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Friday, June 03, 2011 Recent Press Coverage of Estate Planning (June 3, 2011)
Daniel S. Rubin, Esq., writes in the Journal of Accountancy why it’s not a good idea for estate planners and their clients to rely on the new rules for “portability” of a deceased spouse’s federal estate tax exclusion. Reasons why reliance on portability is probably a bad idea include the fact that portability is on the books only through the end of 2012, portability applies only to the federal estate tax, and not state estate taxes, and the deceased spouse’s exclusion is not indexed for inflation. See Seven Good Reasons Credit Shelter Trusts Remain Relevant (June 2011). Friday, April 08, 2011 Recent Press Coverage of Estate Planning (April 8, 2011)
Bill Bischoff of SmartMoney contends that even though the federal estate tax exemption has risen, people still need an estate plan to avoid having their assets pass according to their state’s default intestate rules. The article provides a quick overview of wills, living trusts and other estate planning options. See Why Most People Need An Estate Plan (Mar. 22, 2011)
Ashlea Ebeling of Forbes writes about how to handle an inheritance. There’s an estimated $8.4 trillion that will pass to baby boomers, an average of nearly $300,000 per inheriting household, and boomers are finding many different ways to use the money. See The Inheritors (Apr. 11, 2011).
Susan Hirshman writes in Forbes about wives that should be acting now to protect their interests. She notes that some estate plans allocate up to the federal estate tax threshold to one’s children, with the surviving spouse receiving the rest. With a high exemption level of $5 million, that could leave the wife with nothing. See Why Women Need An Estate Plan (Mar. 23, 2011).
Deborah L. Jacobs of Forbes discusses the new portability law that allows a surviving spouse to use the decedent spouse’s unused estate tax exemption amount, and argues that even though this provision is set to expire at the end of 2012, it could stick around beyond that, so it behooves you to understand how it works and prepare for it. See Estate Planning for Two (Apr. 1, 2011).
Linda Covella of the Santa Cruz Patch discusses the differences between wills and trusts, offers pros and cons for each approach, and reviews the role of an attorney in the process. See Wills and Trusts: Which Will You Trust for Your Estate Planning? (Apr. 3, 2011).
Deborah L. Jacobs of Forbes provides a short overview of the gift tax law, gift tax returns, and offers some Q&A regarding whether a gift tax return should accompany your income tax return this April. See Time to File That Gift Tax Return (Apr. 1, 2011). 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). | |
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Welcome to NorthEast Estates and Trusts, PLLC (NEET). NEET assists clients with Estate Planning, Probate and Estate Administration, Special Needs Planning and Advanced Estate Planning matters in Shelburne, Vermont as well as Charlotte, South Burlington, Burlington), Hinesburg, Essex, Essex Junction, Colchester, Winooski , Cambridge, Huntington, Richmond, Williston, Jericho , Underhill , Underhill Center and Fairfax. NEET also serves clients in Chittenden County, Addison County, Washington County, Lamoille County, Franklin County and Grand Isle County.
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