E. Hans Lundsten

E. Hans Lundsten

Adler Pollock & Sheehan P.C.

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Estate Planning Pitfall: Your powers of attorney are more than a few years old

Health care and financial powers of attorney are critical components of an effective estate plan. As this article explains, after executing powers of attorney, it’s important to periodically review them and execute new ones. ...more

8/6/2015 - Advance Directives Designated Agent Durable Power of Attorney Estate Planning Financial Power of Attorney

Make net gifts to reduce your gift tax rate

Lifetime giving is a smart strategy to reduce a taxable estate, but the gift tax rate of 40% is steep. If one has used up his or her $5.43 million gift and estate tax exemption and would like to potentially reduce his or her...more

8/5/2015 - Estate Planning Estate Tax Gift Tax Gifts Internal Revenue Code Tax Court

The ABLE account: A good alternative to a special needs trust?

Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account,...more

8/4/2015 - 529 Plans ABLE Act Disabled Children Paying For College Savings Accounts Special Needs Trust Tax Deductions

Premarital planning - Protecting your assets without a prenup

Protecting family assets in the event of a divorce is particularly significant for family business owners, who typically want to avoid sharing ownership with their ex-spouses or their children’s ex-spouses. A prenuptial...more

8/3/2015 - Community Property Divorce Domestic Asset Protection Trust (DAPT) Estate Planning Estate Tax Family Businesses Foreign Asset Protection Trusts (FAPT) Foreign Trusts Gift Tax Marital Assets Prenuptial Agreements Separate Property Spouses Trusts

Insight on Estate Planning - August/September 2015

In This Issue: - Premarital planning: Protecting your assets without a prenup - The ABLE account: A good alternative to a special needs trust? - Make net gifts to reduce your gift tax rate - Estate Planning...more

7/31/2015 - ABLE Act Estate Planning Gift Tax Gifts Marital Assets Power of Attorney Savings Accounts Special Needs Children

Estate Planning Pitfall: Your IRA owns real estate

Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to...more

6/17/2015 - Capital Gains Estate Planning Financial Planning Income Taxes IRA Popular Prohibited Transactions Real Estate Investments Retirement Plan UBIT

Estate tax relief for family businesses

If a substantial portion of a person’s wealth is tied up in a family or closely held business, he or she may be concerned that the estate will lack sufficient liquid assets to pay estate taxes. If that’s the case, heirs may...more

6/16/2015 - Closely Held Businesses Estate Planning Estate Tax Family Businesses Internal Revenue Code Tax Deferral

Does a private annuity have a place in your estate plan?

A private annuity can be a powerful strategy for passing assets to heirs in a tax-efficient manner. In a typical private annuity transaction, a parent transfers property to his or her children in exchange for their unsecured...more

6/12/2015 - Annuities Deferred Private Annuities Estate Planning Estate Tax Gift Tax

The basics of basis: Basis planning can result in significant tax savings

Because the gift and estate tax exemption is at a record high of $5.43 million for 2015, many people have shifted their focus from estate planning to income tax planning. An understanding of basis — and the benefits of the...more

6/11/2015 - Capital Gains Estate Planning Estate Tax Gifts Trusts

Insight on Estate Planning - June/July 2015

In This Issue: - The basics of basis: Basis planning can result in significant tax savings - Does a private annuity have a place in your estate plan? - Estate tax relief for family businesses - Estate Planning...more

6/9/2015 - Deferred Private Annuities Estate Planning Estate Tax Family Businesses IRA Real Estate Investments

Estate Planning Pitfall: You haven’t named backup beneficiaries

To ensure that a person’s wealth is distributed according to his or her wishes, it’s important to designate both primary and secondary (or “contingent”) beneficiaries for a will, trusts, retirement plans and life insurance...more

4/13/2015 - Beneficiaries Beneficiary Designations Estate Planning

Avoid state income taxes with an incomplete nongrantor trust

Now that the federal gift and estate tax exemption has reached an inflation-adjusted $5.43 million, many people are shifting their estate planning focus to income tax reduction. One potentially attractive strategy for...more

4/10/2015 - Estate Planning Estate Tax Income Taxes Nongrantor Trusts

How flexible is your estate plan?

It’s crucial to review and update an estate plan in light of significant life changes or new tax laws. It’s equally important to create estate plan flexibility so that an estate’s executor can make postmortem revisions. This...more

4/9/2015 - Estate Planning Flexibility Clauses QTIP Trusts Spousal Elective Share

Estate planning for personal property: Why you should sweat the small stuff

When planning their estates, most people focus on major assets, such as business interests, real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — tangible personal property. This...more

4/8/2015 - Appraisal Estate Planning Estate Tax IRS Personal Property Pour-over Will Revocable Trusts

Insight on Estate Planning - April/May 2015

In This Issue: - Estate planning for personal property: Why you should sweat the small stuff - How flexible is your estate plan? - Avoid state income taxes with an incomplete nongrantor trust - Estate...more

4/7/2015 - Beneficiary Designations Estate Planning Estate Tax Nongrantor Trusts Personal Property

Limited Window Opens on Massachusetts Tax Amnesty

The Massachusetts Department of Revenue has just issued the rules governing the 60-day Tax Amnesty Program included in Massachusetts’s fiscal year budget. If a taxpayer qualifies for the Program, the Commissioner will waive...more

3/20/2015 - Estate Tax Excise Tax Penalties Sales & Use Tax Tax Amnesty Waivers

Estate Planning Pitfall: You’re planning to retire abroad

People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax...more

2/13/2015 - Beneficiaries Property Tax Retirement Tax Planning

Avoiding undue influence claims

A primary purpose of estate planning is to ensure that wealth is distributed according to one’s wishes after death. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a...more

2/13/2015 - Beneficiaries Undue Influence Claims

Get smart when tackling estate planning for intellectual property

How should one account for intellectual property (IP), such as a patent or copyright, in their estate plan? These intangible assets can be highly valuable, and they should be handled according to the owner’s wishes. This...more

2/11/2015 - Asset Protection Beneficiaries Copyright Patents Popular Trade Secrets Trademarks

Estate planning for young families - Flexibility is the key

Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or, should they keep assets in their estates to help ease the potential income tax burden on their heirs? The...more

2/9/2015 - Beneficiaries Dependents Estate Tax Inter Vivos Gifts Tax Basis Tax Planning

Insight on Estate Planning - February/March 2015

In This Issue: - Estate planning for young families: Flexibility is the key - Get smart when tackling estate planning for intellectual property - Avoiding undue influence claims - Estate Planning Pitfall:...more

2/6/2015 - Beneficiaries Intangible Property Retirement Tax Planning Undue Influence Claims

Estate Planning Pitfall - You haven’t planned for incapacity

Most estate plans focus on what happens after death — but a plan is incomplete if arrangements haven’t been made in the event of mental incapacity. If the plan doesn’t specify how these decisions will be made, and by whom, a...more

12/15/2014 - Durable Power of Attorney Estate Planning Guardians Living Will Power of Attorney Revocable Trusts

Charitable deductions: Substantiate them or lose them

Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if the donor fails to follow the substantiation requirements...more

12/12/2014 - Charitable Deductions Charitable Donations Income Taxes IRS

Will your estate plan benefit from a trust protector?

Even though one may appoint a trustee to oversee distribution of a trust’s assets, it’s possible to go a step further by appointing a trust protector. This person will serve as an overseer of the trustee’s actions. Taking...more

12/10/2014 - Estate Planning Trust Protector Actions Trustees Trusts

Saving for college is also good for your estate plan

A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes...more

12/9/2014 - 529 Plans Estate Planning Paying For College

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