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Estate planning: Trust strategies for preserving and transferring wealth
For wealthy families and business owners, estate planning is more than simply determining who inherits your estate. It’s about developing a strategy to preserve wealth, minimize taxes, protect beneficiaries and help ensure your legacy is transferred as you wish. A well-designed trust strategy can be one of the most powerful tools for accomplishing those goals. There are dozens of types of trusts, so finding the right trust, or combination of trusts, to best align with your goals can be tricky. Keep reading for a breakdown of estate planning strategies and scenarios in which each can be most beneficial. The estate tax landscape Due to the increased wealth transfer tax exemptions, individuals can now pass more assets than ever before without triggering transfer taxes. The federal estate transfer tax exemption allows individuals to transfer up to $15 million and married couples up to $30 million before federal estate taxes apply. Any assets exceeding those thresholds are subject to a 40% federal estate tax. For that reason, proactive planning is critical for families with substantial estates. The benefits of a trust Your family has likely spent decades building wealth, but how much time have you spent planning how that wealth will transfer to your children and grandchildren? Without a coordinated strategy, much of your estate could be lost to taxes, family disputes or subject to inefficient transfers. Fortunately, trusts provide a flexible way to reduce estate tax exposure while maintaining control over how wealth is distributed. Whether you’re focused on protecting a family business, providing for future generations, supporting charitable causes or creating financial security for your spouse, there are trust options designed to help achieve those objectives. In many cases, trusts are used to move appreciating assets outside of a taxable estate, helping families lock in today’s value while future growth occurs free of transfer taxes. Trusts also have benefits beyond taxes, including: For liquidity needed to cover estate taxes without forcing a sale of the company. To protect assets from creditors, lawsuits or divorcing spouses. To ensure heirs receive financial support while avoiding unrestricted access to large sums of money. Create a trust strategy that fits your needs The most effective estate plans are customized based on factors such as: The size of the estate The types of assets owned Whether a family business is involved Future liquidity needs Family circumstances and beneficiary maturity Charitable goals Tax planning objectives In many cases, multiple trust structures work together as part of a coordinated estate plan. Different trusts can be used to leverage estate tax exemptions, provide liquidity and preserve wealth for future generations. The key is understanding which tools align with your goals. Irrevocable Life Insurance Trusts An Irrevocable Life Insurance Trust (ILIT) is one of the simplest and most durable tools in estate planning. The trust owns an insurance policy on the grantor’s life, and because the trust is both the owner and the beneficiary, the death benefit is generally excluded from the insured’s taxable estate when structured correctly. One of the main benefits of an ILIT is liquidity. Federal estate taxes are generally due within nine months of death. Since most taxable estates include business interests, real estate or other non-liquid assets, an ILIT can provide cash to cover taxes, debt obligations or other estate-related costs without selling valuable assets under pressure. When an ILIT makes sense An ILIT can be beneficial for an estate that holds largely non-liquid assets, such as a family business, commercial real estate or a large investment property portfolio. Consider a business owner whose company represents most of their net worth. Upon the owner’s death, the estate could face a significant estate tax bill but have limited cash available to pay it. An ILIT can provide tax-free liquidity to help the estate meet those obligations without selling business interests or taking on debt. Additionally, in situations where only certain children participate in the business, ILITs can serve as an estate-planning tool to provide equivalent value to non-participating heirs while preserving ownership and control of the business for the children who are actively involved. Spousal Lifetime Access Trusts Spousal Lifetime Access Trusts (SLATs) are a popular strategy for married couples seeking to transfer assets from their estates while preserving potential access to trust assets through the beneficiary spouse. One spouse creates and funds an irrevocable trust for the benefit of the other spouse and future descendants. Assets transferred into the trust, along with future appreciation, are removed from both spouses’ taxable estates. The appeal is straightforward: The donor spouse uses their estate tax exemption to move the assets out of their estate, while the beneficiary spouse may still receive distributions from the trust if needed. This indirect access can make some families more comfortable transferring substantial assets out of their estate. SLATs do require careful planning. Assets typically must be funded with separate property, and if both spouses establish trusts for each other, the arrangements must be substantially different to avoid IRS scrutiny under the reciprocal trust doctrine. When a SLAT makes sense A SLAT is an attractive choice for married couples