Regardless of your feelings about her music, her attendance at National Football League games, or anything else related to the popstar, it’s hard to argue that Taylor Swift isn’t a cultural phenomenon. In 2023, Taylor launched a multi-city tour that broke records for attendance, sales, merchandising, and gross revenue; the Federal Reserve credited her with boosting the country’s economy; and Time magazine named her Person of the Year. While interesting, these statistics only tell part of the story. When Taylor Swift takes action, her legions of fans, called “Swifties,” take notice. Often, blog ..read more

Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest. Read on to learn more. The post What You Should Know About Conditional Gifts appeared first on Thompson Law ..read more

The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to utilize whatever remains of their AEA to avoid losing it. Married individuals have a particularly use ..read more

Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. The provisions of the Corporate Transparency Act are designed to help prevent and combat money lau ..read more

Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them. Read on to learn more. The post Do You Want to Discuss Dynasty Trusts? appeared first on Thompson Law ..read more

Each year the University of Miami sponsors the Heckerling Institute on Estate Planning.  The 58th Institute took place in Orlando, Florida in January 2024.  The Institute is widely regarded as the premier estate planning program in the country as thousands of attorneys, trust officers, financial planners, and related parties descend upon the Orlando World Center Marriott Resort and Convention Center for a week-long educational and networking conference.  As the Associate Director of Education for the American Academy of Estate Planning Attorneys, I attended the conference in per ..read more

It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. While the movie received critical acclaim, it contained a surprising plot centered on real-life Estate Planning issues and the lengths to which certain individuals went to steal from the Osage Indian Tribe. This second in the series explores the real-life application of Estate Planning in the movies. Read on to learn more. The post Estate Planning Lessons from the Movies – Part II appeared first on Thompson Law ..read more

It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. The post Estate Planning Lessons from the Movies – Part I appeared first on Thompson Law ..read more

Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2024 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. The post Tax Planning for 2024 appeared first on Thompson Law ..read more

More and more families own property, assets, and businesses together.  Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner.  When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur.  Read on to learn more. The post Estate Planning with Entities appeared first on Thompson Law ..read more