Friday, January 14, 2011

Press Coverage of Estate Planning this Week (January 14, 2011)

Bill Bischoff of SmartMoney reviews the basics of estate planning for singles in light of the Tax Relief Act of 2010. For people with a net worth below $5 million, an update of one’s plan to recognize the new $5 million estate tax exemption level is appropriate, and if your estate is above $5 million, then reducing your taxable estate through annual exclusion gifts (up to $13,000), and paying for a relative’ educational or medical expenses may make sense. See Estate Planning Update for Singles (Jan. 12, 2011).

Arden Dale of the Wall Street Journal encourages readers to avoid complacency and ensure they have some estate planning in place. Despite new federal exemption levels for the estate tax, many people should revisit their wills because either they don’t have one, or they have one that has become out of date. See Planning For Your Estate, Tax Deal or Not (Jan. 11, 2011).

Christine Benz of Morningstar reviews issues related to inherited IRAs, including what happens if the IRA doesn’t have a beneficiary designation, what happens if a deceased person’s estate is the beneficiary, and what to do if the person listed as the account beneficiary wants to disclaim the account. See More Must-Knows About Inherited IRAs (Jan. 13, 2011).