IEP
Showing 241–256 of 384 results
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Estate Planning Pitfall – Your estate plan leaves specific assets to specific heirs
Year End 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 298
Abstract: Planning an estate around specific assets is risky and, in most cases, should be avoided. If specific assets — such as homes, cars or stock — are left to specific people, they may end up being disinherited. This article offers an example in which the decedent had meant to treat his three children equally, but whose failure to revise or revoke his will led to one of his children receiving all the benefits, with his siblings left holding the bag.
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Provide for family members with special needs using an SNT
Year End 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 571
Abstract: A special (or “supplemental”) needs trust (SNT) allows one to enhance a family member’s quality of life without jeopardizing his or her eligibility for government benefits, such as Medicaid or Supplemental Security Income. This article takes a closer look at questions to consider when using an SNT: Will government benefits be preserved and supplemental expenses covered? And should an SNT include spendthrift language?
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Can portability help preserve retirement benefits?
Year End 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 628
Abstract: The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax exemption. One particular area where portability may provide an advantage is in planning for retirement benefits. As this article explains, portability avoids the need for spouses to “equalize” their estates and allows a taxpayer to leave retirement benefits to his or her spouse without wasting any estate tax exemptions.
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State death taxes can be hazardous to your estate
Year End 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 999
Abstract: Now that the federal gift and estate tax exemption is permanently set, many people are feeling more relaxed about the need for estate planning. But it’s important not to overlook state death taxes. Without planning, these taxes could generate significant tax bills for a family. This article discusses such tax-minimizing strategies as credit shelter trusts, gifting, and even relocating to another state. A sidebar discusses another strategy: the spousal lifetime access trust (SLAT).
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Estate Planning Pitfall – A beneficiary designation or joint title overrides your will
October / November 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 253
Abstract: Inattention to beneficiary designations and jointly held assets can quickly unravel an estate plan. Many don’t realize that their will doesn’t control the disposition of “nonprobate assets,” such as life insurance policies, retirement plans and IRAs, jointly owned real estate, joint bank or brokerage accounts, payable on death (POD) accounts, and transfer on death (TOD) securities. This article explains how to better control the disposition of assets.
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Using an FLP or LLC? – Beware the step transaction doctrine
October / November 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 720
Abstract: Either a family limited partnership (FLP) or a limited liability company (LLC) can allow the transfer of a significant amount of wealth to the next generation at a discounted value for gift tax purposes. But if the IRS invokes the step transaction doctrine on the FLP or LLC, the tax outcome may be different from what was intended. This article discusses the doctrine and how to avoid running afoul of it.
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Estate planning for same-sex spouses – What the Supreme Court’s DOMA ruling means
October / November 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 799
Abstract: In June, the U.S. Supreme Court ruled unconstitutional Section 3 of the Defense of Marriage Act, which restricted the definition of “marriage” to a legal union between a man and a woman. Same-sex married couples are now eligible for approximately 1,100 federal benefits previously enjoyed only by heterosexual spouses, including a variety of federal tax advantages, Social Security benefits and preferred immigration status. As this article explains, one area where the decision will have a big impact is estate planning, including the marital deduction, portability, gift splitting and retirement benefits. A sidebar notes that there are still questions regarding issues the Court didn’t address.
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To preserve your wealth, consider a DAPT
October / November 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 644
Abstract: For affluent families with significant liability concerns, foreign asset protection trusts (FAPTs) probably offer the greatest protection against creditors’ claims. But those who prefer to avoid the complexity and expense of an FAPT should consider a domestic asset protection trust (DAPT) instead. This article notes how a DAPT can offer protection against creditors, but also discusses its main disadvantage.
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Estate Planning Pitfall – You haven’t reviewed your trusts this year
August / September 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 311
Abstract: If an estate plan includes one or more trusts, it’s a good idea to review them in light of recent tax law changes. Higher income taxes — on individuals as well as trusts — may make it advisable to rethink the way the trusts are structured. This article discusses recent tax hikes for “high earners” and why it might be beneficial to convert a grantor trust to a nongrantor trust.
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Making gifts still matters, even after ATRA
August / September 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 577
Abstract: The American Taxpayer Relief Act of 2012 (ATRA) eliminated much of the uncertainty that plagued estate planning for years by making two key provisions “permanent”: the $5 million gift and estate tax exemption (adjusted annually for inflation) and exemption portability between spouses. But, while ATRA relieves some of the pressure on people to transfer wealth during their lives, lifetime gifting still provides some significant advantages. This article explains how gifting assets now can “freeze” their value and remove future appreciation from one’s estate. It also shows why, all things being equal, paying gift tax is “cheaper” than paying estate tax.
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A good reason to revisit your estate plan – Accounting for digital assets
August / September 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 657
Abstract: If a person dies without addressing digital assets in his or her estate plan, loved ones or other representatives may not be able to access them without going to court — or, worse yet, may not even know they exist. These assets may include online bank and brokerage accounts, digital music, book collections, and photo galleries. In a business, the company’s website, domain name, client and other databases, and electronic invoices are considered digital assets. This article discusses the importance of taking an inventory of digital assets and ensuring loved ones can access them, while maintaining security in the meantime.
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Is your estate plan bulletproof? Techniques for avoiding litigation over your estate
August / September 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 889
Abstract: An inherent problem with wills and other estate planning documents such as trusts is that, when the time comes to put them into action, they can be objects of dispute. Fortunately, there are strategies a person can implement during life to minimize the risk of a fight over his or her estate after death. This article takes a look at some of them, while a sidebar explains how to successfully implement a no-contest clause, which disinherits an heir or beneficiary who unsuccessfully challenges a will or trust.
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Estate Planning Pitfall – You’re using a prepaid funeral plan
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 315
Abstract: To relieve their families of the burden of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans are fraught with potential traps. Some plans end up costing more than the benefits they pay out. And there may be a risk of losing the investment if the funeral provider goes out of business or one’s plans change. Some states offer protection, but many do not. This article offers several questions that a potential purchaser should ask.
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Shipping your trust over the state line to realize tax savings
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 582
Abstract: It’s not uncommon for families to relocate to another state to enjoy lower state income taxes. But trusts can follow a similar strategy. This article takes a closer look at how to change a trust’s residence, or “situs,” to a state with lower (or no) income taxes, explaining the different tax treatment accorded to revocable trusts vs. irrevocable “grantor” trusts.
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Estate planning for adopted children and stepchildren
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 723
Abstract: For those who have adopted children or unadopted stepchildren, estate planning is critical to ensure that their property is distributed the way they desire. For those who are unmarried and in a long-term relationship with someone who has biological or adopted children, planning may be particularly important. This article discusses estate planning in an environment where laws vary regarding intestate succession, family realignments, and equitable adoption.
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New 3.8% Medicare contribution tax – Do you know how to reduce or eliminate your liability?
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 892
Abstract: One of the funding mechanisms for health care reform is a new 3.8% Medicare contribution tax on net investment income (NII) going into effect this year. The tax applies to higher-income individuals as well as to trusts and estates. This article describes who is subject to the tax and suggests strategies to soften the blow. A sidebar explains what does and does not constitute net investment income.