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Showing 241–256 of 384 results
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Estate Planning Red Flag – You haven’t discussed planned gifts with the charities that will receive them
November / December 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 285
Abstract: It’s a good idea to discuss any planned gifts with charities before finalizing plans. This is particularly important for donations that place restrictions on the charity’s use of the gift, as well as donations of real estate or other illiquid assets. Many charities are reluctant to accept gifts of such assets, since they may expose the organization to liability or require an investment in order to convert the assets into operating funds. This article notes that there are options to enable donations while minimizing risks to the charity.
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The U.S. Supreme Court DOMA ruling – How it affects estate planning for same-sex spouses
November / December 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 538
Abstract: In June, the U.S. Supreme Court, in striking down part of the Defense of Marriage Act (DOMA), enabled many legally married same-sex couples eligible for a wide variety of federal tax breaks and other benefits previously available only to heterosexual couples. In August, the IRS clarified that same-sex couples married in jurisdictions that recognize same-sex marriage will be treated as married for federal tax purposes — regardless of where they reside. These rulings have particular significance for estate planning. This article discusses some of the breaks now available to same-sex married couples.
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Prepare your estate plan for postmortem flexibility
November / December 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 721
Abstract: The more flexibility an estate plan has, the greater the chance the decedent’s wishes will be carried out. Even though federal gift and estate tax laws now have some certainty, Congress can still change tax laws in the future. And one’s family circumstances almost certainly will change over time. But this article looks at postmortem estate planning strategies families can put to use in case of changing situations, including disclaimers and qualified terminable interest property (QTIP) trusts.
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Estate planning in divorce: Don’t put it off
November / December 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 963
Abstract: Going through a divorce can be a traumatic experience — not to mention a time-consuming and expensive one. So it’s no surprise that separating couples often overlook the impact of divorce on their estate plans. But neglecting to update a plan can lead to unintended consequences. This article explains what to do to be sure that the estate is distributed among intended beneficiaries and that powers of attorney also reflect current wishes. A sidebar discusses estate planning strategies for singles.
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Estate Planning Red Flag – You don’t have the right succession plan for your family business
September / October 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 344
Abstract: This issue’s “Estate Planning Red Flag” discusses the situation of “Dave,” whose estate plan leaves his business to his wife and then to their son after her death. This article explains why this plan will likely lead to an enormous estate tax bill down the road, and shows how Dave might do things differently.
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International relations – Estate planning for noncitizens
September / October 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 705
Abstract: For U.S. citizens, the federal gift and estate tax rules are relatively straightforward: Citizens are subject to U.S. transfer taxes on their worldwide assets. They’re also entitled to a generous lifetime gift and estate tax exemption, an annual gift tax exclusion, and a marital deduction that allows spouses to transfer unlimited amounts of property to each other tax-free. For noncitizens, however, it’s more complicated. If a significant amount of their wealth is situated in the United States, their heirs may be facing a substantial estate tax bill. This article discusses the determination of situs and eligibility for the marital deduction and looks at options to minimize adverse tax consequences.
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Avoid probate to keep your estate private
September / October 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 634
Abstract: Circumventing the probate process is usually a good idea, because its public nature can lead to family disputes over asset distribution. But it’s possible to keep much (or even all) of an estate out of the probate process (and the public eye) by using the right estate planning techniques. This article describes several tools to avoid (or minimize) probate, but explains that, for larger, more complicated estates, a living trust (also commonly called a “revocable” trust) generally is the most effective tool.
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The GRAT: A limited time offer?
September / October 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 809
Abstract: The grantor retained annuity trust (GRAT) has long been a popular tool for transferring wealth while minimizing or even eliminating gift and estate taxes. GRATs are particularly effective when interest rates are low, as they are now. But Congress may soon reduce their firepower, so now may be the time to include one or more GRATs as part of an estate planning arsenal. This article explains how GRATs work and notes proposed tax changes that would limit their benefits. A sidebar offers an example of a GRAT in action.
