The latest news released by the Social Security Administration has not been well-received by the 65 million retirees, disabled workers and their families who rely on Social Security benefits for their day-to-day living expenses: For the third time in seven years, Social Security recipients Continue reading
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What the 2016 IRS Inflation Adjustments Mean for You
The Internal Revenue Service has released the official inflation adjustments that will affect 2016 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. These changes will affect the way your accountant and your attorney Continue reading
Listen Up: These States Will Usher in Changes to Their Death Taxes in 2016
In 2015, there are still 20 U.S. jurisdictions that collect a death tax at the state level: Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Continue reading
Early Predictions About 2016 Estate Tax, Gift Tax, GST Tax and Annual Gift Tax Limit
Under current law the federal estate tax, gift tax, and generation-skipping transfer tax exemptions have become unified and are indexed for inflation on an annual basis. Since 2011, the exemption and tax rate have changed as follows:
Year Exemption Tax Rate
2011 $5,000,000 35%
2012 Continue reading
Financial Smarts Peak at 50, Here’s How to Protect Your Older Self
Financial Smarts Peak at 50, Here’s How to Protect Your Older Self
A recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50. This decline was observed in both men and women, making both sexes equally vulnerable Continue reading
Even Vampires Need Estate Planning
Yes, even the undead need an estate plan. After you stop laughing you need to hear me out. As we’ve learned from the likes of The Vampire Chronicles, the Twilight saga, and HBO’s True Blood, vampires aren’t immortal. They do die, and it’s usually unexpected and messy.
While vampires Continue reading
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouses Happy
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust.
The Basics of Creating a Lifetime Continue reading
Surprise! You Can’t Easily Disinherit Your Spouse in the U.S
Believe it or not, in the U.S. it isn’t easy to disinherit your spouse. But the same is not true for other family members – generally, you can use your estate plan to disinherit your brothers and sisters, your nieces and nephews, or even your very own children and grandchildren.
However, Continue reading
How to Fix a Trust That Isn’t Getting Better With Age
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you’re the beneficiary of a trust created by your great grandfather seventy years ago that no longer makes sense. Or maybe you created an irrevocable trust twenty years ago that doesn’t Continue reading
What’s Hot in Estate Planning Right Now May Surprise You
Estate planning has truly evolved over the past 20 years. Gone is the uncertainty about federal estate taxes and the absolute requirement for married couples to use complex trusts to minimize these taxes. But also gone is planning for the ‘traditional’ family. In fact, today’s estate Continue reading