Monday, May 18, 2020

Irrevocable Trust Compliance Examination

At Morris Law Group, we can assist you in setting up a customized Wealth Preservation Solution to meet your unique wealth preservation goals. One way to protect your assets and ensure that they are preserved for your beneficiaries is through an irrevocable trust. These trusts are commonly designed to hold assets that will be outside of your taxable estate for estate tax purposes.

Annual Compliance Requirements

In order to maintain the integrity of the trust, as well as reap the estate and gift tax benefits, there are compliance actions that need to be taken on an annual basis. With respect to trusts that hold life insurance, if the cash flow needs of the trust exceed the annual exclusion gifting threshold, Split Dollar Arrangements and other techniques are used to avoid or minimize gift taxes.

The 2020 gift tax exclusions amount is $15,000 per individual and $30,000 for gifts made by a married couple to each donee. In order to pay the premiums, you, as the Grantor, can contribute an amount directly to the trust, and the trust will then pay the premium when it’s due.
The contribution to the trust for the insurance policy will not qualify for the gift tax exclusion unless the trust grants the trust’s beneficiaries certain limited rights to he gifted assets (these are known as “Crummey” withdrawal powers). If the trust contains these beneficiary withdrawal powers, it is essential that the beneficiaries receive Crummey letters (notice of withdrawal right) whenever a contribution is made to the trust.

Morris Law Group Will Handle the Particulars

Our team will oversee the timing, preparation and verification of the required documents including these Crummey letters to confirm all necessary formalities are being met with irrevocable trusts. Please be advised that failure to properly document these transactions on a timely basis may result in increased gift and estate taxes.
If you are interested in designing a customized Wealth Preservation Solution, or what we call a Generational Planning Solution,SM that can be put into place to give you and your loved ones peace of mind that your legacy will last for generations, contact Morris Law Group at (561) 750-3850 or visit and schedule a consultation with one of our attorneys.

Monday, May 4, 2020

New Video: Update Your Planning During This Low Interest Rate Environment

In this unprecedented time in the midst of the coronavirus, now is a good time to update your estate plan to take advantage of the low interest rates. For more information, watch this important video and call Morris Law Group at (561) 750-3850 to make an appointment to speak to one of our attorneys. 

New Video: Crummey Powers

Watch this informative video about irrevocable trusts and Crummey Powers, as part of an estate planning technique to take advantage of the gift tax exclusion. For more information, call (561) 750-3850 to speak to one of the Morris Law Group attorneys today.

New Video: Fiduciary Roles

Watch this video for more about the roles of a financial fiduciary. For more information, call Morris Law Group at (561) 750-3850.

New Video: The SECURE Act

Find out more about The SECURE Act and how it could affect you or your beneficiaries in this video. For more information, call (561) 750-3850 and make an appointment to speak to one of our attorneys today.

New Video: Introduction to Wealth Preservation and Estate Planning Series

Morris Law Group introduces its new Wealth Preservation and Estate Planning Series of videos. Watch the introductory video here. For more information, please call Morris Law Group and ask to speak to one of our attorneys at (561) 750-3850.

Morris Law Group Introduces New Wealth Preservation and Estate Planning Series of Videos on Its Website and YouTube

Morris Law Group Founding Partner Stuart R. Morris, Esq., CPA, B.C.S. has created a new video series featuring helpful, actionable videos to help clients and consumers protect their assets, reduce taxes and create family harmony.
Boca Raton, Fla. (5/4/2020) – Morris Law Group, an AV® Preeminent-rated law firm headquartered in Boca Raton, Fla. has introduced a new YouTube video channel featuring a new series of videos on wealth preservation and estate planning. These videos are being recorded by the Morris Law Group team of expert attorneys and professionals. New videos will be offered each month on the firm’s website,, Wealth Preservationist blog and on YouTube.

Morris Law Group’s founding partner, Stuart R. Morris, CPA, B.C.S., introduces the video series in this informative introductory video here. The series also includes videos on various topics including:

Planning in the Current Low-Rate Environment – In the midst of the coronavirus with the lower interest-rate environment, some estate planning opportunities have arisen. Attorney Morris explains some of these estate planning and asset preservation techniques that should be considered. Watch this important video here.

The SECURE Act – Attorney Morris explains how this newly enacted law may affect estate planning as well as individuals and their beneficiaries. Among other changes, the SECURE Act changed the entire landscape of how beneficiaries are going to receive IRA, pension or other retirement accounts from the deceased owners of these accounts. Watch the video here.

Irrevocable Trusts and Crummey Powers – Crummey powers are critical powers contained in an irrevocable trust to ensure that contributions made to the trust qualify for the annual exclusion gift. Proper documentation including a contribution letter is required for this technique. Find out more about it here.

Fiduciary Roles – What are the roles of a financial fiduciary, how do they serve, where are they appropriate, and how do you choose them? Attorney Morris explains fiduciary roles here.
In these videos, you will find helpful, actionable information on recent topics in the news, interesting events, in-depth strategies and cutting-edge techniques to help you protect your assets, reduce taxes and create family harmony. To subscribe to Morris Law Group’s Wealth Preservation Channel, please visit here:

Morris Law Group’s staff and attorneys are working and remain available to serve clients in Florida during regular business hours, Monday through Friday from 8:30 a.m. to 5 p.m. either through phone or video conferencing. For more information about anything seen in these videos or to schedule a consultation with an attorney, please contact Morris Law Group, email or call (561) 750-3850.

Attorney Stuart R. Morris is board-certified in Wills, Trusts and Estates and is a Certified Public Accountant. He founded Morris Law Group in 1991, and practices in estate and gift tax planning, probate and trust administration, wills and trusts, business structuring and succession planning, asset preservation planning, domestic and international tax planning, and special needs planning. He is recognized as one of Worth magazine’s nation’s Top 100 Attorneys, a Florida Super Lawyer, Florida Trend Magazine’s Florida Legal Elite, Palm Beach Illustrated’s list of Top Attorneys, and he has received an AV® Preeminent Peer Review Rating, the highest rating afforded an attorney, from Martindale-Hubbell. He is a member of The Florida Bar, the Society of Trust and Estate Practitioners (STEP), Florida Institute of Certified Public Accountants and the American Bar Association.

About Morris Law Group, Wealth Preservation AttorneysMorris Law Group, a South Florida law firm with four conveniently located offices, specializes in wills, trusts, probate, estate and tax planning, asset protection, and business and succession planning, and provides personalized, discreet services custom-designed to help protect your wealth now and in the future. The Morris Law Group team of knowledgeable and qualified attorneys and paralegals has more than 100 years of combined experience in managing complex estate planning, tax planning, trust and estate administration, and business structuring and succession planning for clients. Expertly drafted documents are just the beginning of your Wealth Preservation Solution at Morris Law Group. You will be able to take advantage of a wide variety of sophisticated estate planning, tax planning, and business structuring and succession planning techniques to help you achieve your goals. An AV® Preeminent-rated law firm by Martindale Hubbell, Morris Law Group is adept at translating these strategies into easy-to-understand, jargon-free language, so you will be able to make informed decisions about your assets now and in the future. 

Visit or contact Morris Law Group today to schedule a consultation at (561) 750-3850.