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...
Irrevocable Life Insurance Trusts Can Accomplish Many Estate Planning Goals
Millions of Americans purchase life insurance as a way of providing for their loved ones after they pass away. Leaving life insurance death benefits directly to family members or other designated beneficiaries can involve certain risks. Estate taxes, exposure to...
What Does It Mean to Fund Your Trust Agreement?
When creating your estate plan, your estate planning attorney may have helped you establish a trust agreement. Although you may think that you are done once your estate planning documents are signed, the next step in the process is to fund the trust you have created...
How to Use Standalone Retirement Trusts Within Your Estate Planning
Retirement assets take a lifetime to build, but they can be spent rather quickly by those who inherit them. An individual retirement account (IRA) is a perfect example. After decades of working, saving and investing, a retired account holder may leave unspent IRA...