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Friday, July 22, 2011 Recent Press Coverage of Estate Planning (July 22, 2011)
Hani Sarji of Forbes notes that this is a great time to use gifts as an estate reduction strategy if you live in a state that has an estate tax threshold lower than the current federal estate tax threshold of $5 million per person ($10 million for a married couple). If you live in a state that has its own estate tax but no gift tax, like Vermont, then you can gift property during your life to reduce your estate value to less than the state estate tax exemption level, and still avoid gift taxes on the federal level. The current high gift exemption level extends only through 2012, so you need to plan ahead accordingly. See How to Cut State Death Taxes – Without Moving (July 13, 2011).
Jay Adkisson writes in Forbes about ten rules to keep in mind regarding asset protection. Most importantly, there are many strategies available if you start planning before a claim arises, but few that work after a claim or liability arises. And engaging in asset protection after a claim is filed is likely to make matters worse. Other rules include pairing asset protection with insurance, ensuring personal assets are not placed in business entities, and avoiding asset protection plans that are so complex they are hard to clearly explain. See Ten Rules for Asset Protection Planning (July 13, 2011).
Ashlea Ebeling of Forbes discusses ways to avoid a protracted battle over your estate. Advice includes treating siblings equally, making a list of specific items that should go to named heirs, keeping track of loans and advances, including a “no contest” clause, and spelling out clearly if you intend to disinherit someone. See 10 Ways to Lawsuit-Proof Your Estate (July 13, 2011).
Deborah L. Jacobs of Forbes reviews the unusually difficult challenges facing executors of people who died in 2010, a year when there was the option to avoid the federal estate tax (but pay capital gains taxes) or apply the estate tax law as it exists in 2011 with its $5 million exemption level. Issues include locating purchase records to determine cost basis for many assets, coping with new paperwork and forms issued by the IRS for this unusual year, and meeting the fiduciary obligations of impartiality when one of several available strategies benefits one group over another. See New Heirs Face Confusing Tax Choice (July 13, 2011).
Janet Novack of Forbes writes about ways to pass on frequent flyer rewards before or after you die. Each program has its own set of rules, but several allow a parent or grandparent to use their miles to purchase tickets for someone else. Also, ensure someone has your list of accounts, passwords and usernames, because some plans don’t allow transfer of points to an heir, but will allow someone to log on and redeem points after your death. See How to Pass On Your Frequent Flyer Miles (July 13, 2011). Friday, May 21, 2010 Press Coverage of Estate Planning this Week (May 21, 2010)
Michaela Cavallaro of Dow Jones Newswires recounts how a financial planner’s rearranging a client’s assets shortly before his death led to a significantly larger inheritance for his children. Estate planning vehicles, including an irrevocable life insurance trust (ILIT), are reported to have quadrupled the amount of money, after taxes, his four daughters would receive. See Digging Deeper to Create a Healthy Inheritance (May 19, 2010).
William Forsyth Jr., a senior fiduciary counsel at Bessemer Trust, shares five rules of thumb for legacy planning, including making children wait until at least age 28 to receive a large inheritance, distributing unequal gifts to children during life, but not after death, and making gifts during your lifetime, even if they are taxable. See William Forsyth Jr., On Rules for Legacy Planning (May 14, 2010).
John R. Sloan writes in Local Tech Wire about the basic rules and tools of asset protection. Many asset protection methods are relatively simple and effective, and include retitling assets in your spouse’s name, placing money in accounts protected by state and federal laws, and setting up business entities to segregate asset ownership. See Asset Protection Planning: Shoot Before the Buzzer (May 12, 2010). Friday, December 04, 2009 Press Coverage of Estate Planning This Week (December 4, 2009)John P. Dedon writes in Virginia Business about asset protection for business owners. Included are a checklist of steps to take to protect your business and some considerations regarding personal liability. See Asset Protection for Business Owners in Uncertain Times (Dec. 2, 2009).
Ashlea Ebeling of Forbes.com reviews some estate planning mistakes by celebrities, with advice on where to avoid going wrong. Tips include updating your documents if you move, marry, divorce or have children, and choosing executors carefully. See Estate Mistakes: Where Heath Ledger and Princess Di Went Wrong (Nov. 24, 2009). | |
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Welcome to NorthEast Estates and Trusts, PLLC (NEET). NEET assists clients with Estate Planning, Probate and Estate Administration, Special Needs Planning and Advanced Estate Planning matters in Shelburne, Vermont as well as Charlotte, South Burlington, Burlington), Hinesburg, Essex, Essex Junction, Colchester, Winooski , Cambridge, Huntington, Richmond, Williston, Jericho , Underhill , Underhill Center and Fairfax. NEET also serves clients in Chittenden County, Addison County, Washington County, Lamoille County, Franklin County and Grand Isle County.
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