Trusts may be known for their tax advantages, but these tools have benefits beyond tax savings. As discussions about federal estate tax adjustments continue, use of a trust to minimize the impact of the estate tax may not be as valuable as it was in the past. However, effective wealth planning and asset management comprises more than merely tax issues.
Tennessee implemented new fees and requirements for certain gun permits effective January 1, 2017. The changes provide for a reduced lifetime handgun carry permit fee.
The Hearing Protection Act includes provisions to remove suppressors from classification under the National Firearms Act. Created in effort to legalize ownership of suppressors and prevent hearing impairment associated with firearms use, the HPA would not supersede state legislation banning suppressors/silencers. Ultimately, the federal regulations pertaining to suppressors would be removed.
Dynasty trusts allow for long-term growth and transfer of assets, but some jurisdictions offer more favorable legal protections than others. Here are the current states with the most advantageous dynasty trust regulations.
Last year, the DOL issued a new rule regarding fiduciaries of retirement accounts that will start to apply to providers in less than five months. Now financial service providers are implementing changes to ensure future compliance.
If a beneficiary receives an inheritance outright, rather than in trust, there is little that can be done to prevent possible inadvisable use of the funds. Our trust lawyers take a closer look at a few key events and life stages that might prompt family to restructure assets and modify trusts for future heirs.
Speculation of forthcoming tax law changes under the Trump Administration has been a prime topic of financial talks and news media since Election Day. However, another tax matter currently under review would impose an inheritance tax on foreign assets for some taxpayers.
The Special Needs Trust Fairness Act is pending the president's signature before becoming law. The new law will allow disabled individuals to execute a SNT instead of relying on another party.
President-elect Donald Trump is expected to tackle several tax matters when he takes office in January 2017. Many Americans may need to adjust their tax planning efforts as a result.
For those traveling to North Carolina on holiday travels and planning to go hunting, and others who host hunting enthusiasts this season, take a few moments to review local gun laws. North Carolina hunting regulations vary by county. While one may hunt with dogs in Orange County, that act is illegal in neighboring Alamance County.