Family Drama Causing More Headaches for Estate Planning Professionals than Tax Reform

  CHERRY HILL, N.J. and NEW YORK, March 28, 2018 /PRNewswire/ — Estate planners and advisors have a surprising second job: family therapist. In fact, 44 percent of planning professionals identified family conflict as the biggest threat to estate planning this year, followed by tax reform (25 percent), and market volatility (12 percent), according to the latest survey by TD Wealth. Additionally, over half (53 percent) shared that guardian and beneficiary designations are the most difficult document for clients to … Continued

The down and dirty on the new tax rules and estate planning | Accounting Today

Ever since the passage of the Tax Cuts and Jobs Act in December, the headlines have been buzzing about the resulting income tax consequences for individuals and businesses, but what about the intersection of the Act and estate planning? After all, nothing is more certain than death and taxes. Under the Act, the estate, gift and generation-skipping transfer taxes remain in effect with double the unified federal gift and estate tax exemption and the GST tax exemption (from $5 million … Continued

How does the new Tax Act effect Estate and Gift Tax

The bill increases the federal estate and gift tax unified credit basic exclusion amount from US$5 million (with inflation adjustments) to US$10 million (with inflation adjustments), which means that the basic exclusion amount for 2018 will be US$11.2 million per person or US$22.4 million per married couple. The GST exemption amount, which is equal to the basic exclusion amount, also increases in the same manner. The increases are effective for decedents dying after December 31, 2017 and gifts and generation-skipping … Continued

Three Reasons To Use A Professional For Estate Administration

  “Being named executor of an estate places many legal and fiduciary responsibilities on that person. An executor must wrap up the decedent’s affairs, arrange for the payment of any income and estate taxes, and distribute the assets of the estate,” explains Pat Rufolo, Chairman of the Private Client Services Group, McElroy, Deutsch, Mulvaney & Carpenter, LLP. “In most cases, people choose a loved one or family member to serve as executor. Unfortunately, I have seen executors make mistakes during … Continued