets and Your Privacy →

Posted in assest protection, Estate Planning, Trusts

The Appropriate Time For An International Family To Establish a U.S. Trust May Be Now

Last modified: November 10, 2023

Your Family Could Benefit From the Flexibility, Control, and Tax Benefits of a U.S. Trust

The changing global economy is causing international families to have to look at their trust structures and re-evaluate. Many international families have assets in multiple countries (including the U.S.). Or, they have children who have moved stateside. Both are factors significantly impacting the way assets are taxed and how they are distributed.

The United States is experiencing an increasing influx of non-resident alien (NRA) children. Families outside of the U.S. are looking for a way to avoid the whopping 40% tax rate that assets over $60,000 would endure upon their distribution to a family member in the U.S.

Continue reading The Appropriate Time For An International Family To Establish a U.S. Trust May Be Now →

Posted in Estate Planning

Supreme Court to Address State Taxation of Trusts

Last modified: November 10, 2023

Why Two State Trust Cases Have Escalated to the SCOTUS and What That Could Mean for Estate Planning

BREAKING NEWS from the Supreme Court in Washington D.C. While much of the estate planning community is at the Heckerling conference in Orlando, the U.S. Supreme Court of the United States (SCOTUS) decided on Friday to grant a writ of certiorari in The Kimberley Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue case.

Continue reading Supreme Court to Address State Taxation of Trusts →

Posted in decanting trusts, Estate Planning, Taxes
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