Posts Tagged Estate Planning

Portability

Portability

What is portability in estate planning? When a person passes away, up to $5.49 million (in 2017), will be excluded from the federal estate tax. This exclusion is per person, meaning spouses each have their own exemptions, and the exclusion amount increases each year with inflation. Additionally, […]

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What is Probate?

What is Probate?

Probate is the legal process to transfer assets when someone passes away. Through probate, clear title and ownership are established as to the assets of the deceased person. Generally, probate is required if the person died with an executed will (testate), or if the person died without […]

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Same-Sex Marriage and Estate Planning

Same-Sex Marriage and Estate Planning

The Supreme Court’s recent decision in the Obergefell v. Hodges case held that under the 14th Amendment, states are required to issue marriage licenses for same-sex couples who desire to marry, and also that states are required to recognize same-sex marriages that were lawfully licensed and performed out of […]

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Durable Power of Attorney for Healthcare

Durable Power of Attorney for Healthcare

None of us enjoy contemplating what would happen to ourselves or those close to us in the event we become incapacitated. Rather than think about those things, we tend to think “it will not happen to us,” or otherwise postpone thinking about it. This is a dangerous […]

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IRS Announces New Estate and Gift Tax Exemptions

IRS Announces New Estate and Gift Tax Exemptions

In Revenue Procedure 2014-61, the IRS recently announced new tax changes that will be effective starting in 2015. The following are the more relevant changes in relation to estate planning and gifting: The estate and gift tax exemptions increased due to inflation from $5.34 million to $5.43 […]

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What Are Defective Grantor Trusts?

What Are Defective Grantor Trusts?

A Defective Grantor Trust (“DGT”) allows you to transfer assets out of your estate and ultimately reduce your estate tax liability. The DGT may also be referred to as an “Intentionally Defective Grantor Trust (IDGT),” a “defective trust” or a “grantor trust.” This tool is most effective […]

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Fiscal Cliff Deal: Impact on Estate Planning and Gifting

Fiscal Cliff Deal: Impact on Estate Planning and Gifting

The wait is over, at least for now. Congress passed a bill on January 1, 2013 that avoided the “fiscal cliff,” and is expected to be signed into law shortly. The new deal has some important consequences for estate planning and gifting. Estate and Gift Tax The […]

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