Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. Read on to … [Read more...]
What Estate of Marion Levine Means for Life Insurance
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax … [Read more...]
Probate Avoidance: Why It Should Be One of Your Estate Planning Goals
When you create or update your estate plan, you will likely consider several goals. Along with primary goals such as the distribution of your assets after your death and planning for the possibility of your incapacity, you should also include important secondary goals. Probate avoidance is one of … [Read more...]
Let’s Talk about Trusts…and Taxation
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor … [Read more...]
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year … [Read more...]
What Does It Mean to Prepare an Estate Accounting?
Acting as the Executor of an estate, or Personal Representative as it’s called in Maryland, can be a complex and complicated process. If you are serving as a Personal Representative, you may be required to provide an estate accounting. If so, you will need to understand what that means and what is … [Read more...]
Estate Planning – Something You Shouldn’t Do Yourself
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your … [Read more...]
Trusts: Common Myths and Misperceptions
A comprehensive estate plan will typically include a wide range of estate planning tools and strategies to fulfill all your various estate planning goals. Although a Last Will and Testament often serves as the foundation, or only component of an estate plan, another common estate planning tool is a … [Read more...]
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue … [Read more...]
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed … [Read more...]
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