Estate Planner
EST
Showing 1–16 of 384 results
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Estate Planning Red Flag – You have a holographic will
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 323
Abstract: Aretha Franklin died more than five years ago, but it wasn’t until this year that a Michigan jury gave her estate planning wishes some respect, holding that a handwritten document discovered under her couch cushions was a valid will. This case illustrates the dangers of so-called “holographic” wills. This brief article details the court case and explains the pitfalls of holographic wills.
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Form over substance – Documenting charitable donations is critical
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 620
Abstract: Taxpayers who itemize deductions are entitled to deduct charitable donations, subject to certain requirements and limitations. One of the requirements is the need to substantiate charitable gifts with documentation that satisfies the tax code and IRS regulations. This is an area where the IRS takes a “form over substance” approach. This article details how to properly substantiate cash and noncash donations.
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Preserve wealth for future generations with a spendthrift trust
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 614
Abstract: For some people, protecting their wealth after it’s been transferred to beneficiaries is just as important as reducing the tax liability on the transfers. Attaching spendthrift language to a trust can provide peace of mind that one’s hard-earned wealth won’t be frivolously spent by heirs or seized by their creditors. This article explains the ins and outs of a spendthrift trust.
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Basis points – How planning can minimize the impact of income taxes
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 918
Abstract: Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax. Although there were income tax advantages to retaining assets in an estate, the estate tax costs usually eclipsed any potential income tax savings. But things have changed: Between 2001 and 2023, the federal gift and estate tax exemption soared from $675,000 to $12.92 million. The highest estate tax rate dropped from 55% to 40%. Today, only the wealthiest of families are exposed to estate tax liability, elevating the importance of income tax planning. This article details the differences between income and estate tax planning. A sidebar explains that, according to an IRS ruling, there’s no stepped-up basis when using an intentionally defective grantor trust.
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Estate Planning Red Flag – You’re not sure whether your trust deposits are fully insured
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 268
Abstract: Recent bank failures have increased concerns about the availability of Federal Deposit Insurance Corporation (FDIC) coverage for bank accounts held in trust. The rules regarding insurance of trust accounts are complex, and new rules will take effect on April 1, 2024. This brief article explains how the new rules simplify the calculations of FDIC coverage.
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QTIP trust – The right trust for your blended family
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 598
Abstract: If a person is currently in a second marriage and has older children from the first marriage, this trust may be of interest: a qualified terminable interest property (QTIP) trust. It can provide future security for both a surviving spouse and any children from a prior marriage. Plus, it can provide flexibility to an estate plan. This article explores the ins and outs of a QTIP trust.
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Can you undo an irrevocable life insurance trust?
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 656
Abstract: For years, people have been setting up irrevocable life insurance trusts (ILITs) to avoid estate tax on the death benefits paid out under their life insurance policies. But what if they have an ILIT that they no longer need? This article explains a person’s options for pulling a life insurance policy out of an ILIT or even unwinding the ILIT entirely.
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Preparing for 2026 – Four ways to build flexibility into your estate plan
September / October 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 973
Abstract: On January 1, 2026, the federal gift and estate tax exemption amount set by the Tax Cuts and Jobs Act will sunset. If an estate exceeds, or is expected to exceed, 2026 exemption levels, one should consider implementing planning techniques today that can help reduce or avoid gift and estate tax down the road. However, what if a person isn’t ready to give significant amounts of wealth to the next generation? Perhaps he or she wants to hold on to assets in case circumstances change. Fortunately, there are strategies available to take advantage of the current exemption amount while retaining some flexibility to access wealth should the need arise. This article details four such strategies. A sidebar explains why a person must be careful of running afoul of the reciprocal trust doctrine.
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Estate Planning Red Flag – You’re considering a self-directed IRA
July / August 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 297
Abstract: An IRA can be a valuable tool in a person’s retirement and estate planning arsenal, but what if he or she isn’t satisfied with its performance? One option is to set up a “self-directed” IRA. This brief article explains what a self-directed IRA is and lists its potential risks.
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Decisions, decisions – Naming a successor fiduciary is important to an estate plan
July / August 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 602
Abstract: Having a backup plan is never a bad idea. Indeed, the same line of thinking applies to a person’s estate plan. Specifically, it’s important to name a successor fiduciary. This person can step in and take over if the executor or a trustee is no longer able to perform their duties. This article details a fiduciary’s duties and describes the attributes of a good fiduciary.
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Contributing to a 401(k) plan – Traditional or Roth?
July / August 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 701
Abstract: Most employers’ 401(k) plans provide the option of making contributions on a pre-tax (traditional) or after-tax (Roth) basis. Which option is the right choice depends on several factors, including a person’s current and expected future tax circumstances and estate planning goals. This article explains the differences between the two plan options, explores scenarios when one plan makes more sense over the other and discusses the estate planning implications.
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Estate planning in a digital world
July / August 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 907
Abstract: Today, virtually everyone owns (or licenses) digital assets, from email and social media accounts to digital photos and videos to online banking and brokerage accounts. Unlike traditional, physical assets, digital assets leave little or no “paper trail.” Unless one’s estate plan specifically provides for them, it may be difficult for loved ones to access these assets — or even know that they exist. This article provides steps to take to ensure that digital assets are known and accounted for properly in an estate plan. A sidebar explains the ins and outs of drafting a digital asset protection trust.
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Estate Planning Red Flag – You revised your will by hand
May / June 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 273
Abstract: The laws regarding the execution of a valid will vary from state to state, but typically they require certain formalities. These may include signing the will in the presence of witnesses and a notary public. But what happens if a major life change necessitates a change? To avoid the time and expense associated with formally updating a will, it may be tempting to simply make the change by hand and initial it. This brief article explains why that is almost always a bad idea.
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Providing for your children – Should you use one trust or separate trusts?
May / June 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 608
Abstract: One of the most effective ways to provide for one’s children in an estate plan is to set up trusts for them. Many parents’ estate plans call for their assets to be split into equal shares and used to fund a separate trust for each child. But, depending on one’s circumstances, it may be preferable to pool assets into a single “pot” trust. This article details how a pot trust works and lists its benefits.
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Update your will with a codicil
May / June 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 611
Abstract: On the completion of a will, a person generally knows that there would come the day when he or she would need to make a change. Perhaps the person recently welcomed a new grandchild to the family or maybe went through a divorce. Whatever the case, after a major life change, the will may need a quick fix. This article explains how a person can update his or her will with a codicil.
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SECURE 2.0 provides a boost to your retirement and estate plans
May / June 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1029
Abstract: The SECURE 2.0 Act of 2022 expands on the changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019. Enacted in late 2022, SECURE 2.0 can help people save more for retirement, which, in turn, can provide more wealth to share with their loved ones. This article examines the highlights of SECURE 2.0. A sidebar explores how the new law affects Section 529 plans.