IEP
Showing 209–224 of 384 results
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Estate Planning Pitfall – You haven’t named backup beneficiaries
April / May 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 317
Abstract: To ensure that a person’s wealth is distributed according to his or her wishes, it’s important to designate both primary and secondary (or “contingent”) beneficiaries for a will, trusts, retirement plans and life insurance policies. This article illustrates, through a court case, what can happen when a person fails to name a backup beneficiary. Herring v. Campbell, No. 11-40953 (5th Cir. 2012)
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Avoid state income taxes with an incomplete nongrantor trust
April / May 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Now that the federal gift and estate tax exemption has reached an inflation-adjusted $5.43 million, many people are shifting their estate planning focus to income tax reduction. One potentially attractive strategy for high-income taxpayers, particularly those who live in high-income-tax states, is an incomplete nongrantor trust. This article details the pros and cons of an incomplete nongrantor trust.
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How flexible is your estate plan?
April / May 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 622
Abstract: It’s crucial to review and update an estate plan in light of significant life changes or new tax laws. It’s equally important to create estate plan flexibility so that an estate’s executor can make postmortem revisions. This article details portmortem estate planning strategies, such as using qualified disclaimers, spousal right of election and QTIP trusts.
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Estate planning for personal property – Why you should sweat the small stuff
April / May 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 928
Abstract: When planning their estates, most people focus on major assets, such as business interests, real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — tangible personal property. This article discusses strategies on how to best distribute tangible personal property.
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Estate Planning Pitfall – You’re planning to retire abroad
February / March 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 287
Abstract: People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax and estate planning implications so there are no surprises. This article looks, in particular, at issues involving double taxation, real estate issues, and unfamiliar inheritance rules.
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Avoiding undue influence claims
February / March 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 632
Abstract: A primary purpose of estate planning is to ensure that wealth is distributed according to one’s wishes after death. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit the property. These situations often occur when an estate plan operates in an unexpected way — and those who expected to inherit that wealth challenge the plan, often on grounds of undue influence. But this article examines steps that one may take to avoid such challenges.
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Get smart when tackling estate planning for intellectual property
February / March 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 706
Abstract: How should one account for intellectual property (IP), such as a patent or copyright, in their estate plan? These intangible assets can be highly valuable, and they should be handled according to the owner’s wishes. This article looks at the four categories of IP (patents, copyrights, trademarks and trade secrets) and the considerations involved in transferring them to one’s chosen beneficiaries.
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Estate planning for young families – Flexibility is the key
February / March 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 899
Abstract: Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or, should they keep assets in their estates to help ease the potential income tax burden on their heirs? The right strategy depends on which taxes will have the biggest impact. For those whose life expectancy might be 30 years or more, this is nearly impossible to predict. But waiting for things to become more certain can result in missed opportunities. This article discusses strategies that make it possible to build some flexibility into an estate plan. A sidebar discusses the possibility of returning assets to an estate as a way of maintaining flexibility.
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Estate Planning Pitfall – You haven’t planned for incapacity
Year End 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 326
Abstract: Most estate plans focus on what happens after death — but a plan is incomplete if arrangements haven’t been made in the event of mental incapacity. If the plan doesn’t specify how these decisions will be made, and by whom, a court-appointed guardian will have to intervene. But this article describes several tools that are available to ensure that a person designated by the plan owner will handle affairs if the owner becomes incapacitated.
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Charitable deductions – Substantiate them or lose them
Year End 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 682
Abstract: Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if the donor fails to follow the substantiation requirements to the letter. This article offers a quick summary of the rules for both cash and noncash gifts, and describes a real-world example of what can happen when proper substantiation is lacking.
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Will your estate plan benefit from a trust protector?
Year End 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 634
Abstract: Even though one may appoint a trustee to oversee distribution of a trust’s assets, it’s possible to go a step further by appointing a trust protector. This person will serve as an overseer of the trustee’s actions. Taking this step can also provide peace of mind because the trust protector has the power to alter the trust in light of changing family situations or tax laws. This article discusses the powers that can be assigned to a trust protector and how to choose the best candidate.
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Saving for college is also good for your estate plan
Year End 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 874
Abstract: A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes that all contributions, together with all future earnings, are removed from one’s taxable estate even though the donor retains control over the funds. But there are some disadvantages, so a sidebar discusses another savings option: the Coverdell ESA.
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Estate Planning Pitfall – Watch out for IRA traps
October / November 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 311
Abstract: An IRA can be a valuable estate planning tool, offering tax-deferred growth (tax-free in the case of a Roth IRA) and asset protection. But two recent developments create traps for the unwary: the “one-rollover-per-year” rule and an inherited IRA’s exposure to creditors in the event of bankruptcy. This article looks at the details of each.
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Good intentions – Don’t let asset transfers run afoul of the law
October / November 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 632
Abstract: With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with asset values still relatively low, it’s an ideal time to transfer wealth to loved ones. But it’s important to be familiar with fraudulent transfer laws. Simply put, a creditor can challenge gifts, trusts and retitled property as fraudulent transfers. This article discusses not only actual fraud, but “constructive” (unintended) fraud, and how to guard against creditor challenges.
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Now’s the time for a charitable lead trust
October / November 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 671
Abstract: Affluent families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. This article examines how a CLT works and the two types of CLTs: a charitable lead annuity trust (CLAT) and a charitable lead unitrust (CLUT).
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The Crummey trust: Still relevant after all these years
October / November 2014
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 858
Abstract: Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Now that the gift and estate tax exemption has reached a higher level, fewer people have to worry about gift and estate taxes. Nevertheless, there are still important reasons to make annual exclusion gifts, and, by converting a future interest into a present interest, a Crummey withdrawal power can allow trust assets to be eligible for the exclusion. This article discusses the details, while a sidebar explains that it’s important to avoid granting withdrawal rights that are too large in relation to the size of the trust.