In this issue of our Estate Planning Newsletter

Tax Treatment for Family Members Working in the Family Business

When you include family members in your business operations, there are tax treatments and employment tax rules that need to be applied. Click through to learn the right way to hire a family member.

HuffPost Quotes Joseph Marion Regarding Biden’s Planned Tax Hikes

Ultrawealthy Americans Are Scrambling To Get Ahead Of Biden’s Planned Tax Hikes
By Molly Redden

Wealth advisers to the 1% say there’s sheer panic: “Sometimes people don’t realize how much money they’ve accumulated until they’re about to lose it.”

“What I’m seeing now is a panic,” said Joseph Marion, a Rhode Island tax attorney and expert in wealth transfer, “relative to people using up their lifetime exemption credits before those credits likely erode under the new Democratic regime.”

Can You Use a Credit Shelter Trust?

A credit shelter trust, which is created after the death of one’s spouse, may be able to help with estate taxes. If you have enough assets to make estate tax an issue, it may be right for you. Click through to see how CSTs help assets pass tax-free to your heirs.

Community vs. Separate Property: What’s the Deal?

The whole premise of who owns what in a marriage depends on whether you live in a community property state or an equitable distribution state. Click through to see why knowing the laws of your state matter in marriage.

Settling a Deceased Person’s Debts

Debts typically become the responsibility of an estate after death. But how exactly are they handled — who has to pay? Click through for the details on debt and what heirs and executors must do to comply with the law.

What’s a Life Insurance Trust?

A life insurance trust offers many benefits, including the ability to minimize estate taxes. Click through to see how they can help you potentially avoid estate taxes.

Read the full newsletter.


Click to subscribe to receive our Estate Planning Newsletter by email.

DISCLAIMER: This website and its contents were prepared by Whelan Corrente (“the Firm”) for informational purposes only and do not constitute or contain legal advice. In some jurisdictions the content on our site may be considered advertising under various states’ ethics rules, and the information on the website is not a substitute for professional consultation or advice.

While we invite you to contact us and welcome your phone calls, letters, or electronic communications, simply contacting us does not create an attorney-client relationship and any information that you may send to any individual at the Firm will not be considered confidential or protected by the attorney-client privilege unless an attorney-client relationship has been established via a written letter signed by all parties.

The Rhode Island Supreme Court licenses all lawyers in the general practice of law. The court does not license or certify any lawyer as an expert or specialist in any field of practice.