The Lippencott Blog

Basic Estate Planning

Posted at 1:10pm on November 4, 2018

Regardless of your level of wealth, the failure to establish an estate plan can be detrimental to your family. A properly structured estate plan helps ensure that your family and financial goals are addressed during your life, if incapacitated, and after your death. The following provides an introductory discussion regarding essential planning individuals should consider, as well as an overview of lifetime gifting strategies and longterm trust planning.

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Domestic Asset Protection Trust

Posted at 10:35am on October 4, 2018

A Domestic Asset Protection Trust (DAPT) is an irrevocable trust created by the grantor in which the grantor is a permissible beneficiary. Normally, if a trust is “self-settled,” the grantor’s creditors are able to access trust assets. However, seventeen states have enacted laws in varying forms that allow a grantor to be a beneficiary of a discretionary trust he/she creates, and to varying degrees the assets are protected from creditors.

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Private Split Dollar

Posted at 11:40am on September 4, 2018

Split dollar life insurance is not a type of insurance, but rather a method for dividing the premiums, ownership interests, and benefits of a permanent life insurance policy between two parties. There are two basics forms of split dollar taxation: economic benefit regime and loan regime. Split dollar plans may be sponsored by an employer in a work setting, or an individual or trust in a private setting.

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Charitable Lead Trust

Posted at 9:20am on August 4, 2018

A Charitable Lead Trust (CLT) can be an attractive tool for making gifts to family members with little or no transfer tax. The grantor designates a charitable beneficiary to receive annual payments for a period of time, with the remainder interest either reverting back to the grantor or passing to other non-charitable beneficiaries, such as the grantor’s heirs or a trust for their benefit. A grantor can establish a CLT during life or by a Will. Transfers to a CLT may provide income, gift, or estate tax benefits.

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Tax-Advantaged Education Funding

Posted at 2:00pm on July 21, 2018

Saving for college education can be an intimidating undertaking for many parents who may be inexperienced with tax laws, and unsure how to balance their own financial goals, such as saving for retirement and the financial needs of their children. There are many options available to finance a child’s education, and which one or more options to choose requires consideration of many important factors.

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Using a Business to Fund Life Insurance

Posted at 2:10pm on June 23, 2018

For owners, owner-employees, and non-owner employees, personal insurance may be funded through the business a number of different ways. Cash value life insurance, in particular, is frequently employed due to the fact that it can provide long-term insurance protection for one’s family and estate planning needs, as well as act as a tax-efficient source of retirement accumulation funds.

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Domestic Asset Protection Trust

Posted at 12:20pm on May 5, 2018

A Domestic Asset Protection Trust (DAPT) is an irrevocable trust created by the grantor in which the grantor is a permissible beneficiary. Normally, if a trust is “self-settled,” the grantor’s creditors are able to access trust assets. However, seventeen states have enacted laws in varying forms that allow a grantor to be a beneficiary of a discretionary trust he/she creates, and to varying degrees the assets are protected from creditors.

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Charitable Gifting: Overview and Tax Implications

Posted at 10:40am on April 22, 2017

The desire to assist a charitable organization must be a primary motive for making a gift; if no charitable inclination exists, charitable giving is difficult to justify. Alternatively, if a charitable motive exists, the tax laws provide various methods and incentives to encourage the donor’s goodwill. The following summarizes the general rules applicable to charitable giving, including a discussion of some common strategies used.

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