IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Estate Planning
Let’s Talk about Trusts…and Taxation
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation
What Estate of Marion Levine Means for Life Insurance
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
Application of the Transfer for Value Rule to the Sale of Life Insurance
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. Read on to learn more. … [Read more...] about Application of the Transfer for Value Rule to the Sale of Life Insurance
Estate Planning Basics for Young Parents
As a young parent, you’re likely to have many questions and concerns regarding estate planning. While you may be feeling some stress, there are steps you can take to get on the right track and stay there for the rest of your life. Here are some of the most important estate planning basics for young parents. These details will help you better understand your situation and what you should do next: Create an estate plan: Overall, you want to be sure that your children are both … [Read more...] about Estate Planning Basics for Young Parents
Work With Your Spouse to Create an Estate Plan
Are you married? Have you taken the time to discuss estate planning with your spouse? Are you concerned that you’re not on the same page? Maybe you and your spouse already have an estate plan in place. Or perhaps you’ve never even discussed it in the past. Either way, it’s critical that you work together to create an estate plan that suits both of you. Here are some example questions to address together: What do you want to happen to your assets upon your death? It’s … [Read more...] about Work With Your Spouse to Create an Estate Plan
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. Read on to learn more. … [Read more...] about What Everyone Should Know about the New FDIC Regulations
The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more. … [Read more...] about The Evolution of our Unified Estate and Gift Tax System
Your Estate Planning To Do List
We understand that your estate planning isn’t necessarily the most fun thing on your to do list; it likely ranks right up there with going to the dentist. However, there’s good news. While you need to go to the dentist twice a year, you only need to meet with your estate planning attorney every three to five years. However, have your estate plan reviewed sooner than the three to five year mark if you have major changes in your life such as health changes, the death of a spouse or trusted … [Read more...] about Your Estate Planning To Do List
Double Your Gifting with Spousal Gift-Splitting
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more. … [Read more...] about Double Your Gifting with Spousal Gift-Splitting
