Practical Estate Planning Tips That Are Often Overlooked

  So you have gone through all of the work to get your estate planning documents finalized, you have had your signing meeting with your attorney, and now it is time to celebrate that you are done, right? In most cases, the answer is not quite yet. There are few items that are often overlooked that are essential to truly finishing your estate plan. I have listed two of the most important items below: Check Your Beneficiary Designations – Immediately … Continued

citybizlist : Washington DC : 2020 Election: Prioritize Estate Planning

For some, now may be the best time to take advantage of estate planning for tax mitigation. With record high gift and estate tax exemption, near record low interest rates, and depreciated assets as a result of the pandemic, Americans are in a unique position to take advantage of the estate planning strategies. But there’s no guarantee how long it will last. Under the current law, an individual can give away USD 11.58 million (USD 23.16 million for married couples) … Continued

Here’s why the rich hate the estate tax

  Death and taxes may be unavoidable. Taken together, they become a firestorm. The federal estate tax has been a hot-button issue since it was first imposed under the Revenue Act of 1916, when 10 percent was levied on portions of an estate exceeding $5 million. The reason this one component of fiscal policy remains so hotly debated and highly politicized is because Americans are largely divided over its impact. Some believe it is a tool to prevent the concentration … 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

Which Trust to Use? | Financial Planning

  Trusts, which can range from simple to extremely complex, are a standard tool in the anti-estate- tax arsenal. There is just one firm rule: If the trust benefits a spouse, “you must cause the trust to be included in the second spouse’s estate, for estate- tax purposes,” says Samuel Donaldson, a professor of law at Georgia State University. “There may be a lot of gain inside the trust. Because it’s subject to estate tax, it gets the step-up in … Continued