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Estate Planning Red Flag – Your will contains a formula clause
July / August 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 321
Abstract: Now that the federal estate tax exemption has been set permanently at an inflation-adjusted $5 million (currently, $5.25 million), fewer people are subject to federal estate tax. But that doesn’t mean estate planning is any less important. Out-of-date formula clauses, in particular, can create unwelcome surprises. This article shows how an outdated plan can end up effectively disinheriting the very person it’s supposed to benefit.
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Using an FLP as an income tax planning tool
July / August 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 580
Abstract: For many years, family limited partnerships (FLPs) have been a popular vehicle for consolidating and managing family wealth while reducing gift and estate taxes. Now that fewer people are subject to these taxes, an FLP may have lost some of its appeal as an estate planning tool. But with individual income tax rates at their highest level in years, it’s important to not overlook an FLP’s potential as an income tax planning tool. Transferring limited partnership interests to children or other family members in lower tax brackets can reduce a family’s overall tax liability.
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Should you consider a Roth IRA conversion?
July / August 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 745
Abstract: Converting all or a portion of a traditional IRA to a Roth IRA can allow one to turn tax-deferred future growth into tax-free growth and take advantage of a Roth IRA’s estate planning benefits. As this article explains, a Roth’s exemption from minimum distribution requirements allows funds to continue growing tax-free for many years. And, since amounts converted into a Roth IRA face immediate taxation, heirs will benefit by receiving future distributions tax-free. But whether this makes economic sense depends on several factors.
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The BDIT: Have your cake and eat it too
July / August 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 884
Abstract: Many people are reluctant to consider advanced estate planning strategies because they’re not ready to give up control over their property. A beneficiary defective inheritor’s trust (BDIT) is a relatively new tool that, when structured properly, allows one to take advantage of sophisticated tax planning and asset protection techniques without losing control or enjoyment of the trust assets. This article explains how it works, with a sidebar offering a specific example.
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Estate Planning Red Flag – Your plan includes a charitable lead trust
May / June 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 300
Abstract: A charitable lead trust (CLT) makes annual payouts to a qualified charity for a specified period or for the grantor’s life. The remainder interest then passes to the grantor’s heirs or other noncharitable beneficiaries. Last year, the IRS finalized regulations that affect the way CLTs are taxed. As a result, they may be less attractive than before. This article explains the details.
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Decant a trust to add trustee flexibility
May / June 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 599
Abstract: This article discusses “John,” who is the trustee of his deceased brother’s irrevocable trust. In light of the recently enacted estate tax laws, as well as changing circumstances surrounding his brother’s family, John would like additional flexibility in adapting the trust to the new laws and evolving family situation. One of his options is to decant the trust. Decanting would allow him to use his distribution powers to “pour” funds from the trust into another trust with different terms. Even though this strategy is permitted in many states, decanting laws can vary dramatically among them. The article discusses some common differences.
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Using the GST tax exemption to build a dynasty
May / June 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 612
Abstract: Those wishing to preserve their wealth for generations to come will need to leverage their generation-skipping transfer (GST) tax exemption. To ensure that the exemption goes as far as possible, it’s important to allocate it wisely. The American Taxpayer Relief Act of 2012 made permanent several GST tax-related provisions, including the automatic allocation rules. Understanding these rules — and when to opt out — can help focus the exemption where it will do the most good. This article shows that, with careful planning, it’s possible to create a “dynasty trust” — a trust that continues for several generations.
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Exemption portability: Should you rely on it?
May / June 2013
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 950
Abstract: One of the significant changes under the American Taxpayer Relief Act of 2012 was to make estate tax exemption “portability” permanent. When one spouse dies, portability allows the surviving spouse to use the deceased spouse’s unused exemption amount. Portability simplifies estate planning, but, for many people, particularly the affluent, more-sophisticated strategies continue to offer significant benefits. This article takes a look at credit shelter trusts, with a sidebar offering a specific example.