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
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more
4/4/2019
/ Advanced Care Directives ,
Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Prenuptial Agreements ,
Prior Wills ,
Retirement Plan ,
Spouses ,
Surviving Spouse ,
Trusts ,
Wills
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
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
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
6/8/2018
/ American Taxpayer Relief Act of 2012 (ATRA) ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Portability ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Relief Act of 2010 ,
Transfer of Assets
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
2/8/2018
/ Commercial Insurance Policies ,
Death Certificates ,
DMV ,
Estate Planning ,
Estate Tax ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Inheritance Tax ,
Investment Funds ,
Notification Requirements ,
Retirement Plan ,
Social Security Administration (SSA) ,
Surviving Spouse
In This Issue:
- Sudden impact: When a spouse unexpectedly dies
- New tax law affects estate planning strategies
- All in the family: Transferring your vacation home
- Estate planning pitfall: You haven’t planned for...more
2/7/2018
/ 529 Plans ,
Death Certificates ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Gift-Tax Exemption ,
Long-Term Care ,
Real Estate Transfers ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Vacation Homes
For those in the middle of a divorce, the last thing on their mind is a review of their estate plan. However, a major life change, such as a divorce, is a critical time to update an estate plan so that wishes are carried out...more
10/6/2017
/ Beneficiary Designations ,
Divorce ,
Estate Planning ,
Estate Tax ,
Irrevocable Life Insurance Trusts ,
Living Trust ,
Minor Children ,
QTIP Trusts ,
Revocable Trusts ,
Surviving Spouse ,
Tax Deductions ,
Trusts
Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more
IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was...more
Typically, estate planning and retirement planning go hand in hand. Why? The more wealth a person is able to set aside for retirement — and the better job he or she does managing retirement funds — the more that will be left...more
Protect multiple generations with a dynasty trust -
Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often...more
Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the...more