Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
Estate Planning for the Single Person
> Every legal adult should ensure that his or her wishes are clearly stated in proper estate planning documents. > Safety nets available to married individuals with children are not as reliable for single individuals. > Failing to plan can burden loved...
Expensive Gaps in Estate Tax Planning
POWER POINTS > In an effective estate plan, both federal and state estate taxes must be considered. > Flexibility is essential to allow the trustee to maximize the available exemptions or defer estate tax liability for as long as possible. > Understanding the...
2018 Estate Tax Update
POWER POINTS > The Tax Cuts and Jobs Act increases the estate and gift tax exemption to $11.2 million per person in 2018. > Estate plans that are outdated or fail to consider the estate tax at the state level could result in a much greater tax liability than...
The Empty Trust
POWER POINTS > The end of the year presents a great opportunity to review your estate plan, your newly acquired assets and the funding of your Trust. > An unfunded Trust fails to take advantage of one of the greatest benefits of a Trust…the avoidance of probate....
Painless Estate Planning
Creating a responsible estate plan does not have to be as painful or difficult as many people believe. As a matter of fact, the whole process can be completed within a few weeks. More importantly, once it is complete, you will sleep better knowing that you are...
When a Do-It-Yourself Divorce Goes Wrong
> Removing the counsel of experts rarely results in decreased costs and increased efficiency. > Each asset’s characteristics must be considered carefully when being transferred, whether it is due to divorce, planned giving or death. > Integrating your...
The Crummey Notice Requirement – What is the Point and When is it Necessary?
One of the primary techniques used to reduce a person’s taxable estate is making gifts during his or her life to other individuals, usually children or grandchildren, using the annual gift tax exemption ($14,000 in 2017). An individual can make a gift up to the...
Decanting a Trust – What it Means and When it Should be Considered
> Is this about wine? Unfortunately, no. > What does it mean to decant a trust? Trust decanting is the process of pouring the assets of one irrevocable trust (the “original trust”) into a second irrevocable trust with more desirable terms (the “new trust”)....
Estate Planning, Marriage and Divorce
When considering marriage or a divorce, your estate planning is likely low on the list of priorities. However, these are significant changes in a family situation that should trigger an immediate review of your existing estate planning documents or preparation of...
Year-End Estate Planning To-Do List
> Familiarity with the terms of your documents is an essential part of having an up-to-date estate plan. > If you do not have an estate plan in place, the end of the year is an ideal time to begin planning. > Proper planning can help avoid unintended...