Sweeping new legislation imposes a new filing requirement on many entities. The penalties for failing to comply in a timely manner can be extremely severe.
Preservation | Family Wealth Protection and Planning
The Preservation | Family Wealth Protection and Planning blog, published by UB Greensfelder LLP, focuses on legal issues related to estate planning, trust administration, and wealth preservation strategies. It covers topics such as the use of supplemental needs trusts for beneficiaries with disabilities, the role and benefits of trust protectors, compliance with new legislation like the Corporate Transparency Act, and updates on retirement plan regulations including the SECURE 2.0 Act. The blog also addresses state-specific tax law changes and practical guidance on navigating complex trust and estate matters to protect family wealth and ensure effective long-term planning.
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Benefits of a Trust Protector
Making changes to an irrevocable trust can be difficult. Even minor or administrative changes can require court approval and consent of all beneficiaries to the trust. Many states, including Missouri and Illinois, have addressed this by codifying a new role…
Secure 2.0 Act: Key Takeaways Affecting Retirement Plans
The SECURE 2.0 Act of 2022, signed into law by President Joe Biden on December 29, 2022, makes significant changes to the administration and taxation of retirement plans. It addresses many practical concerns that surfaced after the passage of the…
Supplemental Needs Trusts: Providing for Beneficiaries with Disabilities
Sometimes leaving an inheritance to a loved one who has a disability can do more harm than good. Many public benefits programs have asset limitations for beneficiaries to qualify to receive assistance. If a well-intentioned relative leaves funds to a…
New Missouri law cuts state income tax, with further reductions possible
Missouri Gov. Mike Parson recently signed into law legislation that reduces the state’s individual income tax rate. The law, signed on Oct. 5, 2022, and effective for the 2023 calendar year, reduces the top individual income tax rate from 5.2…
Keeping It in the Family: Planning for the Vacation Home
Many reconnect with their family during their vacations. Your family may own a home on the beach, in the mountains, or in the country where multiple generations gather each year. The home may have been in your family for generations,…
Inflation Leading to Higher Than Normal Increases in Gift Tax Annual Exclusion, Lifetime Exemption for 2023
Wolters Kluwer and Bloomberg Tax have released projected 2023 figures for the gift tax annual exclusion amount as well as the estate and gift tax lifetime exemption amount. These figures were determined using formulas contained in the Internal Revenue Code.…
Tax Relief for Missouri Storm, Flooding Victims
Because of storms and flooding in the St. Louis area over the summer, the IRS recognized the city of St. Louis and Montgomery, St. Charles, and St. Louis counties in Missouri as a disaster area. As a result, taxpayers in…
Rising Interest Rates Poised to Impact Estate and Wealth Transfer Planning Strategies
The June 2022 decision by the Federal Reserve to raise the federal funds rate by 0.75 percent marks the largest such increase in 28 years. Among the many areas this move will affect are estate and wealth transfer planning, as…
Make Note of These Estate and Gift Tax Exemption Amounts for 2022
It’s that time of year again! The start of 2022 has brought us an increase in exemption amounts for estate, gift, and generation-skipping transfer (GST) taxes. Each year, the Internal Revenue Service adjusts tax rates to provide for annual cost-of-living…