Friday, August 27, 2010 Press Coverage of Estate Planning this Week (Aug. 27, 2010)
Deborah L. Jacobs of Forbes points out steps to take if a family member dies in 2010. Although there is no federal estate tax this year, in its place are new rules for income taxes on inherited assets, also known as the carryover basis rules. The article lists seven steps, including having assets appraised, finding cost basis records, delaying the selling of appreciated assets, and other steps to avoid costly mistakes. See Seven Steps for 2010 Heirs (Aug. 23, 2010).
Ms. Jacobs also writes about estate planning strategies known as estate freezes, which remove assets and their future appreciation from the owner’s estate and can be particularly effective during periods of low interest rates. Options include intentionally defective grantor trusts, grantor retained annuity trusts (GRAT), and charitable lead annuity trusts (CLAT), among others. See Five Ways to Freeze Out Uncle Sam (Aug. 25, 2010).
Tara Siegel Bernard of the New York Times addresses six questions regarding writing a will, including whether a will is necessary, whether it’s advisable to write your own will, and whether a revocable trust makes more sense than a will. See Getting a Will: Six Common Questions (Aug. 26, 2010). |