You have to keep potential estate tax liability in mind when you are planning your estate. Right now the estate tax exclusion is $5 million, which means that the portion of your estate that exceeds this amount is subject to the estate tax. At the present time the maximum rate of the tax is 35%, which is quite a bite. However, you cannot rest easy if your estate is worth at least $1 million but less than $5 million. When the Tax Relief, Unemployment Insurance Reauthorization, … [Read more...] about A Look At Qualified Personal Residence Trusts
Estate Planning
Do-It-Yourself Estate Planning
In the information age it is possible for us to obtain knowledge about virtually any subject immediately with a simple click of a mouse, and this has been a positive development in so many different ways. However, there is such a thing as a little bit of information being a dangerous thing, and this is certainly true when it comes to legal matters in general and the specialty of estate planning in particular. If you browse the Internet looking for information on estate planning you will … [Read more...] about Do-It-Yourself Estate Planning
Provide Long-Term With Spendthrift Trusts
When you are planning your estate it is important to consider not just what it is that you have to give, but who exactly it is that you are giving it to. All of your family members are unique individuals, and they invariably all have their own strengths and weaknesses. Some of your loved ones are probably well-established, having already demonstrated sound financial judgment as they have gone through life and managed their own affairs effectively. You may feel no trepidation … [Read more...] about Provide Long-Term With Spendthrift Trusts
Donor Advised Funds: Efficient Giving
It is important to consult with an estate planning attorney when you get serious about preparing your assets for distribution to your loved ones after you pass away for a number of reasons. Perhaps the best one is the fact that there are many different ways to transfer assets and the best strategy is going to vary depending on the anatomy of your estate and the specific nature of your wishes. A good estate planning attorney is going to examine your assets, gain an understanding of exactly … [Read more...] about Donor Advised Funds: Efficient Giving
Last Wills, Living Wills, & Living Trusts
Estate planning attorneys typically utilize multiple variations of the same types of legal instruments. This can sometimes lead to confusion among people who are trying to understand what estate planning is all about. Some of these terms are rather wordy and complex, but even some of the simpler ones can be a bit misleading because of the way that they overlap. With this in mind we would like to clear up some popular misconceptions about three very commonly used estate planning … [Read more...] about Last Wills, Living Wills, & Living Trusts
Probate: Why Do Some People Avoid It?
As you look into the topic of estate planning you will invariably see mention of probate avoidance strategies. Many newcomers to the subject don't even know what probate is, much less why they should try to avoid it, so we will provide a basic definition and take a look at the three most common reasons why people do indeed choose to avoid probate. Probate is the legal process of estate administration, and during this interim the probate or surrogate court attests to the validity of the … [Read more...] about Probate: Why Do Some People Avoid It?
Pour-Over Wills & Your Estate
When the layperson hears the term "estate planning" the thing that usually comes to mind is the last will, and this is of course one way to pass along your assets to your loved ones after you die. However, many people prefer to use a trust such as a revocable living trust once they pay a visit to an estate planning attorney and hear about all the options that are available to them. For the majority of individuals the primary reason why a trust may be preferable to a last will is because the … [Read more...] about Pour-Over Wills & Your Estate
Writing Your Memoirs Can Enhance Your Legacy
If you think about the storyline behind the movie It's A Wonderful Life, there's a lot there to mull over, but one thing that stands out is the way that the life of a single individual has so much impact on the world within which he or she lives. Each person has walked a specific path and touched others along the way, and all of these "movies" would have a lot of worthwhile insight to offer if you could tap into the life story of each individual. This is something to consider when … [Read more...] about Writing Your Memoirs Can Enhance Your Legacy
For Unmarried Couples Estate Planning Is Especially Important
One of the questions that people often have about estate planning involves what would happen to their assets if they passed away without having executed their last will or some other vehicle of asset transfer. There is a common misconception that has made the rounds suggesting that the state will absorb your assets if you were to die intestate or without a will. As estate planning attorneys we certainly want people to take the time to formulate a well-thought-out, comprehensive estate … [Read more...] about For Unmarried Couples Estate Planning Is Especially Important
Reaction To New Gift Tax Rules
Most people who have an interest in estate planning are aware of the fact that the parameters of the estate tax changed as a result of the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. We now have a 35% maximum rate of taxation and a $5 million exclusion. What was lesser publicized is the fact that the gift tax is also carrying a $5 million exemption and 35% top rate to mirror the estate tax with which it is unified. The … [Read more...] about Reaction To New Gift Tax Rules
