Fahlman Olson & Little, PLLC Attorneys at Law


Abandoned Assets	back to index
Hunting for Lost Treasures -- You May Be the Heir to Abandoned Assets
Alaska Trusts
Alaska and Delaware Now Offer Domestic Asset Protection Trusts
Asset Allocation
Avoid the Funding Trap for Trusts -- Control Taxes by Monitoring When and Where Assets Go Newly Acquired Property isn't Titled to your Living Trust
Asset Protection
Protect Assets Before It's Too Late Alaska and Delaware Now Offer Domestic Asset Protection Trusts Protecting Assets Through A Single Member LLC Offshore Trusts Can Protect Assets Asset Protection Planning Alive and Well
Business Issues
Placing Your Family Business In a Trust Buy-Sell Agreements: Stability in a Time of Uncertainty
Buy-Sell Agreements	back to index
Funding a Buy/Sell Agreement With Life Insurance? A Partnership May Make the Best Policy Owner How to Dispose of Your Interest in a Closely Held Business: Alternatives to Buy-Sell Agreements Creative Financing - Designing and Funding a Buy-Sell Agreement for Your Business
Charitable Gifts
CRUT, NIMCRUT or Flip CRUT? Donating Your Home to Charity Supporting Organizations as an Alternative to Private Foundations Conservation Easements Provide Estate Ta x Benefits The Gift That Gives Back-Charitable Lead Trusts Can Help You Shelter Assets Partial Gifts to Charity Make Giving Easy A Charitable Gift Annuity Can Benefit You and Your Community Tips for Tax-wise Charitable Giving
Charitable Trusts
CRUT, NIMCRUT or Flip CRUT? Charitable Remainder Trusts Can Still Be a Win-Win Strategy New Rules Facilitate Funding a CRT With Unmarketable Assets The Gift That Gives Back - Charitable Lead Trusts Can Help You Shelter Assets Partial Gifts to Charity Make Giving Easy You Have a Charitable Remainder Trust Can You Undo a CRT? Terminating a Charitable Remainder Trust isn't always Possible
Conservation Easements	back to index
Conservation Easements Provide Estate Tax Benefits
Corporations
Breaking Up Is Hard To Do: How To Split Closely Help Corporation Stock in a Divorce Settlement How to Dispose of Your Interest in a Closely Held Business: Alternatives to Buy-Sell Agreements Should You Serve as a Nonprofit Director?
Credit Shelter Trusts
Back to the Basics - How You Can Save $246,250 on Your Estate Tax Bill Using Retirement Funds for Credit Shelter Trusts
Crummey Powers
Planning for the End of Crummey Powers Non-Crummey Insurance Trusts Can Make Sense
Directors	back to index
Should You Serve as a Nonprofit Director?
Divorce
Breaking Up Is Hard To Do: How To Split Closely Help Corporation Stock in a Divorce Settlement
Elderly
Estate Planning for the Very Elderly
ESOPs
ESOPs - The Tax-Smart Option for Business Succession ESOPs Provide Business Owners a Wealth of Planning Options
Estate Errors	back to index
Four of the Biggest Estate Planning Errors and What to Do About Them Newly Acquired Property isn't Titled to your Living Trust You Fail to Name a Contingent Beneficiary You Haven't Discussed your Plan with your Family
Estate Planning Strategies
Back to the Basics - How You Can Save $246,250 on Your Estate Tax Bill Reduce Taxes Through Deathbed Planning IRS Allows More Trust Options Using Retirement Funds for Credit Shelter Trusts How To Provide Both Financial Security and Peace of Mind: Make Sure Your Spouse Understands Your Estate Plan Save Taxes Even After You're Gone How Irrevocable Is Irrevocable? Build in Flexibility Now for More Control Later Consider New and Improved Qualified State Tuition Programs How To Make Effective Deathbed Transfers Exploring the Previously Taxed Property Credit The Benefits of Gifting Stock With Built-In Gains Paying For Long-Term Care: Are You Eligible To Receive Medicaid? The Responsibilities of Being a Trustee with Discretion Long-term Tough Love: Incentive Trusts Provide Assets to Successive Generations Save Taxes Even After You're Gone: Roth IRAs Permit Tax-Free Growth for Beneficiaries Too What to Expect When Named Executor of an Estate 10 Steps To Creating a Proper FLP Avoid Income Tax Consequences of Funding FLPs Use Powers of Appointment to Create Flexibility Plan Your Estate Around an LLC How Healthy Is Your Wealth and Estate Plan? To Meet Your Objective, Review and Update It Today A Net Gift Can Save You Big Money in Gift Tax Keeping Private Matters Private - Five Ways to Structure Your Assets to Avoid Probate The Future of Estate Planning - As Laws Change, Focus Shifts to Income Tax, State Taxes Prepaid Tuition Strategy Gets Passing Grade from IRS An Air of Uncertainty: The Roth 401(k) may be good for your Estate Plan, but will it last? What to do with the collectibles? Addressing personal property in an estate plan Estate Planning Red Flag: Most of Your Wealth Will Pass Through Beneficiary Designations Sizing up a FIT: Tailor a Family Incentive Trust to Meet your Needs Section 529: Financial Aid for Your Estate Plan Looking a Gift Horse in the Mouth: Qualified Disclaimer can be a Powerful Estate Planning Tool
Family Limited Partnerships
FLPs Offer More Than Just Tax Advantages Avoid Income Tax Consequences of Funding FLPs Maintaining the Right To Enjoy FLP Gifting Strategies
Fiduciaries	back to index
Understanding Fiduciaries Should Your Spouse Be Your Trustee?
