This article breaks down the history and impact of the Generation-Skipping Transfer Tax—from its origins in the 1970s to the billion-dollar dynasty trusts of today. With insights into trust law, tax policy, and the surprising endurance of legal loopholes, it’s a must-read for anyone interested in modern estate planning.
Revocable Living Trusts are a flexible and effective way to avoid probate and simplify the estate process. Learn how RLTs compare to wills and why reviewing your estate plan before 2026 may save time, money, and stress.
Dynasty Trusts are designed to preserve wealth for multiple generations while minimizing estate and generation-skipping taxes. This article breaks down how they work, how GST exemptions apply, and why careful legal drafting is essential to avoid costly tax consequences.
Decanting and Section 114.0031 In 2013, Texas enacted decanting statutes by adding Section 112.071 to the Texas Trust Code. That means the provisions set forth in the Trust Agreement of an existing irrevocable trust (the first trust) can be different from the provisions in the second irrevocable Trust Agreement. Prior to this change in Texas…
Linda and Robert are married and both are 45 years old. They have two kids—one is 9 years old and the other is 11. Together, they make around $300,000 a year at their jobs. Not including their home, Linda and Robert have a net worth of about $800,000, most of which consists of liquid assets….
Texas Competing with Other Trust-Friendly States Texas Trust Code changes over the last 20 years seem to be attempts to compete with Delaware, South Dakota, Alaska, and other states as it pertains to irrevocable trusts. The Texas legislature in 2021 added a procedure to modify the provisions of irrevocable trusts. Changes to the Rule Against…
The Supreme Court’s 2024 ruling in Connelly v. United States clarifies how life insurance proceeds affect the valuation of a closely held business for estate tax purposes. This case has major implications for buy-sell agreements, estate planning, and tax liability. Learn how this decision could impact your business succession plan.
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