A Brief History of Estate Taxes

November 2, 2022By Phil Clark, CPWA®,CFP®, CLU®

Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate when property (land, homes) was transferred from one generation to the next. The revenue from these stamps was Read the full article…

Benefits of Disclaimers in Post-Mortem Estate Planning

October 27, 2022By KrostWealth

When considering the creation of a will or a trust, one usually thinks about pre-death planning. However, the beneficiaries have an opportunity where post-mortem planning comes into play. Let’s look at an important post-mortem planning tool – the disclaimer. A disclaimer is a refusal to accept an interest in or a power over property – Read the full article…

Assess Life Insurance Needs

October 7, 2022By Phil Clark, CPWA®,CFP®, CLU®

If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. In fact, according to a 2019 study conducted by Life Happens and LIMRA, which closely follows life insurance trends, nearly Read the full article…

Common Ways to Hold Title in California

September 22, 2022By KrostWealth

We often get questions from clients on how to hold title to property they are about to purchase. As real estate might be the most important asset that an individual or couple may own, how ownership is vested is extremely important. Proper titling will affect the current and future rights of parties to the transaction, Read the full article…

What is a SLAT?

September 6, 2022By KrostWealth

A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse. The reciprocal trust doctrine allows the IRS Read the full article…

Uncommon Trusts

June 20, 2022By KrostWealth

Other Trusts That Can Be Established Blind Trust The trustees of a blind trust manage the assets in the trust without the beneficiaries’ knowledge. The beneficiaries have no input into how the assets are handled. This trust is helpful if conflicts are likely to arise between the trustees and beneficiaries, or among the beneficiaries themselves. Read the full article…

How to Treat Inherited Individual Retirement Accounts

May 25, 2022By KrostWealth

The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRAs. Prior to that, the rules were very beneficial to non-spousal beneficiaries. The act upended the “life expectancy” rule for distributions and, in its place, created the 10-year rule for non-spousal beneficiaries. The act establishes a time period of 10 Read the full article…

Types of Trusts

May 11, 2022By KrostWealth

In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Revocable Trusts Revocable trusts (living trusts) can be changed or canceled at any time by the grantor (trustor, creator), who often acts as the initial trustee. All income generated is reported on your Read the full article…