EST
Showing 305–320 of 384 results
-
Estate Planning Red Flag – Crummey powers provide for withdrawal of a specific dollar amount
March / April 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 277
Abstract: A lifetime gifting plan that takes advantage of the $13,000 per recipient annual gift tax exclusion can be a powerful strategy for transferring wealth tax free. But the exclusion is available only for gifts of present interests. This can be a problem for contributions to trusts, which are generally considered gifts of future interests. This article discusses Crummey powers, which give trust beneficiaries the right to withdraw contributions for a specified period after they’re made, and which convert a future interest into a present interest that qualifies for the annual exclusion.
-
Helping a family member in need – Don’t let your intrafamily loan run afoul of the IRS
March / April 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 801
Abstract: When lending money to family members, the first question to ask is: “Is this transaction truly a loan?” If the IRS concludes that the transaction isn’t a bona fide loan, it will recharacterize it as a taxable gift. By formalizing the transaction and treating it as a loan, it’s possible to avoid negative tax consequences and have the necessary documentation to support a bad-debt deduction in the event the borrower defaults. This article examines the difference between a loan and a gift, appropriate interest rates, and how the type of loan affects income and gift taxes.
-
Do you have a succession plan for your vacation home?
March / April 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 563
Abstract: Few estate planning issues are as emotionally charged as the disposition of the family home. And emotions may run even higher with vacation homes, which often evoke even more fond memories. So it’s important to address one’s vacation home in an estate plan. This article discusses considerations that should be addressed in transferring a home. Or, for those who are not yet ready to give up ownership, it explores other strategies, such as a qualified personal residence trust (QPRT) or qualified terminable interest property (QTIP) trust.
-
A simple strategy – Pair an IDGT and an installment sale to pass on your business
March / April 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 933
Abstract: For many people, a family business is a significant source of wealth, so passing it on to the next generation in a tax-efficient manner is an important estate planning goal. One of the simplest and most effective strategies available is an installment sale to an intentionally defective grantor trust (IDGT), thereby allowing the transfer of the business free of capital gains and gift taxes, and allowing any future appreciation in value to go to heirs estate-tax free. This article shows what to consider in setting up an IDGT, with a sidebar listing some specific pros and cons.
-
Estate Planning Red Flag – You don’t know whether to file a gift tax return
January / February 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 320
Abstract: The rules surrounding gift tax returns can be confusing. This article lists the circumstances under which a federal gift tax return (Form 709) is required, and when it is not. It also mentions when it may be advisable to file Form 709 to report nongifts.
-
For unmarried couples, estate planning is indispensable
January / February 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 674
Abstract: When married couples neglect to prepare an estate plan, state intestacy law provides one for them. Unmarried couples, however, have no backup plan. Unless they carefully spell out how they wish to distribute their wealth, a surviving life partner may end up with nothing. This article describes the estate planning advantages that married couples enjoy, and how unmarried couples can reduce their risks. It also describes one strategy in which unmarried couples have an edge: a grantor retained income trust (GRIT).
-
Happy heirs – An inheritor’s trust allows loved ones to both enjoy your assets and protect them
January / February 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 649
Abstract: When creating an estate plan, it’s important to consider how estate taxes will affect heirs who ultimately will receive the assets. Why? Because, when they take possession of the assets, the property becomes part of their own taxable estates. To avoid this outcome, they can have the assets pass into an inheritor’s trust. This article shows how the trust can protect assets from creditor claims and realize wealth building opportunities. It also explains what’s involved in setting up and maintaining the trust.
-
2010 Tax Relief act and your estate plan – Short-term answers, long-term questions
January / February 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 867
Abstract: The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 was signed into law on Dec. 17. The act provides lower estate tax rates, higher exemptions and more flexibility — through 2012. This article takes a look at tax law in the years leading up to this Tax Relief act, and how it affects estate, gift and generation-skipping transfer tax rates, along with tax exemptions and stepped-up basis rules. A sidebar discusses the portability of the estate tax exemption for 2011 and 2012, and how this can simplify estate planning.
