Insight on Estate Planning - October/November 2018

Sep 28, 2018

Related Practices: Estate Planning & Administration and Lifetime Tax Planning

Here's a brief glance at what you'll find in the October/November issue...

Who needs an estate plan? Quick answer: Everyone

Despite what one might think, estate planning isn't limited to only the rich and famous. Previously, avoiding or minimizing federal estate tax liability was a primary motivation for creating an estate plan. But with a generous gift and estate tax exemption of $11.18 million for 2018, this is less of a worry for most families. This article details other benefits of having an estate plan. A sidebar discusses why you should account for your current life circumstances in your plan. Read more...

NINGs, DINGs and WINGs: Understanding the tax angles of self-settled trusts

NINGs, DINGs and WINGs are the names bestowed on certain self-settled trusts (sometimes referred to as nongrantor trusts) in states providing a favorable tax environment for these trusts. This article explains how Nevada Incomplete-gift Nongrantor Gift (NING) trusts, Delaware Incomplete-gift Nongrantor Gift (DING) trusts and Wyoming Incomplete-gift Nongrantor Gift (WING) trusts work. Read more...

Securities laws can derail your estate plan

It's not uncommon for high-net-worth individuals to hold their assets in trusts, family limited partnerships or charitable foundations. If the assets held in this manner include interests in hedge funds or other "unregistered" securities, it's important to ensure that the entity is qualified to hold such investments. Exemptions under federal securities laws require that investors in private funds and other unregistered securities qualify as "accredited investors" or "qualified purchasers." This article defines these terms. Read more...

Estate Planning Pitfall: You haven’t properly funded your revocable living trust

A revocable living trust is often used to complement a will. Assets transferred to the trust generally don’t have to go through the probate process, which can be time-consuming and expensive. They're also generally protected from creditors and may be managed by professionals. This article explains the benefits of a revocable living trust and why funding it properly is essential. Read more...

Art is Long and Life is Short: Planning for the art in your estate

Art may have more sentimental value than monetary appeal for its owner, but in an estate context, the financial issues become paramount. Costs including insurance, storage, shipping, and appraisal can add up, and valuable art can affect the gross value of your estate for tax purposes. Read more...