Friday, March 19, 2010 Press Coverage of Estate Planning this Week (Mar. 19, 2010)
Paul Sullivan of the New York Times writes about incorporating strategies to deal with state estate taxes into your estate plan. Two issues to watch for are the use of formula clauses and qualified terminal interest property (QTIP) trusts. Some states allow a separate QTIP election from that made on a federal return, other states do not. See No Federal Estate Tax, But What About Your State? (Mar. 11, 2010).
Donald J. Korn of Investor’s Business Daily discusses the importance of a financial power of attorney as part of your estate plan, and provides some advice on who to pick as your agent, who to give the document to, and how to improve the odds that your financial institution will accept yours. See Don’t Let Power of Attorney Fool You (Mar. 12, 2010).
Ian Mount of the New York Times provides advice on how to prepare a family business for the next generation, including identifying successors, grooming the new leaders, retaining key employees and minimizing tax liabilities, among others. See How to Prepare Your Business for Succession (Mar. 17, 2010). |