LAW OFFICES
STEPHEN B. YIM

If you answer yes to the following 5 questions, consider a Joint Legacy Trust:

(1) Are you married?
(2) Is your marriage a partnership?
(3) Are your children from the same marriage?
(4) Do you have separate trusts?
(5) Do you own a home?

With the new $5.34 million estate tax exemption only about 0.14% of us will pay an estate tax.  Owning a home and passing it to your children could cause a capital gains tax, and Congress is increasing Capital Gains Tax Rates.

Making a joint trust not only reflects and mirrors your life as a partnership, other benefits include: simplicity, flexibility and reducing capital gains tax.

The Joint Trust offers simplicity in that it eliminates the need for obtaining a Federal Identification Number and filing a trust income tax return when the first spouse dies; flexibility to accommodate change after the first spouse's passing; and reduces capital gains tax by taking advantage of a "step-up" in basis, coined "freebasing by Forbes Magazine.*

Separate Trusts were prepared when the estate tax exemption was $600,00 per spouse and helped to reduce estate tax.  With an exemption of over $10 million per couple, most of us will not pay an estate tax, and our children may pay capital gains tax unless we change to a Joint Legacy Trust.

 

 

*Forbes Magazine, March 2014: "Freebasing your Estate".  If you would like a free copy of this article, please call me and I will be happy to send you a copy.

Aloha,

Welcome to my blog - Here I will periodically post important information for my clients and prospective clients to learn about ethical estate planning and other products and services available from my law firm.

I would like to share with my clients a list of Articles Published by Generations Magazine, Hawaii's Resource for Life.  Generations Magazine is made possible by Percy Ihara and the staff of Generations808.com located at 1414 Dillingham Blvd., Suite 201, Honolulu HI 96817

Articles Published and Authored by Stephen B. Yim

Come back next month, for more information on what 2013 has in store for your potential estate plan.

Mahalo, 

Stephen

 

Aloha, - This is an example of the next Article in the Blog, accessible via navigation and search engine index able.

Welcome to my blog - Here I will periodically post important information for my clients and prospective clients to learn about ethical estate planning and other products and services available from my law firm.

I would like to share with my clients a list of Articles Published by Generations Magazine, Hawaii's Resource for Life.  Generations Magazine is made possible by Percy Ihara and the staff of Generations808.com located at 1414 Dillingham Blvd., Suite 201, Honolulu HI 96817

Articles Published and Authored by Stephen B. Yim

Come back next month, for more information in 2013.

Mahalo, 

Stephen