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Showing 4 posts in Estate Administration.
Put Portability in Your Plan – Changing Gift Tax Exemption Regulations for Spouses
Personal estate plans that reflect yours and your loved ones’ needs can help ease financial burdens for them in the future. New guidance from the IRS takes both yours and your spouse’s estate tax exemptions into consideration, allowing for the option to elect “portability” of your exemptions in certain cases. This opportunity can help to alleviate financial stress for those who have unfortunately lost a spouse, but its implementation is time sensitive, so it’s important to know how and when to act. More >
When Virtual is Valuable: Planning for Your Digital Assets
Even in our technology-centric world, people’s estate plans often only account for “traditional” assets, like a car, checking account, house, etc., for example. More and more, however, an individual owns digital assets as well. With this in mind, a reasonable person would then ask: how do you build a strategy for your legacy that ensures your “virtual”—but still very real—assets are also protected? More >
Revocable Trusts: An Alternative Route
Traditional estate plans generally consist of a will and other documents that are meant to provide a map for fulfilling the wishes of the individual both before and after death. There are times, though, when an estate may be better served by other estate planning vehicles such as a revocable living trust, which can provide flexibility, privacy and ease of administration. These types of trusts are becoming popular and should be afforded due consideration when planning an estate. More >
Sticking to Your Guns: Accounting for firearms in an estate plan
An estate plan is designed to ensure a smooth transition of assets from a decedent to beneficiaries, as well as minimizing expenses, fees, and taxes associated with the transfer. Most estate planners may be concerned with the transfer of real property and other substantial assets, but what may be overlooked is the way in which a decedent’s firearms are accounted for. Failure to properly account for these items may produce unwanted results, all the way up to excessive fines and even prison time. More >
