Understanding the End of an Irrevocable Trust

– Dolly Parton is known for her philanthropy and has important lessons to teach about doing good.
– After winning a money judgment in a court case, individuals are entitled to the stated amount but must take further steps to actually receive the funds.
– U.S. citizens receive certain tax benefits in estate planning that non-citizens do not, particularly when it comes to receiving these benefits upon death.
– Estate planning is important for all adults, not just the wealthy or elderly, as it allows individuals to designate what happens to their assets and who will care for their minor children. 1. Congress may address the sunset provisions of the Tax Cuts and Jobs Act in an election year.
2. The high estate tax exemption introduced in 2017 under the Act is set to expire in 2025.
3. It is uncertain whether Congress will extend the high estate tax exemption or let it sunset in 2025.
4. The decision on the tax cuts may impact the 2024 election year.

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