The core of Estate Planning is the life of each human being. Do you recall the process that ultimately led to the completion of your estate plan? You asked a question or voiced a concern about estate planning. Do I need a living trust? Will my estate pay a lot in taxes at my death?
ESTATE PLANNING FOR SECOND MARRIAGES In our world of ever-changing laws, estate planning has become increasingly complex. This is especially true in the context of second marriages. Children from a prior marriage, strained family relationships and rights and restrictions imposed by law illustrate why the complexity of estate planning for second marriages is never simple.
Many federal and state laws changed this year that affect estate and gift taxation. It is wise to review your estate plan before the end of the year to take advantage of the changes. As the temperatures drop, thoughts turn to end-of-year considerations such as taxes, charitable contributions and estate planning. While many are used
Time may be running out for one of the biggest tax breaks for Americans: the chance to gift up to $5.12 million to heirs tax-free and then pay “only” 35 percent gift tax on a gift above that. The break is scheduled to expire on December 31, 2012. The original $5 million limit was increased
In 2010, taxpayers and their advisers were presented with a real gift from Congress – an increase of the estate tax exclusion to $5 million and a corresponding increase to the lifetime gift exclusion from $1 million to $5 million. This window of opportunity came with a short shelf life, with both provisions set to
When was the last time your reviewed the beneficiary designation form from your retirement plan, IRA, life insurance policies or annuities? If your answer is typical, you don’t remember. A recent U.S. Supreme Court decision should motivate some people to move this overlooked step higher on their priority list. This particular ruling involved a 401(k)
Effective this year, converting from one’s traditional IRA (and other qualified plans, such as 401k, 403b and 457 plans) is available to everyone. There are benefits and burdens of conversion, and the purpose of this article is to provide you with several things you should consider when converting to a Roth IRA. When you convert