Funding Trusts
Avoid the Funding Trap for Trusts - Control Taxes by Monitoring When and Where Assets Go New Rules Facilitate Funding a CRT With Unmarketable Assets Newly Acquired Property isn't Titled to your Living Trust
Gifts
Have You Made a Gift Without Knowing It? Timing Can Be Everything To a Successful Gifting Program Time Your Gifts to Gain Maximum Tax Benefits Making Gifts Before They Become Tax Exempt Can Save You Money Make Net Gifts Now, Save Later - Reduce Estate Tax Liability by Having Donees Pay Gift Taxes Take Advantage of New Gift Tax Statute of Limitations Protecting UTMA Accounts - What Happens When the Minor Becomes a Major? Consider New and Improved Qualified State Tuition Programs How To Make Effective Deathbed Transfers Exploring the Previously Taxed Property Credit The Benefits of Gifting Stock With Built-in Gains Paying For Long-term Care: Are You Eligible To Receive Medicaid? The Responsibilities of Being a Trustee with Discretion Long-term Tough Love: Incentive Trusts Provide Assets to Successive Generations Save Taxes Even After You're Gone: Roth IRAs Permit Tax-free Growth for Beneficiaries Too What to Expect When Named Executor of an Estate 10 Steps To Creating a Proper FLP Avoid Income Tax Consequences of Funding FLPs A Net Gift Can Save You Big Money in Gift Tax Partial Gifts to Charity Make Giving Easy
Grantor Trusts	back to index
If It Ain't Broke, Break It! Intentionally Defective Grantor Trusts Can Lead to Tax Benefits What Do You Mean It's Defective? How You Can Benefit From Intentionally Defective Grantor Trusts
Grantor Retained Annuity Trusts (GRAT)
From GRIT to GRAT to Great GRAT Roll with it - Keep Wealth in the Family Using Rolling GRATs
Generation Skipping Transfer Tax (GSTT)
5 Ways to Avoid the GST Tax A Simpler, More Flexible Approach to GST Planning Leveraging the GST Tax Exemption
Home
Use a QTIP Trust to Save Estate Taxes on Your Home Donating Your Home to Charity How You Own Your Home Can Save You Taxes
Insurance	back to index
Ensure Your Earning Potential With Life Insurance Who Should Own Your Life Insurance When Life Insurance May Be Better Than a Qualified Retirement Plan 5 Tax Traps of Mixing Corporations and Life Insurance Non-Crummey Insurance Trusts Can Make Sense Use Life Insurance and a Rabbi Trust to "Fund" Your Nonqualified Deferred Compensation Plan Don't Let Uncle Sam Get Half of Your Life Insurance Proceeds Private Split-Dollar Life Insurance Funding Estate Taxes With Second-To-Die Insurance Funding a Buy-Sell Agreement With Life Insurance? A Partnership May Make the Best Policy Owner Avoid Life Insurance Tax Traps Leverage Gifts and Reduce Estate Taxes With Private Split-Dollar Life Insurance
Insurance Trusts
Non-Crummey Insurance Trusts Can Make Sense Use Life Insurance and a Rabbi Trust to "Fund" Your Nonqualified Deferred Compensation Plan Don't Let Uncle Sam Get Half of Your Life Insurance Proceeds Build a Stronger ILIT - Protect Assets From Gift and Estate Taxes With an Irrevocable Life Insurance Trust
IRA
How Valuable Could the New Roth IRA Be To You? IRS Allows More Trust Options Using Retirement Funds for Credit Shelter Trusts Protecting Your IRA From Income and Estate Taxes, Choose the Best Distribution Method and Beneficiary Are Your Retirement Benefits Safe From Creditors? Should Your Younger Spouse Roll Over Your IRA After You're Gone Is Your IRA Protected Against Creditors? Should You Convert to a Roth IRA?
