Is a Qualified Personal Residence Trust (QPRT) Right for You?
What Is a Qualified Personal Residence Trust?
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Simon Mayali, JD, LL.M, Estate Planning Director
As BakerAvenue’s Director of Estate Planning, Simon Mayali works with clients to identify their estate planning goals and options and helps them understand the complexities of estate and gift taxation. He began his career as an attorney in Chicago, where he developed a passion for helping clients plan for the future and navigate the intricacies of estate administration. He later obtained his LL.M in taxation with a focus on estate planning in order to work with clients on complex estate and gift tax issues.
Who Should Be the Beneficiary of Your Retirement Accounts?
See-Through Trusts for Retirement Accounts
A comprehensive estate plan should ensure that the correct beneficiaries are designated on an individual’s retirement accounts. Clients with revocable trusts have an additional factor to consider regarding whether their trust should be named as beneficiary.
How a Basis Step-Up Can Result in Significant Tax Savings
Overview of the Basis Step-Up
The tax concept of basis and how it applies to transferring an asset is an important consideration when thinking about your estate plan. Transferring an asset at the wrong time can result in a significant increase in tax liability. Proper planning around basis can avoid these pitfalls and maximize your tax savings.
Is It Too Soon to Start Thinking About Your Estate Plan?
Estate planning can be an uncomfortable subject that many people prefer not to discuss because it involves answering questions that some may find difficult to answer. Such questions can include:
- What happens to your assets if your spouse remarries after you die?
- Do you trust your children to be responsible with their inheritance?
- Is there a family member you want to cut out entirely?