with valuable estates, but who are hesitant to permanently part with a large portion of their wealth. For example, a couple may want to transfer a diversified investment portfolio expected to grow substantially over the next decade, while maintaining a safety net should their financial circumstances change. SLATs can also be effective for business owners anticipating significant future growth in their company’s value. By transferring business interests into the trust before a liquidity event, sale or period of rapid growth, future appreciation can occur outside the taxable estate. Because the beneficiary spouse can still receive distributions, the couple retains indirect access to the assets in the event of unexpected expenses. Intentionally Defective Grantor Trusts Intentionally Defective Grantor Trusts (IDGTs) are among the most impactful estate planning techniques available to wealthy families and business owners. An IDGT is irrevocable and designed to remove assets from the grantor’s taxable estate, while grantor trust provisions cause the grantor to remain responsible for the trust’s income tax liability. This means the grantor pays the income tax on trust earnings, allowing the trust assets to grow tax-free. In effect, those tax payments become an additional tax-free transfer of wealth to beneficiaries. IDGTs are especially powerful when combined with a sale transaction. A business owner may sell shares of a closely held business to the trust in exchange for a promissory note. Because the trust is treated as a grantor trust, the sale generally does not trigger capital gains tax and appreciation above the note’s interest rate can transfer outside the taxable estate. When an IDGT makes sense IDGTs are often used by business owners who expect substantial future appreciation in their companies. If a business is valued at $30 million but is projected to double in value over the next decade, selling part of the business to an IDGT can effectively freeze today’s value for estate tax purposes while allowing future growth to benefit children and grandchildren. This strategy can also work well for families who rely on cash flow from a business or investment assets. Because the grantor receives payments under the promissory note, they can continue to generate income while shifting future appreciation outside their taxable estate. IDGTs are particularly useful for individuals planning to sell a business, owners of rapidly growing businesses and families whose wealth is expected to appreciate faster than traditional investments. Dynasty Trusts Dynasty Trusts are designed to preserve wealth for multiple generations. These trusts use the lifetime gift and generation-skipping transfer (GST) tax exemptions to move assets outside of the transfer-tax system, allowing wealth to grow and benefit children, grandchildren and future descendants. There are benefits beyond tax savings. Dynasty Trusts can provide significant asset protection by shielding trust property from creditors, lawsuits and divorcing spouses. They can also help families create long-term structures that help ensure beneficiaries manage their inherited wealth responsibly. When a Dynasty Trust makes sense Dynasty Trusts are ideal for families focused on multigenerational wealth preservation. A family that has built substantial wealth through a successful business, real estate holdings or long-term investments may want assets to benefit children, grandchildren and beyond without triggering transfer taxes for each generation. These trusts are also valuable if you are focused on protecting wealth from mismanagement, lawsuits and creditors after it’s been passed down Charitable Trusts For families with philanthropic goals, charitable trusts can align giving objectives with tax planning. A Charitable Remainder Trust (CRT) provides income to the donor or other beneficiaries for a set amount of time, or until the donor passes away. At that point, the remaining assets pass to a charitable organization. This strategy can be particularly attractive when an individual owns highly appreciated assets and wants to defer or minimize capital gains taxes. A Charitable Lead Trust (CLT) works in the opposite direction. The charitable organization receives payments for a predetermined period and at the end of the term, the remaining assets transfer to family members or other beneficiaries. This structure can help reduce income and/or estate tax liability while supporting charitable organizations during the trust term. When charitable trusts make sense A CRT can be an effective solution for a business owner or investor holding an asset with significant unrealized gains. For example, someone who purchased land decades ago for a relatively small amount may face a large capital gains tax bill upon sale. By contributing the property to a CRT, they may receive an income stream while ultimately supporting causes that are important to them. A CLT may be more appropriate for wealthy families seeking to combine philanthropy with wealth-transfer planning. For instance, a family interested in supporting a university or private foundation for a period of years can use a CLT to make contributions and eventually transfer remaining assets to children or grandchildren at a reduced transfer-tax cost. Trust comparison chart Wealth transfer goal Trust match Why it may fit Example scenario Preserve a family business and provide cash to heirs Irrevocable Life Insurance Trust Keeps life insurance proceeds outside the taxable estate while providing liquidity for taxes, debt repayment or succession needs. A