Tax proposals would increase capital gains rates, among other things. These proposed changes could make a Charitable Remainder Trust look even better. A Charitable Remainder Trust can earn the donor an income tax deduction upfront and defer gains on its sale of assets. Read on to learn more. … [Read more...] about CRT: Best Tool for Proposed Tax Changes?
Estate Planning
Beware of New York Estate Tax Exclusion Cliff
For the most part, the news is surprisingly good when it comes to taxes on inheritances. Generally speaking, you do not have to claim a bequest as taxable income with the exception of distributions of the earnings that are generated by a trust. Appreciated assets that you inherit get a step-up in basis, so you would not pay capital gains taxes on the appreciation. This being stated, there is a federal estate tax, but most people don’t have to be concerned about it because there is a high … [Read more...] about Beware of New York Estate Tax Exclusion Cliff
Trust Administration: Choosing the Right Trustee
You may view estate planning as the execution of a document that is used to state your final wishes. This is obviously at the core of the endeavor, but you should also consider the administration phase. Someone has to complete the hands-on tasks to bring your wishes to fruition when the time comes. When you understand all the facts, you may choose a living trust as the centerpiece of your estate plan. If you go in this direction, the administrator would be the trustee. We are going to … [Read more...] about Trust Administration: Choosing the Right Trustee
The Role of the Estate Planning Attorney
Clients often come to an Estate Planning attorney with specific ideas in their minds. The attorney’s role is to counsel them regarding their plan, not just to draw up documents to accomplish it. Read on to learn more. … [Read more...] about The Role of the Estate Planning Attorney
Five Steps to Take to Prevent an Estate Contest
If you are going to be making an inheritance planning decision that will surprise and upset someone that will be expecting a bequest, you should anticipate a possible estate contest. In this post, we will look at five steps you can take to make a challenge less likely. Take action right away. Surveys that are conducted find that most American adults do not have any estate planning documents in place. The majority of them intend to take care of it at some point, but in far too many cases, they … [Read more...] about Five Steps to Take to Prevent an Estate Contest
Use It Before It’s Gone
The amount you can pass free from estate tax is at a record high of $11.7 million per person. There’s legislation which would lower the exclusion to $3.5 million per person. Married people can take advantage of the current exemption. Read on to learn more. … [Read more...] about Use It Before It’s Gone
Answer These Inheritance Planning Questions
Caring.com conducted a survey recently, and they discovered that the vast majority of adults do not have estate plans in place. A significant percentage of the unprepared respondents thought it was important, but they were frozen with inaction because they didn’t know where to begin. If you fit into this category, answer these four simple questions and your estate plan will start to take shape. When you know what you want to accomplish, you can work with us to develop a plan that is custom … [Read more...] about Answer These Inheritance Planning Questions
Make No Assumptions About Estate Administration
A lot of people adopt a narrow view when it comes to the estate planning process. They know that they have to express their final wishes with regard to the way they want their assets to be distributed, but they do not see a broader picture. These folks just assume that everything will take care of itself, but in fact, estate administration is not necessarily a turnkey operation. The Legal Process of Probate If you use a simple will as the centerpiece of your estate plan, you can name an … [Read more...] about Make No Assumptions About Estate Administration
Using Disclaimers to Achieve Client Goals
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. This can be a great result for the client in the right circumstances. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals
How to Dispose of “Stuff”
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Read on to learn more. … [Read more...] about How to Dispose of “Stuff”
