An intentionally defective grantor trust allows wealthy families to transfer assets from one generation to the next while achieving significant tax savings. IDGTs are especially useful if you have assets that will appreciate significantly over time.
The COVID-19 pandemic has caused nursing home staffing shortages across the United States, even forcing some nursing homes to close, but some states have been hit harder than others. A new analysis looks at which states are confronting the worst staffing problems.
In most states, spouses can purchase and own property separately from one another. However, in certain states – called community property states – if one spouse purchases property, it is considered the property of both spouses. How marital property is owned has implications for both estate and tax planning.