Nice Article on the Basics of ILITs

The Basics of ILITs

A colleague of mine, David Saltzman, has written a nice article on the Basics of Irrevocable Life Insurance Trusts.  As he points out, setting up a life insurance trust is a great way to minimize your estate tax liability and it can be especially important in New Jersey. Dave is a great resource and knows […]

A Trust can Qualify for a Section 121 Deduction (For Sale of a Personal Residence)

section 121 deduction qualifying trusts

Typically, people take it for granted that there will not be any tax when they sell their personal residence.  Technically, there is a tax, but the government also offers a limited exclusion under Section 121 of the Internal Revenue Code. For individuals who sell their primary residence, you can exclude the first $250,000 of gain.  […]