Insight on Estate Planning - August/September 2020

Jul 27, 2020

Related Practice: Estate Planning & Administration

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

The CARES Act:Recent Tax Law Changes May Affect Your Estate Plan

The Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to provide tax relief to individuals and businesses struggling to make ends meet due to the COVID-19 pandemic. But this law may also have a long-reaching impact on one’s estate plan. Read more to learn about several provisions of the CARES Act that may affect participants in qualified retirement plans. A brief sidebar details the options for those who take early required minimum distributions.

The CARES Act Creates Charitable Tax Incentives

Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured to maximize the tax benefits on the books. The Coronavirus Aid, Relief and Economic Security (CARES) Act increases those tax incentives. Learn how taxpayers can realize tax savings from charitable donations under the CARES Act.

Breathe New Life Into a “Broken” Trust By Decanting It

Building flexibility into one’s estate plan using various strategies is generally advised. The reason is that life circumstances change over time, specifically changing tax laws and family circumstances. This is especially true during the COVID-19 pandemic. One such strategy to consider is decanting a trust. This article explains what it means to “decant” a trust. Click here to read more.

Estate Planning Pitfall: You Haven’t Created a Road Map for Your Estate Plan

Creating documents for an estate plan, such as a will, trusts and a power of attorney, can be time consuming. While these documents are essential for the plan, it’s beneficial for surviving family members to have a “road map” to navigate the aftermath. This brief article explains what to include in the road map document.

The Importance of Administering Your Spouse's or Domestic Partner's Estate

Failing to administer a late spouse or domestic partner’s estate can result in significant issues down the road, particularly with regard to real estate and other titled assets. Read more about steps to take to avoid future issues.

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To discuss issues specific to your circumstances, contact one of our Estate Planning attorneys.