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Showing 321–336 of 384 results
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Estate Planning Red Flag – Your plan doesn’t name a backup guardian for your minor child
July / August 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 290
Abstract: Arguably the most important estate planning decision parents of minor children may have to make is choosing a guardian for their children should the unthinkable occur. This short article explains why it’s critical to also select a backup guardian and lists a few issues to consider when evaluating potential guardians.
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Is your spouse a U.S. citizen? If not, consider using a QDOT
July / August 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 560
Abstract: The marital deduction allows for the transfer of property, either through lifetime gifts or bequests at death, to a spouse gift- and estate-tax free. But transfers to a spouse who is not a U.S. citizen may trigger immediate tax consequences. Fortunately, couples in this situation can take advantage of the deduction by using a qualified domestic trust (QDOT). This article looks at how QDOTs work and additional rules to be aware of. It also provides insights on how the 2010 estate tax repeal affects estate planning for noncitizen spouses.
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Ascertainable standards: Why you need to know about them
July / August 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 691
Abstract: To design an effective estate plan, it’s important to strike a balance between minimizing taxes and retaining control over how wealth is distributed. In doing so, the language used in wills, trusts and other estate planning documents is critical. One area that demands precision is the use of ascertainable standards, which limit distributions to amounts needed for a beneficiary’s health, education, support and maintenance. This article explains why it’s important that these standards be clearly and precisely defined and covers which standards are ascertainable.
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Gifting offers certainty in uncertain times
July / August 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1036
Abstract: Uncertainty about the future of the estate tax makes planning a challenge. Planning based on the exemption amount is difficult when it’s not clear what that amount will be — or if there even will be an estate tax. Fortunately, gifting remains a powerful tool that can provide significant benefits regardless of what Congress does. This article discusses leveraging the annual gift tax exclusion, using trusts or family limited partnerships (FLPs), and making taxable gifts, while a sidebar shows how a qualified terminable interest property (QTIP) trust can be used to hedge one’s bets.
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Ready to buy a new home? If so, consider using a joint purchase to ease estate tax liability
May / June 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 733
Abstract: If one wants to buy a home that will eventually pass to the children, a joint purchase can be a good way to ease estate taxes, provided the children have sufficient funds to finance their portion of the purchase. This article covers how a joint purchase works, as well as its advantages and disadvantages.
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Estate planning red flag – Your estate plan doesn’t contain a no-contest clause
May / June 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 299
Abstract: It’s not uncommon for heirs to contest the terms of wills and living trusts. This short article explains how a no-contest clause — which threatens to disinherit a beneficiary who unsuccessfully challenges a will or trust — can help, even for those residing in states that don’t enforce such clauses.
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Estate planning for digital assets
May / June 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 624
Abstract: Today, many people conduct their transactions online and have accumulated significant “digital assets” that require special consideration in their estate plan. This article looks at how the lack of a paper trail can create problems after a person dies in terms of both locating and accessing assets. It also provides suggestions for securely documenting such information for heirs.
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Donating life insurance – Turbocharge your charitable gifts
May / June 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 870
Abstract: Donating a life insurance policy to charity can be a powerful strategy to achieve philanthropic goals. It allows a person to make larger gifts than he or she might otherwise afford, while generating current tax benefits. This article discusses when donating a policy can make sense, as well as the most tax-effective way of doing so. A sidebar touches on options such as charitable gift annuities and wealth replacement.
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Estate Planning Red Flag – You’ve recently divorced and haven’t reviewed your estate plan
March / April 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 240
Abstract: It’s important that those who have recently divorced review their estate plan to be sure that it doesn’t confer any unintended benefits or rights on their former spouse. This article offers several questions to consider involving jointly held assets, beneficiary designations, powers of attorney, and trusts.
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Mission control – Family mission statement promotes a harmonious estate plan
March / April 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 506
Abstract: Building and preserving family wealth isn’t an end in itself. Rather, it’s a tool for promoting shared family values — such as philanthropy, education, financial security, quality of life — or encouraging family members to lead responsible, productive, healthy lives. Drafting a family mission statement can be an effective way to define and communicate these values. This article discusses what should be involved in setting up a statement, and what it should cover.
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Balancing risk and reward – A self-canceling installment note can benefit your estate plan under certain circumstances
March / April 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 704
Abstract: It can be difficult to determine how to pass assets on to loved ones at the lowest possible tax cost. One option to consider is a self-canceling installment note (SCIN). Using a SCIN involves selling a business or other assets to children or other family members (or to a trust for their benefit) in exchange for an interest-bearing installment note. The “self-canceling” feature means that a buyer’s death during the note’s term relieves him or her of any future payment obligations. A SCIN offers a variety of valuable tax benefits, but there are risks involved, as well.
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Is your buy-sell agreement doing its job?
March / April 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1054
Abstract: A buy-sell agreement should be a fundamental part of an estate plan for those who own an interest in a family or closely held business. After a “triggering event,” it gives the company or the remaining owners the right or the obligation to buy a departing owner’s interest. But a buy-sell agreement can take the form of a cross-purchase or a redemption agreement (or a hybrid of the two). The right type of agreement and the specific provisions that should be included depend on several tax and practical business factors involving taxes, management control and valuation. A sidebar to this article lists the criteria necessary for a buy-sell agreement to establish the value of a business interest for estate tax purposes.
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Estate Planning Red Flag – You haven’t reviewed your estate plan recently
January / February 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 235
Abstract: The Economic Growth and Tax Relief Reconciliation Act of 2001 created a one-year estate tax repeal for 2010. It’s not likely to remain in effect, though. Although Congress had not yet passed legislation by the end of 2009 repealing the repeal, it might still pass such legislation and make it retroactive to Jan. 1, 2010. Besides this, there are a number of other reasons to update one’s plan.
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Being elastic can be fantastic – Stretch your retirement savings for yourself and your heirs
January / February 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 804
Abstract: Those with savings in a traditional IRA, a 401(k) plan or another “qualified” retirement account must begin taking required minimum distributions (RMDs) when they reach age 70½. But it’s usually best to let them continue compounding on a tax-deferred basis (or tax-free in the case of Roth accounts) as long as possible. Fortunately, there are several strategies one can use to stretch tax savings over many years. Beginning in 2010, converting a traditional IRA to a Roth IRA will be an option for people of all income levels. One can also roll over a Roth 401(k) or Roth 403(b) to a Roth IRA. And a “stretch” IRA allows one to provide heirs with the opportunity to stretch distributions over many years. But these all have pros and cons that must be considered.
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A blended family requires smart estate planning
January / February 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 515
Abstract: If a person is married and has children from a previous marriage plus children or stepchildren from his or her current marriage, that family is considered a blended family. For those who wish to pass their wealth on to all of their biological children but also provide for their spouse and perhaps any stepchildren, estate planning can get tricky. Two estate planning strategies to consider involve a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT).
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Do you have a liquidity plan?
January / February 2010
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 948
Abstract: A liquidity plan is an essential component of an effective estate plan, particularly if a substantial amount of wealth is tied up in a closely held business, real estate or other illiquid assets. It won’t be possible to achieve estate planning goals without liquidity to pay estate taxes and other expenses. An irrevocable life insurance trust (ILIT) or buy-sell agreement are options; if these do not provide enough cash, borrowing from a bank or receiving an extension from the IRS may be alternatives. A sidebar to this article discusses Internal Revenue Code Section 6166, which allows an executor to defer estate taxes associated with a qualifying closely held business.