Top 5 Tax Questions About Powers of Appointment, Answered

By WealthCounsel Staff on Feb 4, 2022 10:00:00 AM


Powers of appointment are useful estate planning tools that allow the grantor of the power to choose someone they trust to instruct the fiduciary in control of the assets to redirect the distribution of the assets from their estate or trust. This distribution can take place many years after the grantor’s death.

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10 Strategies to Reduce the Value of a Client’s Estate

By WealthCounsel Staff on Jan 28, 2022 10:00:00 AM


Clients want their estates to grow until it is tax time—when they want to give the Internal Revenue Service as small a target as possible. While the federal wealth transfer tax exemptions run into the millions of dollars, some clients’ estates exceed these amounts and result in large estate tax bills. Fortunately, several methods are available to reduce the amount of a client’s estate for tax purposes. Here are ten strategies to limit your client’s exposure.

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Breaking It Down: Generation-Skipping Transfer Tax

By WealthCounsel Staff on Jul 2, 2021 10:00:00 AM


Among confusing legal concepts, the generation-skipping transfer (GST) tax is at the top of the list. Because of its complexity, many attorneys lump it in with concepts such as the rule against perpetuities—topics taught in law school that they never quite fully understood and wish to forget. However, for estate-planning attorneys, understanding the GST tax is vital to helping their clients effectively plan to avoid it if possible. As with any concept that causes confusion, breaking it down is the key to better understanding.

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