There are certain trusts that can be looked at as asset protection trusts for people that are exposed to the estate tax. These would be irrevocable trust, but there are other trusts that fit into this category that can be useful for other purposes. Since the names of these devices are wordy, they are often reduced to acronyms, and we will provide some decoding in this blog post. Supplemental Needs Trusts (SNT) and Supplemental Security Income (SSI) One of these irrevocable trusts that is not … [Read more...]
IRS Releases Amount of 2014 Estate Tax Exclusion Adjustment
During 2010 the estate tax was temporarily repealed. This repeal was in place due to provisions that were included in the Bush era tax cuts. Under the laws as they existed during 2010, the estate tax would return in 2011. The amount of the federal estate tax credit or exclusion would be just $1 million. The top rate for estates in excess of $1 million was scheduled to come in at 55 percent. In 2009 the estate tax exclusion was $3.5 million, and the top rate was 45 percent. It seemed that come … [Read more...]
