Category: Advanced Estate Planning

The Basics of Setting Up a Trust for Estate Planning

A trust is a relationship in which one person's assets are held inside for the intention of passing on to specific beneficiaries. One of the primary reasons that people choose to use a trust is because the assets no longer belong to a grantor after they have been transferred into the trust. You can also[...]

Estate Planning from Your 50s Through Your 80s

Appropriate estate planning is important for anyone regardless of the size of your estate. However, as you get older your priorities will shift and your situation may change, meaning that estate planning could become an even more important consideration. At a bare minimum, if you own property you need to be aware of planning for[...]

The Importance of Planning Ahead After an Alzheimer’s Diagnosis

If you have begun to notice that a loved one is showing the signs of being afflicted by Alzheimer’s or another type of cognitive dementia, you need to consult with an estate planning attorney as soon as possible. One of the most important elements of planning ahead with Alzheimer’s has to do with time, whether[...]

The Future of Estate Planning

The fiscal cliff legislation passed in early January has had an impact on many aspects of finance, including estate planning. A recent article discusses how estate planning is changing as a result of the legislation. The legislation fixed new tax rates and exemption limits. The federal exemption amount now sits at $5.25 million, and the[...]

Last Minute Gift Tax Exemption Planning for 2012

Unless you've been living under a rock, the news has been dominated by discussion of the fiscal cliff coming at the end of the year. One of the elements of the fiscal cliff includes a rollback of the estate tax laws to 2001 levels. That means there will be federal estate tax due when you[...]

Sometimes You Don’t Want To Be Number One – New Jersey Leads Combined Federal & State Death Tax Rates

One of the first consequences of the new estate tax law for 2011, the one raising the federal exemption amount to $5 million for an individual, was that financial advisors and planners were saying that "estate tax planning was OVER." There was going to be no need to think about estate taxes ever again because[...]

Estate Tax Gambler’s Anonymous

One of the topics I discuss in my initial client meetings is the federal estate tax and its future. Over the years, the discussion has had to change as the landscape of federal estate tax changes. I'm often asked what I think Congress will do in the future with the estate tax…and the truth is…I[...]

Estate Planning is a Matter of Timing – And Counseling

In March, Dan Duncan became the first billionaire to die in this year of an federal estate tax repeal - that is to say, no federal estate tax at all.  Assuming no retroactive changes, Duncan may be the first billionaire to pass his wealth onto his children and grand-children free of estate tax. This article[...]

Colbert Report Platinum Club – Estate Tax Repeal

I thought folks would be up for a change of pace. Here is what Steven Colbert thinks about the estate tax repeal. Pick it up at the second segment at minute 12:00. Enjoy.[...]

Dotting the “I”s and Crossing the “T”s in the Family

A common tool for a sophisticated estate plan is the creation of a Family Limited Partnership (FLP) or Family Limited Liability Company (FLLC). Basically, these entities allow grantors to get a discount on the assets that they contribute to the FLP or FLLC. That discount is based on a number of factors, but two of[...]