Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without … [Read more...]
Application of the Transfer for Value Rule to the Sale of Life Insurance
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 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...]
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the … [Read more...]
How Estate Planning for a Family May Trap the Unwary Practitioner
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as … [Read more...]
The Intersection of Legacy Contacts and Estate Planning
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. The widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they … [Read more...]
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