Friday, September 24, 2010 Press Coverage of Estate Planning this Week (September 24, 2010)
Charles Passy of the Wall Street Journal interviewed several financial planners regarding what steps to take today given the uncertainty of the estate tax in 2011. Most advisors suggested making gifts this year to capitalize on 2010's low gift tax rate of 35 percent. Other planners advised having at least some plan in place rather than waiting for the uncertainty to clear. See What You Should Do Now (Sept. 20, 2010).
Karen Hube of Barron’s discusses passing real estate to children now rather than later, again to take advantage of this year’s low gift tax rate. Two strategies to consider, a Qualified Personal Residence Trust (QPRT) and a Family Limited Partnership (FLP), are reviewed. See Pass Along Your Real Estate Now (Sept. 18, 2010).
Anne Tergesen and Leslie Scism of the Wall Street Journal caution against selling an existing life insurance policy to raise cash, in large part because the price investors are willing to pay for life-settlement transactions has declined steeply in the past few years. See Life Insurance: Think Before You Sell Your Policy for Cash (Sept. 18, 2010).
Lauren Foster of Barron’s tells readers what an ethical will is and why it is important. Ethical wills, while not legally binding, are generally an effort to convey one’s values, not one’s valuables. In addition to discussing the benefits of ethical wills, she offers some tips on what should be included in the document. See Bequeathing Smart Strategies (Sept. 18, 2010). Friday, April 17, 2009 Press Coverage of Estate Planning This Week (April 17, 2009)The Wall Street Journal's most recent Wealth Manager Report (Apr. 13, 2009) includes five stories focused on estate planning. All are worth reading. In The Mess They Left, Suzanne Barlyn gives advice on how to find a decedent's key documents, including the will or trust, financial statements, personal property memorandums and others. In The Right Steps, Michaela Cavallaro discusses the unique problems that face blended families, where one or both spouses has children from a prior marriage. In Financial Prescription, Shelly Banjo and Kristen McNamara address estate planning in the context of a chronic illness and incapacity. In A Time for Giving, Nate Hardcastle reviews why a low interest rate environment is an ideal time to give assets to children. Finally, in Covering Your Assets, Mark Klimek provides a status report on Family Limited Partnerships with advice on common pitfalls to avoid. |