Whenever a client’s Estate Plan deviates from the expected disposition, it raises questions. Most of the time, clients have consulted with a competent attorney regarding their reasons for structuring the plan the way that they have. Sometimes, other factors are at play and the plan doesn’t represent the testator’s true wishes, but rather, another individual’s testamentary desire. That’s undue influence and there are ways to guard against it. Read on to learn more. … [Read more...] about Understanding Undue Influence – Part I
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
Death and Your Digital Footprint
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
Pondering Portability
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years. Read on to learn more. … [Read more...] about Pondering Portability
The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate. … [Read more...] about What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
What’s Estate Planning Got to do with Interest Rates – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part II
The Inflation Reduction Act
President Biden recently signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. Read on to learn more. … [Read more...] about The Inflation Reduction Act
What’s Estate Planning Got to do with Interest Rates – Part I
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part I
