Insight on Estate Planning

Showing 257–272 of 376 results

  • Estate Planning Pitfall — You’re unsure whether you need to file a 2012 gift tax return

    Year End 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 337

    Abstract: Anyone transferring anything of value to another person during 2012 needs to consider whether it’s necessary to file a gift tax return. Some transfers require a return even if no tax is owed. And, in some cases, it’s desirable to file a return even if it’s not required. This article lists criteria that should be a part of the decision.

    Read More

  • Be prepared for a “triggering” event — If you own interests in a closely held business, consider a buy-sell agreement

    Year End 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 815

    Abstract: A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be effective, the agreement must include the appropriate provisions. This article discusses the benefits of buy-sell agreements and the three types available. It also examines some of the tax and valuation issues involved.

    Read More

  • Is your IRA safe from creditors?

    Year End 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 628

    Abstract: If a substantial portion of a person’s wealth is in one or more IRAs, protecting the assets in those accounts is critical to his or her estate plan. IRAs provide significant benefits, including tax-deferred wealth accumulation during life and, with proper planning, during the lives of the IRA’s beneficiaries. This article examines the extent to which IRAs are protected from creditors, depending on such factors as whether the claims are brought in a bankruptcy context, the IRA owner’s state and whether the IRA is an “inherited IRA.”

    Read More

  • The spousal lifetime access trust: A safety net in uncertain times

    Year End 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1100

    Abstract: There’s a lot of uncertainty about the future of the federal estate tax regime — in particular the $5.12 million federal gift and estate tax exemption set to expire. A spousal lifetime access trust (SLAT) can provide a last-minute strategy to take advantage of the high exemption before it potentially is reduced. Regardless of the exemption’s fate, a SLAT can continue to be a valuable tool to help a spouse remove significant wealth from his or her estate while providing a safety net in the event financial circumstances change. This article explains how a SLAT works and points out important planning considerations. A sidebar warns not to run afoul of the reciprocal trust doctrine when a couple considers set up two SLATs.

    Read More

  • Estate Planning Pitfall — Your family doesn’t know where to find your records

    October / November 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 350

    Abstract: If a person dies suddenly, family members will need to know where to locate his or her will, trusts, life insurance policies and other critical estate planning documents — along with bank and brokerage accounts, IRAs or other qualified retirement plans, mortgages and other loans, real estate documents, tax records, and automobile titles. This article offers a list of tips for keeping important documents secure and accessible.

    Read More

  • Intellectual property requires careful estate planning

    October / November 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 787

    Abstract: Intellectual property (IP), such as patents and copyrights, can have great value, but in many ways they’re treated differently from other property types. This article explains the differences between patents and copyrights. It then discusses valuing IP, and deciding whether to transfer the IP to family members, colleagues, charities or others through lifetime gifts or through bequests after death.

    Read More

  • Defined-value gifts — Give now, value later

    October / November 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 567

    Abstract: Making large gifts can be a challenge if they consist of illiquid, difficult-to-value assets. They must be supported by a business valuation, and there’s a risk that the IRS will claim, years later, that a gift was undervalued for tax purposes. But, as this article explains, a defined-value gift — which is a gift of assets that equal a specific dollar amount, rather than a set number of FLP units or a fixed percentage of a business — protects against unexpected taxes down the road. With little time before this year’s record-high exemption amount expires, a defined-value gift can avoid the need for rushed valuations and unintended tax consequences.

    Read More

  • Considering an ILIT? Now’s the time

    October / November 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1159

    Abstract: Life insurance proceeds generally are income-tax-free to beneficiaries, but may be subject to estate taxes. One of the best ways to keep life insurance out of one’s taxable estate is to place the policy in an irrevocable life insurance trust (ILIT). But those who are thinking about setting up an ILIT for an existing policy should consider doing so before the end of the year to take advantage of the record-high gift tax exemption. This article looks at the benefits of an ILIT, and shows how to deal with some significant limitations. A sidebar explains how a recent IRS ruling makes ILITs more attractive by permitting a grantor to build additional flexibility into the trust.

    Read More

  • Estate Planning Pitfall — You haven’t covered all your bases since your divorce

    August / September 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 296

    Abstract: This brief article lists several estate planning and financial arrangements that are easily overlooked following a divorce, including retirement accounts, jointly owned assets, and powers of attorney.

    Read More

  • Is your estate liquid enough to cover estate taxes?

    August / September 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 664

    Abstract: Unless an estate plan provides sufficient liquidity to pay estate taxes and other expenses, it may be at risk. This article examines various liquidity tools, including irrevocable life insurance trusts (ILITs); buy-sell agreements; IRAs, 401(k) plans and other tax-advantaged retirement plans; and traditional investments in stocks, bonds and mutual funds. If those liquidity tools prove inadequate, there are several postmortem strategies that heirs can use to soften the blow of estate taxes.

    Read More

  • Estate planning 101 — Choosing a trustee for your living trust

    August / September 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 688

    Abstract: Transferring assets to a living trust can help ensure an estate will avoid the time-consuming, potentially expensive and public process of probate. One can serve as the trust’s trustee during life, but must choose a trustee to oversee and administer the trust after death. This article describes the duties of a trustee and the two types of trustee to choose from. It also notes the importance of providing guidance from the start.

    Read More

  • Decanting breathes new life into an old trust

    August / September 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1064

    Abstract: “Decanting” can breathe new life into an irrevocable trust. This process allows a trustee to use his or her distribution powers to “pour” funds from one trust into another trust with different terms, thereby providing the trustee with added flexibility to adapt a trust in light of changing tax laws or family circumstances. But decanting laws vary dramatically from state to state. This article describes some of these differences and their effect on estate planning goals. A sidebar mentions a few of the tax implications of decanting.

    Read More

  • Estate Planning Pitfall — You’re donating real estate to charity

    June / July 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 374

    Abstract: In the current real estate market, donating a property to charity may be an attractive alternative to selling it. But this brief article lists five potential tax traps to look out for, including failure to properly substantiate a donation and the ramifications of donating to a private foundation rather than a public charity.

    Read More

  • Transfer business ownership or remain boss? — Nonvoting stock lets you share the wealth without losing control

    June / July 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 484

    Abstract: For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in the business, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to recapitalize the business into voting and nonvoting shares. This allows the separation of ownership succession from management succession, and can avoid conflict between children who are involved in the business and those who aren’t. As this article notes, 2012 might be an especially good time to transfer ownership.

    Read More

  • Keep family harmony when transferring a vacation home

    June / July 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 709

    Abstract: When deciding to transfer a vacation home, simply dividing it equally among children or other family members may seem like the fairest solution, but it can end up being an invitation to conflict and hurt feelings. Some family members may care more about keeping the home in the family than about any financial benefits it might provide. Others may prefer to sell the home and use the proceeds for other needs. This article discusses ways to resolve this conundrum, along with estate planning strategies available for those who don’t wish to give up ownership immediately.

    Read More

  • Conditions favorable for gifts — High exemption amount and low tax rate make 2012 the year to transfer significant wealth

    June / July 2012
    Newsletter: Insight on Estate Planning

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1233

    Abstract: Gift, estate and generation-skipping transfer tax exemption amounts stand at a record-high $5.12 million. And the top rate for all three taxes is 35%, the lowest it’s been in many years. So, with these set to expire at the end of the year, now may be the time to transfer substantial amounts of wealth to family members tax-free. This article discusses several strategies to do so, including trusts, life insurance and family limited partnerships. But a sidebar warns of the possibility of a “clawback” — in which the IRS attempts to impose estate tax on previous gifts to the extent they exceed the date-of-death exemption amount.

    Read More