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For the client who needs to protect assets, estate planning may include the use of asset protection trusts (such as foreign-situs trusts) that will put assets safely out of reach. Although there are potentially many reasons to use such vehicles, their use is not for everyone; many factors must first be considered. This article explores [...]
H.R. Bill 436: Potential Changes to Estate and Gift Taxes and Available Discounts
On January 9, 2009, Bill 436 was introduced to the House by Representative Earl Pomeroy (D-ND). The bill, referenced as H.R. 436 and similar to other proposals, would:
- Eliminate minority and marketability discounts for “non-business assets” (Defined below)
- Eliminate minority [...]
Celebrity deaths often highlight various estate planning issues as prior posts have discussed. Michael Jackson’s death brought public awareness to issues about choosing your executor and trustees, pour over wills, and guardianship. You may recall that Michael Jackson named his mother as guardian of his children. His second choice was Diana Ross. If Michael Jackson’s [...]
Estate planning pays real dividends—in results achieved, in dollars saved, and, most important, in security and peace of mind. And it doesn’t have to be expensive, traumatic, or even especially time consuming.
An estate plan is your blueprint for where you want your property to go after you die. Estate planning lets you do the following:
• [...]
New Jersey and Maryland levy both types of tax.
There are many other viable estate-planning tools and techniques that should be discussed with your tax adviser, but the key is to plan ahead.
Now is a particularly good time for business owners to think about estate tax planning.
The Federal Reserve’s interest rate cuts haveaffected two important interest rates used inestate planning – the “applicable federal rates”(“AFRs”) under Internal Revenue Code §1274and the “7520 rate” under Internal RevenueCode §7520. AFRs are calculated and publishedby the IRS every month and represent theminimum rates of interest that must be chargedon debt instruments to avoid imputed [...]
By Parag Patel, Esq.
In addition to your estate planning, it’s a good idea to have a non-binding letter to your spouse, children and other heirs outlining where the important documents are kept and who to contact for help in administering your estate.
The following example is meant to be given to your spouse. Edit it to [...]