A very successful estate planning attorney asked me once if I meant BILL PAY when I mentioned the term FAMILY OFFICE. No, no, no. Not at all. When I look around at what financial service institutions are doing right now, services like bill pay are being added under the umbrella of Family Office Services. For…
In Michigan, in most cases trustees of an irrevocable trust are required to inform certain adult beneficiaries of an irrevocable trust about the existence of a trust for their benefit. However, the law has evolved in Michigan to except certain trusts from disclosure for a period of time defined by the trust agreement. Background Michigan…
If you are concerned about potential gift or estate tax exposure and reporting, and believe the stock market (or any other investment) has the potential to appreciate from here, then now is a great time to consider family loans. Consider this simplistic example: You would like to make a gift to a trust for the…
See if you can locate the ORIGINAL signed copy of your Last Will and Testament and let your nominated executor (or personal representative) know where it is. Also, check with your parents to see where they are storing their Wills. It most likely will be: Elyse W. Germack, Attorney and CPA Law Offices of Elyse…
The IRS made some changes to its 2024 Gift Tax Form 709. Among the changes, a new procedure for electing gift-splitting among spouses has been established. What is Gift Splitting? A gift-splitting election permits spouses to share 50/50 in gifts made to third parties. Example: Dad gifts $30,000 of his cash to Child. During 2024,…
Because of the complexity and demands of running a family business, certain business formalities often fall by the wayside. Some patterns reoccur and common mistakes are made with family business owners who have either outgrown their existing set of advisors, have insufficient professional support, or are trying to DIY their legal, tax, or accounting work….
After decades of advising families on tax and estate planning, I have come to the conclusion that the year of attaining age 80 is often the most appropriate time to make a dramatic shift in how families are currently handling and communicating about their personal, financial, tax and legal affairs. Most people keep some level…
Our family business turned 100 years old this year. This milestone was an opportunity to review and update our family business artifacts and archives. It is thrilling to review old pictures and treasures and talk about what was. Is it time for your family to do the same? We all have a family tree. For…
What is a Donor Advised Fund? A donor advised fund is an account established by a donor at a “host” charity, usually a financial institution’s charity or community foundation, to be used for charitable giving. By moving money into a donor advised fund, a donor can receive a current income tax charitable deduction. During the…