manufacturing company owner has a $50 million estate, but most of the value is tied up in the business. An ILIT provides cash that heirs can use to pay estate taxes without selling company shares. Transfer wealth while maintaining flexibility for a spouse Spousal Lifetime Access Trust Removes assets and future appreciation from the taxable estate while allowing a spouse to receive distributions if needed. A couple transfers a $10 million investment portfolio to a SLAT before retirement. The assets grow outside their estate, but the beneficiary spouse can access funds if unexpected expenses arise. Shift future business growth to heirs Intentionally Defective Grantor Trust Allows appreciating assets to be sold to a trust while future growth occurs outside the taxable estate. The grantor can still receive payments through a promissory note. A business valued at $30 million is expected to double in value after expansion. The owner sells a portion of the company to an IDGT, so future appreciation benefits children and grandchildren rather than increasing estate taxes. Create a multigenerational family legacy Dynasty Trust Helps assets grow for children, grandchildren and future generations while providing tax efficiencies and asset protection. A family with significant real estate and investment holdings wants to preserve wealth for several generations while protecting assets from creditors and divorce settlements. Minimize capital gains tax while supporting charitable causes Charitable Remainder Trust Can convert highly appreciated assets into an income stream while ultimately benefiting charity. An investor owns land purchased for $200,000 that is now worth $2 million. A CRT can help avoid an immediate large capital gains tax bill while providing lifetime income. Support charities today while transferring wealth to heirs later Charitable Lead Trust Provides payments to charitable organizations while potentially reducing transfer taxes on remaining assets passed to family members. A family wants to fund a university scholarship program for 20 years and then transfer the remaining trust assets to their children at a reduced gift- or estate-tax cost. Building a coordinated plan A single trust likely won’t meet all of your estate planning goals. Families and business owners typically combine several strategies that address taxes, liquidity, family dynamics and long-term wealth preservation. The right balance depends on estate size, asset composition, business ownership, retirement income needs and family circumstances. Estate planning is also not a one-time process. Review your plans every few years or whenever significant life events occur, including: Marriage, divorce or remarriage Birth of children or grandchildren Sale or acquisition of a business Major changes in net worth Relocation to another state Significant changes in tax laws Changes in health or retirement plans Read more What are the estate planning benefits of a trust versus a family limited partnership? Finding your North Star: Navigating the human side of estate planning Tax strategy for founder-led exits: Timing is everything
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IRS making changes to first-time penalty relief
The IRS has introduced a significant change to the way it grants first-time penalty relief. Instead of requiring eligible taxpayers to request relief under the long-standing First-Time Abate (FTA) program, the IRS is transitioning to an Automatic Exemption from Penalty (AEP) program that will automatically provide relief to many qualifying taxpayers. The change is intended to simplify tax administration, reduce paperwork and help ensure that eligible taxpayers receive relief even if they are unaware that it is available. Many taxpayers who qualified for First-Time Abate never received it because they: Did not know the relief was available Could not reach the IRS Did not understand the process Could not afford professional tax representation The IRS expects the new program to help hundreds of thousands of additional taxpayers each year while reducing unnecessary work for both taxpayers and the IRS. How the previous FTA policy worked Under the traditional First-Time Abate policy: The IRS first assessed the penalty. The taxpayer then requested FTA if the eligibility requirements were met. Taxpayers and their representatives could decide whether and when to use this valuable relief. This flexibility sometimes allowed taxpayers to preserve their first-time relief for a future year if they anticipated a substantially larger penalty. How the new automatic relief works Under the AEP program: The IRS automatically determines whether the taxpayer qualifies. Eligible penalties are generally never assessed. Taxpayers do not need to contact the IRS or submit a request. The IRS will issue a notice explaining that the penalty was not assessed because of the taxpayer’s history of timely compliance. The program applies to eligible failure-to-file, failure-to-pay and failure-to-deposit penalties for taxpayers who satisfy the required compliance history. Not every return qualifies. Certain returns filed only for infrequent or special events, such as estate and gift tax returns, generally are not eligible. Rollout schedule The IRS is taking a phased rollout approach for AEP implementation. Key dates include: Summer 2026: The IRS begins applying AEP to eligible 2025 annual returns and 2026 quarterly returns. January 1, 2027: For eligible original returns with due dates on or after this date, AEP is expected to replace First-Time Abate as the standard