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Estate Planning › Estate Tax › Surviving Spouse

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the... more +
Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process.  less -
Dunlap Bennett & Ludwig PLLC

Dying In Maryland Without A Will? The New Intestacy Law In Maryland Leaves Surviving Children And Parents To Fend For Themselves

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Dying without a valid will in place is never a good idea. In the absence of your testamentary intent your assets are left to the whims of the current intestacy laws of the state in which you reside. In Maryland, those laws...more

Bowditch & Dewey

Key Estate Planning Adjustments to Make After Your Spouse Passes Away

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The period after a spouse passes away is an emotional time of mourning. However, there are a handful of estate planning adjustments that you should make to protect your estate under the new conditions....more

Rivkin Radler LLP

Plan Now for Sunsetting Estate & Gift Tax Exemption

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As we’ve previously discussed, portability is an important feature of an estate plan. Portability allows the surviving spouse to die to “save” any of their predeceased spouse’s unused federal estate and gift exemption amount....more

Rivkin Radler LLP

Disclaiming to Save Taxes

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It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Fox Rothschild LLP

Terms of Estrangement: Should Your Estate Documents Be “Saying More.”

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Beginning in 2020 a new topic entered the estate planning world based on studies done at Cornell University. Cornell started what they call a “Family Reconciliation Project” and in 2021 they published data indicating that in...more

Rivkin Radler LLP

Transferee Liability for Estate Tax: The Downside of Being a Beneficiary

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Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...more

Fox Rothschild LLP

Divorcing the Wealthy is Often a Matter of “Trusts”

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I received a call recently from a colleague looking to refer a client for a divorce. Our firm had done estate planning for the client and spouse, thus we were not eligible to represent either party in a marital break up as...more

Dunlap Bennett & Ludwig PLLC

Maryland And Federal Estate Tax Portability In A Nutshell

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In the technology world, portability has become increasingly important as people become more mobile and reliant on a variety of devices to access and use information. Portability allows individuals to work remotely or while...more

Adler Pollock & Sheehan P.C.

QTIP Trust: Strange Name, Powerful Trust

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Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an acronym for the...more

Rivkin Radler LLP

WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – Should You Rely on Estate Tax Portability?

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Every U.S. citizen may gift, during life or at death, assets to his or her children free of federal estate or gift tax up to an aggregate amount – frequently called the “exemption amount.” The exemption amount in 2021 is...more

Cole Schotz

Business Succession Planning – Should I Own My Business In A Trust?

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Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more

Bowditch & Dewey

Planning for Retirement: How Attractive is Massachusetts for Estate Tax Planning?

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Massachusetts is already an unattractive state of residency from an estate tax planning perspective because of its low estate tax filing threshold of $1,000,000 per person. Once a person’s adjusted taxable estate is over $1M...more

Proskauer Rose LLP

Personal Planning Strategies - December 2019

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Estate, Gift and GST Tax Update - What This Means for Your Current Will, Revocable Trust and Estate Plan - The estate and gift tax regimes have been permanent and unified since the passage of The American Taxpayer...more

Stinson LLP

IRS Eliminates Worry About "Clawback"

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In response to Internal Revenue Code Section 2001(g)(2), enacted as part of the 2017 Tax Act, in which the Secretary of the Treasury was directed to prescribe regulations to carry out IRC Section 2001(g) with respect to the...more

Burns & Levinson LLP

Why You Need a Trust

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People often ask “Why do I need a trust?” Some folks think they can get by with a simple will. Here is why you probably need more than that...more

Burns & Levinson LLP

What Is Federal Estate Tax?

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The federal estate tax (sometimes called the death tax) is a one-time tax that is imposed at death. If you die with a certain dollar amount of assets, an estate tax return may be required and a tax may be due. If a return is...more

Burr & Forman

The Federal Generation-Skipping Transfer Tax: the Often Forgotten Transfer Tax

Burr & Forman on

Many people are aware of the federal gift tax and the federal estate tax (sometimes referred to as the ‘death tax’). These are the transfer taxes which are imposed on transfers during life, by gift, or at death. In 2019, a...more

White and Williams LLP

Personal Representatives and Fiduciaries: Executors, Administrators and Trustees and Their Duties

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The death of a loved one or close friend is a traumatic experience. In addition to the emotional anguish, those who are charged with dealing with the decedent’s personal and financial affairs following death are often left...more

Proskauer Rose LLP

Wealth Management Update - October 2018

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October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Burr & Forman

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

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When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more

Ward and Smith, P.A.

Warning: $10 Million Estate Tax Exemption Can Overfund Trusts at Death and Harm Your Surviving Family

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Congress's recent increase in the federal estate, gift, and generation-skipping transfer ("GST") tax exemption to $10 million per person adjusted annually for inflation ($11.18 million in 2018) is a welcome sweetener for many...more

Adler Pollock & Sheehan P.C.

Estate Planning Pitfall: You’re not paying enough attention to state estate tax laws

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The Tax Cuts and Jobs Act provides greater flexibility in estate planning for many taxpayers. So, no more estate tax worries for most people, right? Not so fast. For residents of some states, state estate or inheritance taxes...more

Adler Pollock & Sheehan P.C.

Understanding the contents of a will

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No estate plan is complete without a will. But what provisions should be included in it? This article explores the basic provisions of a will and how it should address estate taxes and specific bequests. A sidebar discusses...more

Adler Pollock & Sheehan P.C.

Tax Cuts and Jobs Act supercharges exemption portability

Adler Pollock & Sheehan P.C. on

Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more

Adler Pollock & Sheehan P.C.

Sudden impact: When a spouse unexpectedly dies

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It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more

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