Incorporating Income Tax Planning Into Your Estate Plan
As estate-planning attorneys settle into the new tax rules for 2013, the focus of estate planning is beginning to take a marked shift. The $5.25 million federal estate tax exemption means that fewer people will have to plan to avoid federal estate taxes. Therefore, as a recent article explains, estate-planning attorneys are now shifting their […]
Does Portability Eliminate the Need for a Bypass Trust?
One of the many benefits of the American Taxpayer Relief Act of 2012 is that it made portability permanent. Often used as an estate-planning vehicle, portability allows married couples to share unused portions of their federal estate tax exemption. Another estate planning tool used to achieve this result is the bypass trust. A recent article […]
Considering Gandolfini’s Will
Last June, “Sopranos” actor James Gandolfini died of a heart attack at the age of 51. Shortly after his death, Gandolfini’s will became public. Since then, experts have considered the wisdom of the provisions in his will. As a recent article explains, experts believe that Galdolfini’s will was so poorly drafted that it may invite […]
New Uses for Life Insurance
Prior to the tax law changes of 2012, life insurance policies were commonly used to provide cash on hand for the decedent’s heirs to pay off any estate taxes. Now that estate taxes will apply to fewer estates, estate planning attorneys are exploring alternative uses for life insurance policies. A recent article discusses some of […]
New Budget Plan May Have Serious Effects on Estate Plans
Recently, President Obama released his proposed 2014 budget plan. As a recent article explains, financial advisers and estate planning attorneys have since been analyzing how the new plan will affect their clients. Under the new budget plan, the federal estate tax will increase from 40 to 45 percent, and the individual exemption will decrease from […]