Estate planning for the other 99%

  Estate planning has always included much more than simply strategizing about how to minimize estate taxes. Estate planning is needed to address a multitude of other nontax matters,including: Custody of minor children upon the death of their parents, as well as custody of their assets; Charitable goals and objectives; How assets will be administered for the benefit of a surviving spouse; Determination of which heirs will receive estate assets after the second death; Structuring of asset distributions to these … Continued

Beware, the IRS is eyeing your inherited money – MarketWatch

  One of the perils of being well-off is the constant risk that the federal government and/or your friendly state and local tax collectors will figure out new and different ways to snatch more of your wealth. Especially wealth that you earned the old-fashioned way: by inheriting it. To raise your paranoia to the appropriate level, here are two new things to worry about.   Beware, the IRS is eyeing your inherited money – MarketWatch

Less estate tax planning may be better for older rich clients: Tax Strategy Scan | Financial Planning

  Less estate tax planning may be better for longer-living richThanks to longer retirement horizons, rich households may benefit from doing less tax-related estate planning, experts told Bloomberg. “People used to do a lot of wealth transfer planning when they were in their 60s, and I’m seeing people waiting longer to focus on transfers of wealth to the next generation or generations,” according to Jessica Galligan Goldsmith, co-managing partner of Kurzman Eisenberg Corbin & Lever. They’re not as willing to … 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

How to avoid making the same mistake Aretha Franklin did – MarketWatch

  The vast majority of folks are no longer exposed to the federal estate tax, thanks to today’s ultra-generous $11.18 million exemption for singles or effectively $22.36 million for married couples. Great! But being exempt from the federal estate tax is not the end of the story. If you have minor children and some assets (maybe just a car or two and some nice furniture), you probably need an estate plan regardless of your tax situation. And the truth is, … Continued