THK Blog

There’s a common misconception that owning assets jointly with a child or other heir is an effective estate planning shortcut. While this strategy has a certain appeal, it can invite a variety of unwelcome consequences that may quickly...

If you’re like many people, a significant portion of your wealth can be found in IRAs and other tax-deferred retirement accounts. Traditionally, these accounts have been viewed as off limits when it comes to funding lifetime gifts, given...

Life insurance can provide peace of mind, but it’s important to not own the policy at death. The policy’s proceeds will be included in the taxable estate and may be subject to estate tax. To avoid this result, a common estate planning...

If you wish to leave a charitable legacy while generating income during your lifetime, a charitable remainder trust (CRT) may be a viable solution. In addition to an income stream, CRTs offer an up-front charitable income tax deduction,...

Portability helps minimize federal gift and estate taxes by allowing a surviving spouse to use a deceased spouse’s unused gift and estate tax exemption amount. Currently, the exemption is $12.06 million, but it’s scheduled to return to an...

Some assets pose more of a challenge than others when it comes to valuing and accounting for them in an estate plan. Take, for instance, your art collection. If you possess paintings, sculptures or other pieces of art, they likely...

Setting up an investment account for your minor child can be a tax-efficient way of saving for college or other expenses. And one of the simplest ways to invest on your child’s behalf is to open a custodial account under the Uniform Gifts...

One of the biggest challenges of estate planning is dealing with uncertainty. For 2022, for example, the federal gift and estate tax exemption is $12.06 million, but it’s scheduled to be cut in half after 2025. And some lawmakers would...

If you’ve been named as executor of the estate of a friend or family member, be sure you understand the responsibilities and potential risks before you agree to serve. You’re not required to accept the appointment, of course, but once you...