Estate Planner
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Showing 1–16 of 392 results
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Estate Planning Red Flag – You and your siblings have inherited your parents’ home
March / April 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 280
Abstract: It’s not unusual for parents to leave their primary residence or vacation home to their children. Unless the parents’ wills or trusts specify otherwise, the siblings will receive equal shares of the home, which may lead to conflicts if they have different financial needs or differing views about how the home should be used. This article explores the steps to take when family members inherit a home.
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To avoid unexpected tax bills, adequately disclose your gifts
March / April 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 574
Abstract: If a person transfers business interests or other assets to family members or friends, the IRS generally has three years to challenge their value for gift tax purposes or to claim that a transfer the person treated as a nongift was in fact a gift or partial gift. However, the three-year statute of limitations period doesn’t begin to run until the person “adequately discloses” the transfer to the IRS. Otherwise, the IRS can come after the person for unpaid gift taxes, plus penalties and interest, years or even decades later. This article details the requirements for adequately disclosing a gift with the IRS.
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Will contests don’t happen only on TV – Take the proper steps to avoid family chaos after your death
March / April 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 671
Abstract: Regardless of how harmonious a family may be during life, there’s always a chance that a disgruntled family member may challenge a loved one’s estate plan after death. This article explains the act of contesting a will.
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Revocable trusts – Don’t forget to fund the trust throughout your lifetime
March / April 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1008
Abstract: Many estate plans are built around revocable trusts (sometimes called “living trusts”). After a revocable trust is created, the trust creator must fund it by transferring assets to it. However, not all assets belong in a revocable trust. Indeed, it’s important to keep certain assets out of the trust to avoid adverse consequences. This article examines what type of assets to use (and not to use) to fund a revocable trust. A sidebar answers the question of whether life insurance should be used to fund a revocable trust.
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Estate Planning Red Flag – You’ve left specific assets to specific heirs
January / February 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 329
Abstract: When creating an estate plan, it may be tempting to leave specific assets to specific loved ones. Perhaps a person wants to give a child the family home or a stock that has sentimental and financial value. Unfortunately, by doing so the person risks inadvertently disinheriting other family members, even if he or she had gone out of the way to ensure that they’re treated fairly. This brief article explains the pitfalls of leaving specific assets to specific family members.
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Your beneficiary designations may be obsolete: Review and update as needed
January / February 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 609
Abstract: For most people, a substantial amount of wealth is transferred to loved ones through beneficiary designations. Indeed, making beneficiary designations is an excellent tool for transferring assets that aren’t subject to probate, including IRAs and certain employer-sponsored retirement accounts, life insurance policies, and some bank or brokerage accounts. This article stresses the importance of reviewing and updating beneficiary designations after major life changes.
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Beware of tax traps when estate planning for non-U.S. citizens
January / February 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 678
Abstract: For non-U.S. citizens, estate planning can be more complicated than for those who are citizens. The reason is that noncitizens must follow different gift and estate tax laws. This article explores how the tax laws differ for U.S. and non-U.S. citizens and notes potential tax traps.
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Married couples: Joint or separate trusts?
January / February 2024
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 928
Abstract: For married couples, one important decision is whether to use a joint trust or separate trusts. The right choice depends on their financial and family circumstances, applicable state law and other factors, so couples should discuss their options with their advisor. This article examines several factors to consider when deciding whether to use a joint or separate trusts. A sidebar discusses the cost of using an irrevocable trust.
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Estate Planning Red Flag – You have a holographic will
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 323
Abstract: Aretha Franklin died more than five years ago, but it wasn’t until this year that a Michigan jury gave her estate planning wishes some respect, holding that a handwritten document discovered under her couch cushions was a valid will. This case illustrates the dangers of so-called “holographic” wills. This brief article details the court case and explains the pitfalls of holographic wills.
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Form over substance – Documenting charitable donations is critical
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 620
Abstract: Taxpayers who itemize deductions are entitled to deduct charitable donations, subject to certain requirements and limitations. One of the requirements is the need to substantiate charitable gifts with documentation that satisfies the tax code and IRS regulations. This is an area where the IRS takes a “form over substance” approach. This article details how to properly substantiate cash and noncash donations.
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Preserve wealth for future generations with a spendthrift trust
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 614
Abstract: For some people, protecting their wealth after it’s been transferred to beneficiaries is just as important as reducing the tax liability on the transfers. Attaching spendthrift language to a trust can provide peace of mind that one’s hard-earned wealth won’t be frivolously spent by heirs or seized by their creditors. This article explains the ins and outs of a spendthrift trust.
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Basis points – How planning can minimize the impact of income taxes
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 918
Abstract: Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax. Although there were income tax advantages to retaining assets in an estate, the estate tax costs usually eclipsed any potential income tax savings. But things have changed: Between 2001 and 2023, the federal gift and estate tax exemption soared from $675,000 to $12.92 million. The highest estate tax rate dropped from 55% to 40%. Today, only the wealthiest of families are exposed to estate tax liability, elevating the importance of income tax planning. This article details the differences between income and estate tax planning. A sidebar explains that, according to an IRS ruling, there’s no stepped-up basis when using an intentionally defective grantor trust.
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Estate Planning Red Flag – You’re not sure whether your trust deposits are fully insured
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 268
Abstract: Recent bank failures have increased concerns about the availability of Federal Deposit Insurance Corporation (FDIC) coverage for bank accounts held in trust. The rules regarding insurance of trust accounts are complex, and new rules will take effect on April 1, 2024. This brief article explains how the new rules simplify the calculations of FDIC coverage.
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QTIP trust – The right trust for your blended family
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 598
Abstract: If a person is currently in a second marriage and has older children from the first marriage, this trust may be of interest: a qualified terminable interest property (QTIP) trust. It can provide future security for both a surviving spouse and any children from a prior marriage. Plus, it can provide flexibility to an estate plan. This article explores the ins and outs of a QTIP trust.
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Can you undo an irrevocable life insurance trust?
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 656
Abstract: For years, people have been setting up irrevocable life insurance trusts (ILITs) to avoid estate tax on the death benefits paid out under their life insurance policies. But what if they have an ILIT that they no longer need? This article explains a person’s options for pulling a life insurance policy out of an ILIT or even unwinding the ILIT entirely.
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Preparing for 2026 – Four ways to build flexibility into your estate plan
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 973
Abstract: On January 1, 2026, the federal gift and estate tax exemption amount set by the Tax Cuts and Jobs Act will sunset. If an estate exceeds, or is expected to exceed, 2026 exemption levels, one should consider implementing planning techniques today that can help reduce or avoid gift and estate tax down the road. However, what if a person isn’t ready to give significant amounts of wealth to the next generation? Perhaps he or she wants to hold on to assets in case circumstances change. Fortunately, there are strategies available to take advantage of the current exemption amount while retaining some flexibility to access wealth should the need arise. This article details four such strategies. A sidebar explains why a person must be careful of running afoul of the reciprocal trust doctrine.