Insight on Estate Planning - February/March 2018

Feb 23, 2018

By Douglas C. Lawrence | Related Practice: Estate Planning & Administration

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

Sudden impact: When a spouse unexpectedly dies   

It's almost impossible to fully prepare for a spouse's sudden death, but it helps to keep one's finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse dies unexpectedly. A sidebar explains why it may be a good idea to file a return to establish the value of inherited assets. Read more...  

New tax law affects estate planning strategies  

The Tax Cuts and Jobs Act (TCJA), which generally went into effect at the beginning of 2018, lowers individual and corporate tax rates, reduces or eliminates many deductions and enhances other tax breaks. One thing the new law doesn't do is repeal the federal estate tax. This article explores other TCJA provisions that can impact estate planning. Read more...  

All in the family: Transferring your vacation home  

Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead without careful planning, it could disrupt harmony and lead to a "family feud." In some cases, relationships may be severed forever. This article details how to properly account for a vacation home in an estate plan. Read more...  

Estate Planning Pitfall: You haven't planned for long-term care  

The current costs of long-term care would give anyone pause. If one doesn't properly plan for these costs, an entire life's fortune can be wiped out in a relatively short period of time. This brief article details planning tips for long-term care expenses. Read more...  

The Personal Representative of Your Estate  

The Personal Representative of an estate is responsible for administering the estate's affairs. If you don't nominate one in your will, the court will appoint an Administrator to perform those functions. This article outlines the main duties of a Personal Representative, as well as some factors to keep in mind when choosing one. 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.