Joint Tenancy	back to index
Joint Tenancy Property -- Don't Overlook Planning Opportunities Joint Home Ownership With a Child
Like-Kind Exchanges
Swap 'Til You Drop - Use Like-Kind Exchanges To Escape Income Taxes on Investment Property Sales
Limited Liability Company (LLC)
Protecting Assets Through a Single Member LLC Plan Your Estate Around an LLC
Living Trusts
Top 10 Reasons Why a Living Trust May Be Better Than a Will How to Fund Your Living Trust: a Checklist Preparing for the Unexpected, Appoint a Successor Trustee in Case You Become Incapacitated Newly Acquired Property isn't Titled to your Living Trust
Marital Deduction	back to index
Remember the Estate Trust When Planning for the Marital Deduction Use a QTIP Trust To Save Estate Taxes on Your Home
Marital Planning
Estate Planning and the Single Parent How to Provide Both Financial Security and Peace of Mind
Miscellaneous
Does Grandfathering Exempt You From Newer Tax Laws? IRS Allows More Trust Options How Irrevocable Is Irrevocable? Build in Flexibility Now for More Control Later Understanding the Needs of Nontraditional Families
Nonprofit Companies
Should You Serve as a Nonprofit Director?
Prenuptial Agreement
A New Spouse + Children From a Prior Marriage -- A Premarital Agreement Can Help Premarital Affairs - A Prenup can Tie up Loose Ends Before You Tie the Knot
Private Foundations
Reap Private Foundation Benefits and Avoid the Pitfalls
Probate	back to index
Administrative checklist for after a family member passes away
Property Ownership
One False Move Into or Out of Community Property State Can Have Dire Results Estate Planning for Your Vacation Home Is the Grass Greener on the Other Side? Community Property vs. Separate Property The Power of a Durable Power of Attorney for Property Using Your Personal Residence To Make a Leveraged Gift Joint Home Ownership With a Child
Qualified Family Owned Business Interest (QFOBI)	back to index
The New Qualified Family-Owned Business Interest Deduction
Qualified Personal Residence Trust (QPRT)
Despite IRS-Proposed Regulations, The QPRT Is Still a Valuable Tool
QTIP Trusts
Use a QTIP Trust to Save Estate Taxes on Your Home
Retirement
The New Distribution Tax Break: How Valuable Is It? Cash Balance Pension Plans: What You Need to Know How Valuable Could the New Roth IRA Be to You? When Life Insurance May Be Better Than a Qualified Retirement Plan Use Life Insurance and a Rabbi Trust to "Fund" Your Nonqualified Deferred Compensation Plan IRS Allows More Trust Options Using Retirement Funds for Credit Shelter Trusts Making the Right Senior Housing Choice Are Your Retirement Benefits Safe From Creditors? Protecting Your IRA From Income and Estate Taxes, Choose the Best Distribution Method and Beneficiary Are Your Retirement Benefits Safe From Creditors? Should Your Younger Spouse Roll Over Your IRA After You're Gone? An Air of Uncertainty: The Roth 401(k) may be good for your Estate Plan, but will it last?
Roth IRA	back to index
How Valuable Could the New Roth IRA Be to You? Should You Convert to a Roth IRA?
Second Marriage
Maintaining a Delicate Balance -- The Second Estate Plan for the Second Marriage A New Spouse + Children From a Prior Marriage -- A Premarital Agreement Can Help
Spouse
How To Provide Both Financial Security and Peace of Mind: Make Sure Your Spouse Understands Your Estate Plan How to Provide Both Financial Security and Peace of Mind
Supporting Organizations	back to index
Supporting Organizations as an Alternative to Private Foundations
Taxes
What Can You Do To Avoid Transfer Tax Audits? Get Your Exercise: Tax Planning with Nonqualified Stock Options Minimize Income Tax Issues With Proper Estate Planning
Trusts
Avoiding the Funding Trap For Trusts - Control Taxes by Monitoring When and Where Assets Go IRS Allows More Trust Options How Irrevocable is Irrevocable? Build In Flexibility Now for More Control Later Do You Need a Living Will or Trust? Keeping Private Matters Private - Five Ways to Structure Your Assets to Avoid Probate Too Much Information? Consider Disclosure Rules when Designing Trusts
Trustees
Should Your Spouse Be Your Trustee? Understanding Fiduciaries Preparing for the Unexpected, Appoint a Successor Trustee in Case You Become Incapacitated
Uniform Transfers to Minors Act (UTMA)	back to index
Protecting UTMA Accounts - What Happens When the Minor Becomes a Major?
Valuation
Don't Get Penalized for Substantial Valuation Understatements Is Fair Market Really Fair?
Wills
Why Everyone Needs a Will 5 Will Advantages Do You Need a Living Will or Trust?
1997 Tax Law Changes
The 1997 Tax Law Changes and Your Estate Plan
2001 Tax Law Changes
2001 Estate Tax Relief Act - Estate and Gift Tax Changes