Estate Planner
Showing 273–288 of 384 results
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Estate Planning Red Flag — You and your spouse have a joint revocable trust
July / August 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 425
Abstract: In both community and non-community-property states, joint trusts offer many of the same benefits as separate trusts — including probate avoidance, guardianship avoidance, privacy, and asset management in the event of a spouse’s incapacity. But they don’t provide the same level of creditor protection as separate trusts. As this article explains, those living in a community property state should weigh the asset protection benefits offered by separate trusts against a joint trust’s tax benefits. And those living in a non-community-property state also need to consider the potential tax pitfalls of a joint trust.
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No time like the present — With favorable estate tax and real estate environments, use a QPRT to give away your home
July / August 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 732
Abstract: A qualified personal residence trust (QPRT) can be an effective tool for transferring a home to children or other family members at the lowest possible tax cost — while continuing to live in it. And given the current favorable estate tax environment and depressed real estate market, now may be the ideal time to establish one. This article explains the benefits of QPRTs and lists several factors that have created a favorable environment for them.
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Owning life insurance can make estate planning complicated
July / August 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: A life insurance policy can be an important part of an estate plan. The policy can provide a source of wealth for one’s family income-tax-free, and it can supply funds to pay estate taxes and other expenses. However, those who own their policy, rather than having, for example, an irrevocable life insurance trust (ILIT) own it, will have to take extra steps to keep the policy’s proceeds out of their taxable estate. As this article explains, an irrevocable grantor trust can be one way of doing that.
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Is your estate plan flexible? — Estate tax law uncertainty requires options
July / August 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1180
Abstract: Absent congressional intervention, on Jan. 1, 2013, exemptions will greatly decrease and tax rates greatly increase. Many people are taking advantage of the current generous gift tax exemption by shifting as much wealth as possible to their heirs this year. But it’s also important to build flexibility into an estate plan so that it can be quickly adapted to future changes in the law. This article discusses two options in particular: the qualified disclaimer and the credit shelter trust. A sidebar explains why, when using the latter tool, it’s important to carefully draft formula clauses to ensure that they account for every possible contingency.
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Estate Planning Red Flag — You’re lending money to family members
May / June 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 377
Abstract: The simplest way to provide financial assistance to a child or other family member is to get out the checkbook and make a gift. But for those concerned about gift taxes, a loan may be preferable. Intrafamily loans must be structured and managed carefully to ensure that the IRS will treat them as bona fide loans rather than disguised gifts. This article explains that the U.S. Tax Court has identified seven factors to consider in determining whether a loan between related parties is legitimate.
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The conservation easement: Handle with care
May / June 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 722
Abstract: A conservation easement is an agreement to permanently restrict some or all of the development rights associated with a property. It can be a powerful estate planning tool, enabling donors to receive significant income and estate tax benefits while continuing to own and enjoy their property. So it’s no surprise that the IRS scrutinizes easements to ensure that they meet the tax code’s requirements. This article explains that the easement must meet one of four conservation purposes, describes the tax benefits, and lists common mistakes taxpayers make when donating easements.
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Are you familiar with fraudulent transfer laws?
May / June 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 704
Abstract: Because asset values are low and the gift tax exemption is high, now is a good time to transfer wealth. But it’s best to first check with an estate planning advisor about fraudulent transfer laws. This article explains that, if creditors challenge gifts, trusts, retitling of property or other strategies as fraudulent transfers, they can quickly undo an estate plan. Under the Uniform Fraudulent Transfer Act (UFTA), they can challenge transfers involving two types of fraud: actual and constructive. The latter is unintentional, yet can result in significant financial consequences.
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SCIN protection — Shield your estate from excessive tax exposure
May / June 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1044
Abstract: Those who have already exhausted their gift and estate tax exemption through lifetime gifts can use other techniques to transfer wealth to their loved ones tax-free. One such technique that’s particularly attractive now is the self-canceling installment note (SCIN). This article explains how a SCIN can provide income, gift and estate tax savings. But it involves a gamble, as well, so the article discusses the down sides. A sidebar notes that, to ensure that a SCIN’s cancellation feature isn’t treated as a gift, the donor must be compensated for its value in the form of a risk premium.
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Estate Planning Red Flag — You haven’t chosen the right executor or trustee
March / April 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 365
Abstract: No matter how much effort is put into planning an estate, the plan won’t work smoothly if the wrong executor is chosen — or, if a living trust, the wrong trustee. This article discusses four common mistakes people make when choosing an executor or trustee.
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Protecting trust assets when a beneficiary is also a trustee
March / April 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 645
Abstract: From an asset protection standpoint, generally it’s best to appoint an independent, professional trustee. But in some cases it’s desirable to name the trust’s primary beneficiary as trustee. This article explains why, but then goes on to describe ways to maximize a trust’s creditor protection, in order to help protect assets from a beneficiary’s potential mismanagement of the trust.
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HSAs — Dual benefits in one saving strategy
March / April 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 640
Abstract: In addition to being a viable option to reduce health care costs, Health Savings Accounts (HSAs) can positively affect estate plans because they grow on a tax-deferred basis. This article describes how an HSA works and the benefits it provides. It also compares HSAs with IRAs in regard to estate planning.
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Watch your step! — Step transaction doctrine can increase tax on FLP and LLC gifts
March / April 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1165
Abstract: Family limited partnerships (FLPs) and limited liability companies (LLCs) can allow the transfer of substantial amounts of wealth to loved ones at discounted values for gift tax purposes. But the entity must be treated as a legitimate, independent business, observing all business formalities. Otherwise, the IRS may conclude that the entity is a sham. It might then invoke the step transaction doctrine to collapse a series of transactions into a single transaction for gift tax purposes, dramatically altering the tax outcome. This article explains the doctrine, while a sidebar discusses the importance of filing proper documentation for an FLP or LLC.
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Estate Planning Red Flag — You and your spouse have similar trusts
January / February 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 404
Abstract: If a couple have similar irrevocable trusts for each other’s benefit, they could be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. This article explains that reciprocal trusts can be undone by the IRS; to avoid this, it’s important to vary factors related to each trust, such as the trust assets or terms, trustees, beneficiaries, or creation dates.
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Prenups and estate plans: Make sure they work together
January / February 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 650
Abstract: If a prospective couple plan to sign a prenuptial agreement, it’s a good idea to design the agreement with their estate plan in mind. A well-planned prenup can provide several estate planning benefits; a poorly planned one can trigger unintended tax consequences or hinder achievement of estate planning goals. As this article discusses, benefits include protection from liability for one spouse’s separate debts and implementation of estate planning strategies. But there are traps, as well, involving premarital transfers, the estate tax exemption, and the disposition of the family home.
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Making a difficult decision — When is it appropriate to have your elderly parent declared incapacitated?
January / February 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 627
Abstract: When an elderly parent gradually loses control of their faculties, it can be difficult for children to determine whether having their parent declared incapacitated is the right thing to do. This article explains the legal criteria for incapacitation, and shows what’s involved when that decision is made. It discusses the role of a court-appointed guardian/conservator, along with other possible options.
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A fresh look at charitable remainder trusts
January / February 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1068
Abstract: Those who are charitably inclined but concerned about having sufficient income to meet their needs may find that a charitable remainder trust (CRT) is the answer. A CRT allows donors to support a favorite charity while potentially boosting their cash flow, shrinking the size of their taxable estate, and reducing or deferring income taxes. This article explains the basics of a CRT and the investment advantages. A sidebar shows how a CRT provides the ability to control the income flow to suit the donor’s needs, which can be helpful in retirement planning.