Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
Link: Asset Protection
Some good information in this article, but make sure to consult an attorney for details on the costs and benefits of these techniques. Each situation is different and general articles and information may not apply to you. Additionally, it should be noted that...
Link: State Estate Taxes
A good read on the various state estate tax systems and issues to be considered: Article: States continue to claim their share through the estate tax It's not just about the federal estate tax. Make sure your attorney understands the state estate tax and takes it...
Siblings Battle Over Mother’s Joint Account
When it comes to granting access to an account, there are multiple options that carry various risks and benefits during the account owner’s life and will have drastically different results at the owner’s death. Choosing an option without understanding these...
How to Accidentally Leave a Gift to Your Ex-Spouse
An individual should review his or her estate planning any time there is a significant change in his or her family or financial situation. This includes not only the Will, Revocable Living Trust and Powers of Attorney, but also beneficiary designations. The case...
IRS, Treasury and Wal-Mart Recognize Same-Sex Marriages
In another significant step following the Supreme Court decision in U.S. v. Windsor, the U.S. Department of the Treasury and the Internal Revenue Service will now recognize legal same-sex marriages for federal tax purposes.1 As discussed in the July 2013 Newsletter,...
The Estate of “Tony Soprano”
James Gandolfini, the actor who played “Tony Soprano” on the acclaimed HBO series, The Sopranos, passed away suddenly at the age of 51 in Rome, Italy on June 19, 2013. Gandolfini left behind a wife, two minor children and an estate that is estimated to be valued at...
Estate Planning in Light of DOMA Ruling
On June 26, 2013, the United States Supreme Court ruled that the federal Defense of Marriage Act (“DOMA”)1 is an unconstitutional “deprivation of the equal liberty of persons that is protected by the Fifth Amendment of the Constitution” (U.S. v. Windsor, 2013). The...
The Right Way to Inherit an IRA
While an inheritance is often considered a gift by the recipient, from a tax perspective, there optimal ways to inherit a retirement account. From the language used to designate the beneficiaries to important IRS-imposed deadlines, the manner in which a retirement...
The Not-So-Permanent Estate Tax
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the “ATRA”) into law. Failure to pass the new law would have resulted in a significant decrease in the estate and lifetime gift tax exemptions and a significant increase in the...
Probate—What It Is and How to Avoid It
Most people first encounter probate when a loved one passes away (the “decedent”) and his or her assets need to be transferred. Probate is the process by which the county court validates an individual’s Will, if he or she left one, and approves the distribution of...