method of providing first-time administrative penalty relief. During the transition period, some taxpayers may still receive penalty notices for returns that qualify under the previous First-Time Abate procedures. During this time, taxpayers who believe they qualify may still request FTA. Potential downside to AEP While automatic relief is welcome news for most taxpayers, it also changes an important aspect of tax planning. Under the previous system, taxpayers could decide when to request First-Time Abate. Under the new system, the IRS may automatically apply the relief whenever a taxpayer qualifies. As a result, taxpayers may lose the ability to preserve first-time relief for a future year that may involve substantially larger penalties. Currently, the IRS has not published a procedure allowing taxpayers to decline automatic relief or reserve it for future use. The formal procedures have yet to be published in the Internal Revenue Manual. IRS error and reasonable cause still matter Automatic relief is only one method of obtaining penalty relief. Taxpayers may still qualify for relief if a penalty resulted from: IRS processing errors Misapplied or misposted payments Other IRS administrative mistakes Circumstances establishing reasonable cause These forms of relief remain available independently of AEP. It would be beneficial for the IRS to clarify and refine the AEP program so that taxpayers who qualify for reasonable cause relief are not disadvantaged because AEP was automatically applied first. Read more The U.S. Court of Federal Claims just threw out COVID-era tax deadlines. Could you gain relief? The complete guide to Roth IRA and Roth 401(k) conversions 1031 exchange: What it is, how it works, and key rules for real estate investors
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Trump accounts explained: Eligibility, rules and planning considerations
Trump accounts are a savings vehicle that could help parents fund their children’s education and future expenses. Could opening one be a good idea for your family? Keep reading to learn how Trump accounts work, how they compare to other programs aimed at saving money for children and more. What is a Trump account? Created under the One Big Beautiful Bill, Trump accounts are investment accounts that allow parents or guardians to invest on a child’s behalf from birth until age 18. The funds can be used for a child’s education, a first home, starting a business or — if left untouched — long-term retirement savings. A Trump account is also called a 530A account. The program includes a $1,000 federal seed contribution for eligible children born between 2025 and 2028. However, the accounts aren’t limited to newborns. Any child under 18 can have an account opened and funded by parents, relatives, employers or other contributors. Like other tax-advantaged vehicles, Trump accounts come with specific rules around contributions, investments and withdrawals — making it important for families to understand how they work, how they compare to existing options and how they fit into a broader savings strategy. How Trump accounts work: Mechanics, timing and tax basics Trump accounts are custodial accounts, meaning the account is owned by the child but managed by a parent or legal guardian until the child turns 18. Adults make contribution and investment decisions during those years. Parents open an account by filing IRS Form 4547 with their 2025 federal tax return. This election triggers the IRS to create an account and, if the child qualifies, issue the $1,000 federal seed contribution. For families who don’t open an account through their tax return, an online portal is expected to be available by mid-2026. Beyond the initial federal contribution, parents, relatives, employers and other permitted contributors can add funds, up to a combined annual limit of $5,000. Contributions are not tax-deductible, but investment growth is tax-advantaged, similar to an IRA. Investment options are limited and generally restricted to U.S.-based companies to encourage long-term, domestic investment. How Trump accounts compare to 529 plans and other savings options Several savings vehicles for children already exist, including 529 plans, custodial Roth IRAs and Uniform Transfers to Minors Act (UTMA)/Uniform Gifts to Minors Act (UGMA) accounts. When families evaluate Trump Accounts against the alternatives, the most common comparison is a 529 college savings plan. How does a Trump account compare with a 529 college savings plan? Like Trump accounts, contributions to 529s are made with after-tax dollars. The difference comes at withdrawal. Qualified distributions from a 529 are completely tax-free at the federal level and earnings are never taxed when used for eligible education expenses. In addition, most 529 plans offer broad investment choices and do not convert into taxable, retirement-style distributions later in life. Trump accounts, by contrast, are designed to support a wider range of future uses, beyond education. However, distributions taken after age 18 are generally taxed as ordinary income and early and non-qualified withdrawals may be subject to penalties depending on timing and use. Another important distinction is how contributions are treated for tax purposes. Contributions to Trump accounts made by parents, family members and other private investors are not tax-deductible but do create “basis,” meaning that portion of a future distribution is not taxable. Contributions made by the federal government, employers or charitable organizations do not create a basis, so those