Insight on Estate Planning August/September 2018

Aug 01, 2018

Related Practice: Estate Planning & Administration

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

Charitable giving in a post-TCJA world: What you need to know in the wake of the new tax law  

The Tax Cuts and Jobs Act (TCJA) will have a significant impact on estate planning and related aspects, such as charitable giving. Even though the TCJA reduces tax incentives for making charitable donations for some people, it encourages contributions for others. This article explains how the TCJA affects charitable giving. Read more...  

Understanding the contents of a will  

No estate plan is complete without a will. But what provisions should be included in it? This article explores the basic provisions of a will and how it should address estate taxes and specific bequests. A sidebar discusses the importance of including a "common disaster" clause in a will. Read more...  

Should a tax apportionment clause be in your estate plan?   

Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there may be state estate taxes that must be taken into account. If individuals find themselves in this situation, it’s important that they consider a tax apportionment clause in their wills or revocable trusts. This article details how a tax apportionment clause works. Read more...  

Estate Planning Pitfall: You’re not paying enough attention to state estate tax laws  

The Tax Cuts and Jobs Act provides greater flexibility in estate planning for many taxpayers. So, no more estate tax worries for most people, right? Not so fast. For residents of some states, state estate or inheritance taxes can still present a significant problem. This brief article examines state estate taxes. Read more...  

Five things to consider when making educational gifts to students  

The gift of higher education is one of the most satisfying contributions that a person can provide to a loved one. This short article lists five things to keep in mind if you're making a gift to someone who is currently a student, including differences in how direct payments of tuition are treated differently than gifts for non-tuition needs, who is responsible for reporting and paying taxes on the gift, and how gifts may impact financial aid. Read more...

 

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This post provides general information and is not legal or other professional advice. To discuss issues specific to your circumstances, contact one of our Estate Planning attorneys.