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Right of Occupancy Trust: Alabama Estate Planning Guide
What does a right of occupancy trust do? A right of occupancy trust is an estate planning tool that essentially allows a beneficiary to reside in a specified piece of property until their death or an otherwise specified period of time.
Guide to Estate and Gift Tax Portability for Estate Planning
A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.
How Do I Choose Between a Revocable and an Irrevocable Trust?
Choosing between a revocable and irrevocable trust is akin to selecting the right tool for a job—it all depends on what you’re trying to achieve. This article will help you navigate the nuances of each option, revocable vs. irrevocable trust so you can make the choice that best aligns with your goals.