In Austin Trust Co. v. Houren, beneficiaries of a trust executed a family settlement agreement with the former trustee’s estate. No. 21-0355, 2023 Tex. LEXIS 285. After the settlement agreement was executed, parties sued former trustee’s estate for over a $37 million alleged debt.
What is a Revocable Trust? A trust is legal arrangement that allows one person to hold and manage property for benefit of one or more beneficiaries. As term revocable indicates you as grantor can create revocable trust agreement during your lifetime and modify or terminate.
Internal Revenue Service announced 2023 cost of living adjustments for estate and gift tax exclusion amounts. Gift tax exclusion is amount an individual may gift to any number of persons without incurring tax. Gift Tax Exclusion Amount increase from 16000 to 17000 in 2023.
IRS provides an annual exclusion, regularly indexed for inflation, under which gifts of lesser value need not be reported. In 2023 value of gifts made to individual without reporting requirement is $17,000. Individual may give certain amount of gifts without tax consequences.
Increased phishing emails and robocalls are common for financial exploitation committed by people who know victim, such as relatives, caregivers, neighbors, or friends. To avoid exploitations, clients should understand financial abuse strategies and put protections in place.