Preservation | Family Wealth Protection & Planning


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Posts from February 2017.
By Betty Schaefer on February 28, 2017 at 1:24 PM

Image of father and soon holding piggy bankIn most states, including Missouri and Illinois, 18 is the legal age of majority. At that age, a person becomes an adult in the eyes of the law and gains all of the rights that go along with adulthood. Any person under 18 is a minor and, generally, does not have the legal capacity (or right) to control or manage his or her assets, including an inheritance.

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By Trusts & Estates Practice Group on February 20, 2017 at 3:48 PM

AFRsThe Internal Revenue Service has released the Applicable Federal Rates (AFRs) for March 2017, reflecting decreases from the February rates. 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 March 2017:

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By Elizabeth Pack on February 14, 2017 at 2:43 PM

Hands making the shape of a heart over the EarthAn often-overlooked estate planning trap involves including individuals who are not U.S. citizens as part of an estate plan.

If someone who is not a U.S. citizen or resident is given control over a trust, either as a trustee or a beneficiary, then the trust will be treated as a foreign trust and will be subject to additional income taxes.

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February 1, 2017 at 8:53 AM

Handwritten "Q&A"Q: What do you think about the future of the estate tax now that Trump is president? I heard one of his proposals was to eliminate the estate tax. Do I need to even be concerned with estate tax planning going forward?

A: I understand your concern. President Trump’s tax reform proposal, as described on his campaign website, stated that, “The Trump Plan will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to exempt small businesses and family farms. To prevent abuse, contributions of appreciated assets into a private charity established by the decedent or the decedent’s relatives will be disallowed.”

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