Tag: trusts

60 Minute Mentoring

Fraser Trebilcock is proud to take part in a unique program designed to give law school students an inside look into the legal world. The training program, called 60 Minute Mentoring, was created by Cooley Law School in partnership with the Ingham County Bar Association (ICBA).

Today, Attorney Marlaine C. Teahan met with a second year student of Cooley Law School as part of the program.  Ms. Teahan provided information on developing a Trusts & Estates practice, interviewing techniques, as well as local and state-wide networking opportunities with other attorneys.  

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IRS: All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

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Give the Gift of Tax Benefits

Gifting opportunity expires at end of 2012.

 Current law allows individuals an equivalent tax exemption of up to $5,120,000 to apply to estates, gifts and generation-skipping transfers.  Unless Congress acts prior to December 31, 2012, that amount will revert to $1,000,000 on January 1, 2013. Further, while this year’s top tax rate is 35%, that rate will rise to 55% on January 1st.

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Avoiding Stumbles With ‘Living’ Trusts

An article in today’s Wall Street Journal discusses the importance of funding your revocable trust – often referred to as your “living trust.” Trusts are a fantastic tool to aid in administration of your assets in case of disability, illness, or death.

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Living Trusts for Couples

The following article appeared in the April 21, 2011 of the Ingham County Legal News.

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 significantly changed estate planning for 2011 and 2012. One of the key changes was to increase the federal estate tax exemption amount from $1 million to $5 million per person. So, for a married couple, they can theoretically pass a combined $10 million to their descendants without a federal estate tax. One of the other key changes was to provide for the “portability” or transfer of the exemption from the deceased spouse’s estate to the surviving spouse. This latter change may reduce some of the incentive to use living trusts.

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