Increasingly people are making provisions in their estate plans for their pets. If you would like to do the same, then you have a few options for how to do it. In the past people gave little thought to what might happen to their pets after they passed away. It certainly was not common to provide […]
Read More »Early Predictions About 2016 Estate Tax, Gift Tax, GST Tax and Annual Gift Tax Limits
While the IRS will not officially release the 2016 inflation-indexed exemption and exclusion until later in October, Wolters Kluwer Tax & Accounting has released its 2016 predictions based on historical inflationary trends. According to Wolters, the exemption should end up at $5,450,000 in 2016, or $10,900,000 for married couples. While this is a mere $20,000 […]
Read More »What’s Hot in Estate Planning Right Now May Surprise You
Estate planning has truly evolved over the past 20 years. Gone is the uncertainty about federal estate taxes and the absolute requirement for married couples to use complex trusts to minimize these taxes. But also gone is planning for the “traditional” family. In fact, today’s estate planning is more complicated than ever before. Estate Planning […]
Read More »Federal and State Death Tax Updates
Death taxes are back in the news at the federal level as well as in Delaware and Minnesota.
Read More »IRS Announcement: Estate Tax Closing Letters Will Now Only Be Issued Upon Request
Due to the increased volume of federal estate tax return filings in order to make the “portability election,” the IRS has announced that estate tax closing letters will only be issued upon request by the taxpayer. This change in IRS policy started on June 1, 2015.
Read More »The Shocking Truth About Asset Protection Planning
Some view asset protection planning with a skeptical eye. They believe there is a moral obligation to pay one’s debts. They think that asset protection planning is immoral because it prevents a creditor from collecting on a judgment entered by a court.
Read More »Caution: Your Traditional Asset Protection Plan is Set Up to Fail
You may be surprised to learn that not only has asset protection planning been around for a long time, but you have already engaged in it at some point during your life. In fact, you probably have one or more types of traditional asset protection planning in place at this very moment. The problem is […]
Read More »Aging.gov: A New Resource for Older Americans and Their Families
More than 10,000 people turn 65 in the U.S. every day according to Aging.gov (http://www.hhs.gov/aging/), a new website recently launched by the Obama administration. The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care, […]
Read More »Does Your Revocable Living Trust Reduce Your Estate Tax Bill?
Many people believe that once they set up and fund a revocable living trust, property held in the trust will avoid estate taxes after they die. In reality, this may or may not be true depending on your choice of beneficiaries and the terms written into your trust agreement. Single Trustmakers and Estate Taxes […]
Read More »The Many Needs for Life Insurance in Our Lives
The main reasons most people have life insurance are to pay final expenses (medical, funeral, burial, etc.), replace an income stream and/or create wealth for our dependents after we die. Life insurance can also play an important role in business, estate planning and charitable giving.
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