Friday, December 31, 2010 Press Coverage of Estate Planning this Week (December 31, 2010)
Janet Novack and Ashlea Eberling of Forbes encourage readers to review their estate planning in light of the new tax law, and for those without any estate planning to have at least a will, a power of attorney for finances, a power of attorney for health care, and a living will. They also recommend planning for state estate taxes (Vermont has its own estate tax), making gifts while you are still living, and keeping an eye on income taxes by maximizing the step up in cost basis for certain assets. See Rewrite Your Will (Dec. 31, 2010).
Deborah L. Jacobs of Forbes provides a question and answer format regarding the new portability provisions in the estate tax law. Information includes what portability is, when portability is applicable, what might happen if the surviving spouse remarries, and whether portability impacts whether a credit shelter trust is necessary. See Married Couple’s Guide to the New Estate Tax Law (Dec. 23, 2010). |