|
Friday, June 24, 2011 Recent Press Coverage of Estate Planning (June 24, 2011)
Bob Carlson of Investing Daily reviews common estate planning goals and methods used for various categories of clients. Types of clients include the wealthy, moderately wealthy, blended families, couples without children, couples with special needs children, and unmarried couples. While there are common elements to every estate plan, each situation has unique requirements. See Finding Your Classic Estate Plan (June 21, 2011).
Rob Clarfeld of Forbes discusses Qualified Personal Residence Trusts (QPRT) and Intentionally Defective Grantor Trusts (IDGT) in the context of the recently changed gift tax laws. Between now and the end of 2012, it’s possible for a couple to give away up to $10 million during their lifetime, which makes both QPRTs and IDGTs attractive. QPRTs, however, are less favored because of the low interest rate environment, making this a good time to investigate IDGTs for large lifetime gifts. See Your Smartest Estate Planning Move Ever: Give Away Your House – Now! (June 22, 2011).
Friday, March 25, 2011 Press Coverage of Estate Planning this Week (March 25, 2011)
Anne Tergesen of the Wall Street Journal reviews which states allow a person, while still living, to defend their will against challenges. One handicap of wills is that they traditionally do not become effective until the person’s death, and then wills are sometimes challenged when the will writer is not there to say what they really intended. Some states now allow will writers to notify beneficiaries and the disinherited of the contents of their will, and if those notified do not contest it within a certain time period, they are barred from contesting it in the future. See A Will and a Way (Mar. 21, 2011).
Ms. Tergesen also writes about qualified personal residence trusts (QPRT) and suggests that depressed real estate values, combined with recently passed estate and gift tax law changes, make this an opportune time for homeowners to consider transferring their homes to their children to save on future estate taxes. See A Matter of Trust: Giving Away the Home (Mar. 19, 2011).
Robert Frank of the Wall Street Journal writes about the increasing use of pet trusts. A pet trust is a legal arrangement that sets aside money for a pet’s care if their owner predeceases them. Leaving too much money to your pet can invite problems, such as that experienced by Leona Helmsley’s dog Trouble, who lost $10 million of a $12 million inheritance after lengthy legal battles. See Trust Funds for Pets Are on the Rise (Mar. 17, 2011). Friday, October 22, 2010 Press Coverage of Estate Planning this Week (October 22, 2010)
Deborah L. Jacobs of the New York Times discusses the benefits of passing your residence to your children while you are still alive. Additionally, because gift taxes might be an issue, she recommends four strategies for minimizing or avoiding gift taxes on the transfer, including giving partial interests, using a grantor trust, creating a qualified personal residence trust (QPRT), and putting real estate into an LLC or other legal entity. See Leave the Children the House, Without a Hefty Tax Bill (Oct. 20, 2010).
Anne Tergesen of the Wall Street Journal writes about grantor retained annuity trusts (GRAT) and why low interest rates and depressed real estate values make this estate planning tool particularly timely. Congress has recently discussed tightening restrictions on GRATs, providing further incentive to consider a GRAT before new laws make them less appealing. See Hurry Up and Fund That Trust (Oct. 16, 2010). 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, June 11, 2010 Press Coverage of Estate Planning this Week (June 11, 2010)
David Kocieniewski of the New York Times reports that Dan L. Duncan may be the first American billionaire able to pass his fortune to his heirs estate tax free. The estate, estimated at $9 billion, will likely give Congress pause in attempting to reinstate the estate tax retroactive to January 1, 2010, as the Duncan heirs would have ample means to fight such a law in the courts. See Legacy for One Billionaire: Death, but No Taxes (June 8, 2010).
Deborah L. Jacobs of Forbes suggests taking some steps now in preparation for the return of the estate tax in 2011, including reviewing life insurance policies, ensuring not all assets are jointly owned with your spouse, considering annual gifts, funding college savings plans, and converting to a Roth IRA. See Prepare For the Return of the Estate Tax (June 9, 2010).
Ashlea Ebeling of Forbes reviews the status of state-imposed estate and inheritance taxes for 2010. Currently, 19 states impose an estate and/or inheritance tax. That could change abruptly in 2011, depending on what happens to the federal estate tax. See The State Estate Grab, 2010 Edition (June 9, 2010).
Stephanie Fitch of Forbes discusses Qualified Personal Residence Trusts as a means for protecting the family vacation home so that your children and grandchildren can enjoy it as much as you do. These trusts, informally known as QPRTs, make sense when property valuations are low both to pass along sizable assets and reduce final estate taxes. See How to Pass Down Your Family Vacation Retreat (June 9, 2010).
Mark Maremont and Leslie Scism of the Wall Street Journal tell the story of an elderly wealthy investor who purchased $56 million of life insurance and then assigned or sold the rights to the death proceeds to investors. The decedent’s spouse claims this violates public policy and New York laws, and thus she should be named the beneficiary. The case will likely impact the viability of what is known as “stranger owned life insurance.” See Lawyer’s Heirs Fight Insurers in $56 Million Policy Intrigue (June 11, 2010). | |
|
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.
|
|
|
|