Recent changes to Missouri law could make it easier for trustees to terminate “uneconomic” trusts.
Sometimes the cost of administration of an existing trust outweighs the justification for continuing to hold assets in the trust. This may be especially true if there is a corporate trustee and the beneficiaries have no estate tax, creditor, or
The IRS announced cost-of-living increases for various retirement-related accounts on Nov.1, 2018. These changes for 2019 include:
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for October 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for October 2018:
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|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
2.55% |
2.53% |
2.52% |
2.52% |
|
Mid-term |
2.83% |
2.81% |
2.80% |
Traditionally, due to lower estate tax exemption amounts, many married couples would use bypass trusts or credit shelter trusts as part of a typical estate plan. For example, on the death of the first spouse, assets in that spouse’s revocable trust would be allocated to a bypass trust (frequently referred to in the trust document
Aretha Franklin, the Queen of Soul, died Aug. 16, 2018. Within days, her four sons filed court documents alleging that she died without a will or trust. If the court filing is confirmed and no will or trust is found, her estate will be considered “intestate.” In other words, Franklin gave no indication as to
If you are one of the countless parents sending a child to college this year, you have a lot on your mind. Packing clothes, buying dorm room accessories and learning how to do laundry are probably only a few of the items on your child’s college checklist. Odds are that signing estate planning documents is
Many people who create irrevocable trusts are uncomfortable giving up control of their assets to a trustee, especially a corporate trustee. Even if the trustee is a trusted individual, it is increasingly likely that the trust could last for many years. As a result, the trustee may experience changes in the law that could negatively
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for July 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for July 2018, which show overall increases over the June 2018 rates:
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Annual |
Semiannual |
Quarterly |
Monthly |
A growing problem in estate planning is how to provide for special needs individuals (those who may be eligible for government benefits and programs due to a disability or otherwise) without disqualifying them from government benefits and programs they may need now or in the future. As most government benefits have a limit on the
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for June 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for June 2018, which show overall increases over the May 2018 rates:
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Annual |
Semiannual |
Quarterly |
Monthly |