File IRS Form 5329 annually to gain the shortest IRS statute of limitations when it comes to contributions to retirement accounts and taking required minimum distributions (RMDs) from retirement accounts.

It is important to keep in mind that in order to qualify as an annual exclusion, the gift must be of a present interest and that gifts to grandchildren in trust have additional requirements to be met in order to qualify for the generation skipping transfer tax annual exclusion opportunity.

Can a party request a jury trial in a probate court proceeding to modify the terms of a trust? Probably not, but who really knows?

The SECURE Act 2.0 expanded the use of a qualified charitable distribution (QCD) to include a transfer to a split-interest charitable entity.

Expect the federal gift tax annual exclusion amount to increase to $18,000 per donee starting in 2024.

One of the filing deadlines for the Corporate Transparency Act just got extended.

Gift-splitting by spouses is an effective way to use both spouses’ applicable exemption amounts when only one spouse owns the asset to be gifted. The challenge is to comply with the technical rules to timely make the election to ‘split-gifts.’

A divorce court’s equitable powers in some cases can circumvent the clear terms of the Michigan Trust Code that a beneficial interest in a purely discretionary trust is not a property interest that is subject to division in the divorce.

The Corporate Transparency Act (CTA)and it’s reporting requirements is only four months away. Now is the time to become familiar with the CTA’s reporting requirements.

While a spousal lifetime access trust may make sense for many wealthy married couples, they do present some risks in how they are administered, how they are drafted, and the ever-present danger of a future divorce.