-
Estate Planning Red Flag – You’re leaving your IRA to a child
November / December 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 349
Abstract: Many people designate a child or other young person as beneficiary of an IRA. But there’s a downside to doing so: Unless the child is a minor, he or she obtains full control over the IRA, so there’s nothing to stop him or her from taking larger distributions or even cashing out the entire account. One solution that preserves the IRA for as long as possible is to name a trust as its beneficiary and then name the child as the trust’s beneficiary. This short article explains why designating a minor as the beneficiary of an IRA isn’t advisable.
-
Protecting what’s yours – An offshore trust may be the answer to your asset protection needs
November / December 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 793
Abstract: A myriad of asset protection strategies exist, but perhaps one of the strongest is the use of an offshore trust. Because of the high costs associated with establishing and administering offshore trusts, they make the most sense for high net worth individuals who face a significant risk of spurious claims and litigation — such as entrepreneurs and physicians. This article explores when and when not to use an offshore trust.
-
Have you considered a Social Security “do-over”?
November / December 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 651
Abstract: Planning for retirement is an important component of an estate plan. But what if a person already is retired and looking for ways to boost his or her income without creating a lot of risk? A lesser-known strategy can be loosely called a Social Security “do-over.” In a nutshell, a person files a form with the Social Security Administration and repays all of the Social Security benefits he or she has received. Then the person reapplies and begins receiving a higher payment based on his or her current age. This article further details this strategy.
-
Business-owned life insurance: Handle with care
November / December 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 685
Abstract: Business-owned life insurance serves a number of legitimate purposes, including succession and estate planning. A big advantage of using life insurance is that the proceeds typically are tax free. But there have been abuses, particularly by large companies that purchased insurance on the lives of lower-level employees, often without their knowledge. Indignation over these so-called “janitor policies” led Congress to add Section 101(j) to the Internal Revenue Code (IRC) as part of the Pension Protection Act of 2006 (PPA). This article explains that, even though this provision is intended to prevent abusive employment practices, it’s broad enough to encompass life insurance used to fund a buy-sell agreement or for other estate planning purposes.
-
Estate Planning Red Flag – Your plan doesn’t provide for personal items
September / October 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 280
Abstract: It’s natural that estate planning efforts focus on big-ticket items, such as real estate, business interests, retirement assets and brokerage accounts. But it’s important not to ignore the “small stuff,” like artwork, jewelry, furniture, antiques, clothing and collectibles. These items may not be as insignificant as one thinks. This short article explains why it can be beneficial to appraise some items and plan ahead as to how they should be distributed.
-
Let values be your trustee’s guide – A principle trust may be a better option than an incentive trust
September / October 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 648
Abstract: As they create their estate plan, many people want to pass their wealth on to their children, but also want the peace of mind that the kids will manage the inheritance with responsibility and care. An incentive trust is one option, but there are drawbacks — primarily rigid distribution rules. But, as this article explains, a principle trust can provide more flexibility. Rather than setting rules for distributions, it allows a person to set the principles and values they want the trustee to follow. However, it’s important to be at ease with the trustee having broader discretion.
-
Avoiding probate: How to do it (and why)
September / October 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 694
Abstract: Few estate planning subjects are as misunderstood as probate. But circumventing the probate process is usually a good idea. This article explains why, and discusses tools one can use to avoid (or minimize) probate, such as “pay on death” (POD) or “transfer on death” (TOD) designations. It also explains how, for larger, more complicated estates, a revocable trust (sometimes called a living trust) is generally the most effective tool for avoiding probate.
-
Is your estate plan ready to change with the times? Qualified disclaimers add flexibility
September / October 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1012
Abstract: No matter how carefully people may try to plan their estate, changing circumstances can quickly derail their efforts. Federal or state tax laws may be amended; net worth may go up (or down); marriage, divorce or children may complicate matters; or children’s needs may change. But it’s possible to build some flexibility into a plan by preparing for the use of qualified disclaimers. This article explains what a qualified disclaimer is and the many benefits it can provide. They do have some disadvantages, though, as explained in a sidebar.