Insight on Estate Planning - February/March 2015

Feb 10, 2015

Related Practice: Estate Planning & Administration

Here's a brief glance at what you'll find in the February/March issue…

Estate planning for young families: Flexibility is the key

Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or should they keep assets in their estates to help ease the potential income tax burden on their heirs? The right strategy depends on which taxes will have the biggest impact. For those whose life expectancy might be 30 years or more, this is nearly impossible to predict. But waiting for things to become more certain can result in missed opportunities. This article discusses strategies that make it possible to build some flexibility into an estate plan. A sidebar discusses the possibility of returning assets to an estate as a way of maintaining flexibility. Read more...

Get smart when tackling estate planning for intellectual property

How should one account for intellectual property (IP), such as a patent or copyright, in their estate plan? These intangible assets can be highly valuable, and they should be handled according to the owner's wishes. This article looks at the four categories of IP (patents, copyrights, trademarks and trade secrets) and the considerations involved in transferring them to one’s chosen beneficiaries. Read more...

Avoiding undue influence claims

A primary purpose of estate planning is to ensure that wealth is distributed according to one’s wishes after death. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who'll inherit the property. These situations often occur when an estate plan operates in an unexpected way — and those who expected to inherit that wealth challenge the plan, often on grounds of undue influence. But this article examines steps that one may take to avoid such challenges. Read more...

Estate Planning Pitfall: You're planning to retire abroad

People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax and estate planning implications so there are no surprises. This article looks, in particular, at issues involving double taxation, real estate issues, and unfamiliar inheritance rules. Read more...

Could your estate benefit from an "Intentionally Defective Grantor Trust"?

A grantor trust can provide substantial opportunities to save on gift and estate taxes, and can allow assets in the trust to grow tax-free. However, care must be taken to ensure the trust is drafted correctly. Read more...

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