Insight on Estate Planning - February/March 2019

Feb 1, 2019

Related Practice: Estate Planning & Administration

Here's a brief glance of what you will find in the February/March issue.

Time passages: Estate planning through the years

Virtually everyone needs an estate plan, but this isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on one’s current stage of life. This article explains steps to take during a person’s lifetime. A sidebar explores estate planning strategies when a business is part of an estate. Read more . . .

Basis consistency rules come into play when inheriting property

If a person is in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Tax law provides that the income tax basis of property received from a deceased person cannot exceed the property’s fair market value (FMV) as finally determined for estate tax purposes. This article explains the basis consistency rules. Read more . . .

Estate tax laws continue to change; so should your plan

The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption amount from $5 million to $10 million, adjusted annually for inflation. Combined with the unlimited marital deduction and other estate tax provisions, including portability of the exemption, a married couple can easily shelter more than $20 million from federal estate tax. As a result, the need to incorporate estate tax planning strategies into an overall estate plan has been eliminated for everyone other than Hollywood celebrities, professional athletes and Fortune 500 CEOs ? right? Wrong. This article details why an estate plan should address estate tax concerns for both today and the future. Read more . . .

Estate Planning Pitfall: You’re using an online form to draft your will

Today, one can do practically anything online that used to require face-to-face contact — and that includes downloading a form to write his or her will. This brief article discusses the downsides of a “do-it-yourself” will. Read more . . .

Updates on the Stokes Lawrence Trusts & Estates Team

A brief summary of the Stokes Lawrence Estate Planning group and an introduction to our newest members of the team. Read more . . .