Sep 172013

Although the current estate tax exclusion amount exceeds $5 million, it is still important to keep your beneficiary designation forms up-to-date.  When was the last time you looked at them?  Have you undergone a major life event since you last made a designation?  If so, you should update your forms because they will trump your Will.

Don’t make this common estate-planning error – TaxWatch – MarketWatch.

 September 17, 2013  Posted by at 2:22 pm No Responses »
Aug 272013

In light of the changes made to the estate tax laws in January 2013, many people might be questioning whether it is worthwhile to create an estate plan.  Even if you do not have a taxable estate, it is still important to create a personalized estate plan.  The attached article outlines several excellent reasons to create a will and trust, regardless of net worth.

The New Focus of Estate Planning — Investing Daily.

 August 27, 2013  Posted by at 4:15 pm No Responses »
Apr 292013

After 12 years of uncertainty, the estate and gift tax laws were revised and made permanent.  However, before we get too comfortable with these new provisions, let’s take a look at President Obama’s proposed 2014 budget.  It looks like the newly-enacted estate and gift tax laws may be on the chopping block.  The proposed budget set forth by the White House includes reducing the personal estate tax exemption amount to $3.5 million, without inflation adjustments, beginning in 2018.  Gift tax exclusions would likewise be reduced, as well as some other inheritance-based taxes.

Coming soon: More estate-tax battles – Encore – MarketWatch.

 April 29, 2013  Posted by at 4:32 pm No Responses »
Apr 262013

Back in January, the Federal estate tax laws were amended. Everyone now has a personal exemption amount of $5.25 million, subject to inflation. And, unlike over the previous decade, this law is permanent, causing millions of people to rely on it. Additionally, with “portability” a surviving spouse can use any portion of their spouse’s exemption amount that was not previously used, without having to place the money in a trust. As a result, some people may have gotten complacent about their estate planning needs.

The White House’s proposed budget now includes amending the recently enacted estate tax laws, lowering the exemption amount to $3.5 million. While this proposed changed would not be effective for several years, it creates a lack of certainty surrounding the estate tax laws.

Despite the lingering questions about the future of the estate tax, it is important to establish an estate plan based on current laws. Keep your plans updated in accordance with current law.


Estate Planning Under the New Tax Law –

 April 26, 2013  Posted by at 5:06 pm No Responses »