Insight on Estate Planning - Year End 2015

Dec 07, 2015

Related Practice: Estate Planning & Administration

Here's a brief glance at what you'll find in the year-end issue...

Defined-value gifts: A formula for estate planning success?

Affluent families who wish to make large lifetime gifts should consider using defined-value clauses or other formula clauses to minimize or eliminate gift taxes. This article discusses why these clauses are especially effective when transferring assets that are difficult to value, such as closely held business interests or real estate. The article also includes a sidebar detailing four specific types of formula clauses. Read more...

Paying for LTC insurance using a tax-free exchange

Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. An LTC insurance policy can offset these costs, but the premiums can be expensive. One potential source for funding LTC insurance premiums is a total or partial tax-free exchange of an existing life insurance policy or annuity contract. This article examines how a tax-fee exchange can be a cost-efficient strategy for funding LTC premiums. Read more...

The family vacation home: Relax — but don't relax the rules

A shared family vacation home can be a great place for family bonding, but don't get too relaxed. A little planning — together with some clear rules about the usage of the home — can go a long way toward avoiding conflict and tension and keeping the home in the family. This article reviews what to consider when forming a plan for a vacation home. Read more...

Estate Planning Pitfall: You're selling your interest in a charitable remainder trust

Recently finalized regulations eliminate a potential tax shelter involving the sale of an interest in a charitable remainder trust. This brief article offers an example of how the tax shelter worked before the new regs and, using the same example, explains how the regs produce a different outcome. Read more...

Vetting charities for year-end donations

When donors make charitable donations, they want to be sure their money is being used effectively. This article recommends several resources for researching charities, including some with access to the public financial disclosures that most charities are required to make. 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.