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
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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
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
