July 7—By drastically increasing the federal estate and gift tax exemption, the 2017 Tax Cuts and Jobs Act created a significant estate tax mitigation opportunity for high-net-worth individuals and families. The question now is: Have already strong estate tax mitigation opportunities become even more powerful in the pandemic? National Director of Wealth Strategies Blair Talty discusses how these strategies have indeed been strengthened during COVID-19.
When irrevocable trusts are drafted in happier times, and then times change, is it possible to reduce or even eliminate the interest of an ex-spouse or soon to be ex-spouse? Trustees potentially have access to powerful tools that might change beneficial interests. Indeed, it might be said that there is no such thing as an “irrevocable” trust. In any event, family law practitioners should counsel clients to investigate the options.
When irrevocable trusts include ex-spouses or soon to be ex-spouses as beneficiaries, family law practitioners should be aware that trust distributions can potentially be adjusted. Learn how that might happen in this article published in the March 13, 2020 edition of FamilyLawyerMagazine.com.