amounts — and any associated earnings — would generally be taxable upon distribution. If the primary savings goal is education, a 529 plan may be the more tax-efficient option. The tradeoff is flexibility. Trump accounts allow funds to be used for a broader set of future needs and, for qualifying families, include federal seed funding that other savings vehicles don’t offer. How does a Trump account compare with a custodial Roth IRA? Custodial Roth IRAs offer tax-free growth and withdrawals, but only if the child has earned income, which often limits who can use them and how early savings can begin. Since Trump accounts don’t require earned income, families can begin saving from birth, though withdrawals are generally taxed as ordinary income when used. How does a Trump account compare with a UTMA or UGMA account? UTMA and UGMA custodial accounts allow adults to hold assets for a child until they reach legal adulthood. These accounts are flexible and can be used for almost any purpose that benefits the child, but they don’t offer the same tax advantages as retirement-style accounts. Investment income may also be subject to the “kiddie tax.” Trump accounts impose more structure and restrictions than UTMA and UGMA accounts in exchange for tax-advantaged growth. Investment scope is another notable distinction. Trump accounts are designed to invest only in U.S.-based companies, with choices similar to a limited 401(k) rather than an open brokerage account. Who benefits from Trump accounts? Trump accounts are broadly accessible, but their value looks different depending on each family’s financial circumstances and goals. A Trump account may make sense if: You have a newborn eligible for the $1,000 federal contribution. You want to begin generating meaningful long-term growth for your child on the $1,000 federal contribution, even if you can’t afford to add your own contributions to the pot right away. You want to supplement another savings vehicle like a 529 plan or a trust, especially if you want to create additional flexibility around future use. You want to begin tax-advantaged investing for your child before your child has earned income. Bonus: Trump accounts offer a built-in opportunity for financial education Beyond the tax considerations, Trump accounts offer a less obvious benefit that applies across income levels: They give families a practical way to introduce financial literacy early, without revealing household balances or broader wealth details. The account itself can become a teaching tool. Parents can show a child how contributions grow over time, explain why funds are invested rather than spent and connect saving to future milestones, such as school or starting a business. Small contributions, such as a birthday or holiday gift, can reinforce the lesson without requiring large investments. Are Trump accounts risky? As with any new tax program, some families may hesitate out of concern that rules could change over time or that the accounts are tied to a particular administration. That uncertainty is understandable. But in practice, for families with eligible newborns, inaction is the greater risk. Failing to open an account means leaving $1,000 of federal seed money unclaimed. Historically, changes to tax law have affected future contributions rather than existing accounts. If future legislation were to limit or discontinue Trump accounts, families would generally expect existing accounts to remain usable under the rules in place at the time they were established. That makes Trump accounts relatively low risk when used as intended. The accounts come with clear rules around permitted uses; withdrawals that don’t meet those requirements can trigger penalties and repayment obligations. Families should be mindful of the account’s limitations and use it only for its intended purposes. Trump accounts FAQs Here are some common FAQs about Trump accounts: Can anyone open a Trump account? Any child under 18 can have a Trump account opened in their name by a parent or guardian. Is a Trump account better than a 529 plan? A Trump account isn’t better or worse than a 529 plan, just different. A 529 plan is primarily for funding your child’s education, and the distributions are tax-free at the federal level. By contrast, a Trump account can be used for a wider range of your child’s future expenses, like buying a home or starting a business, but distributions are generally treated as ordinary taxable income. Are Trump account contributions tax-deductible? No, Trump account contributions are not tax-deductible. However, contributions to a Trump account by parents, relatives or other private individuals are considered tax-advantaged, which means the dollar value of those contributions is generally not counted as taxable income when the money is later distributed. What happens to a Trump account when the child turns 18? After turning 18, a young adult takes possession of the account and can generally take distributions to pay for permitted expenses like education, buying a home or starting a business. Can employers contribute to your child’s Trump account? Yes, employers can make contributions to a Trump account. Can a child have both a 529 plan and a Trump account? Yes, parents can create both a 529 college savings plan and a Trump account for their child. Read more: Tax law saw major changes in 2025. How can you benefit in 2026? What are the estate planning benefits of a trust versus a family limited partnership? How to use gifting strategies to reduce tax liability
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