How the Sky Is Falling Trust (SIFT) Can Help Protect Your Federal Estate and Gift Tax Exemption
The Federal Estate and Gift Tax Exemption could be slashed from $11.5 Million to as low as $3.5 million effective as soon as January 1, 2021. Planning now can help you lock in the current exemption before it is drastically reduced. The 2020 Federal Estate and Gift Tax...
Protect Your Federal Estate and Gift Tax Exemption Through A Spousal Lifetime Access Trust (SLAT)
The Federal Estate And Gift Tax Exemption could be slashed from $11.5 Million to as low as $3.5 million and effective as soon as January 1, 2021. Setting up a Spousal Lifetime Access Trust (SLAT) now can help you lock in the current exemption before it is drastically...
Making Florida Your Domicile
One of the most common questions people ask when they learn that I am an estate planning attorney with offices in both Indianapolis, Indiana and Naples, Florida is “Are there advantages to becoming a resident of Florida?” Beyond the obvious lifestyle benefits afforded...
Meet Our New Attorney – Michael A. Schmidt
We are so pleased to announce our newest attorney, Michael A. Schmidt. Mr. Schmidt joins Galbraith, PLLC as an Associate in the firm’s Naples office. Mr. Schmidt practices in the areas of estate planning and administration. His estate planning practice includes many...
How ‘GRATs’ Can Minimize Taxes on Large Gifts to Family Members
Gifting assets to family members while you are alive is a great way to avoid estate taxes after you pass away. The IRS, however, also knows this and applies gift taxes to various wealth transfers. A skilled estate planning attorney can help craft innovative solutions...
Separate State Residences & a QTIP Trust Can Help Married Couples Limit Their Taxes
Should couples move apart to increase tax savings? Although moving to a different state than your spouse might seem like an extreme estate planning strategy, for some married couples the benefits might also be extreme. Let us share more on this strategy with you....
5 Wealth Transfer Options for Large Estates to Mitigate Taxes
Did you know the economic downturn caused by the COVID-19 public health crisis has created opportunities for large estates to mitigate taxes? While no one would consider a down-market a good thing, current conditions allow for estate wealth transfers with reduced...
How COVID-19 Has Created Favorable Estate Planning Conditions
It is hard to imagine anything good coming from the COVID-19 crisis, or the mass unemployment and economic damage that has resulted from efforts to stop the coronavirus from spreading. Current market conditions, however, have created rare opportunities to lower...
Utilizing Spousal Lifetime Access Trusts
The 2020 federal estate and gift tax exemption is $11,580,000, but under the current law, the exemption is slated to revert to the 2017 level of $5,490,000, adjusted for inflation at the end of 2025. A few months ago, the biggest factor in predicting the fate of the...
Taking Advantage of Down Market and Favorable Interest Rates
Even as each of us are inundated with negative Covid-19 news, there are positives to be found. Many of these positives can directly benefit us, our families, our businesses, and our estate planning. We can work together to focus on these important changes in the...