Insight on Estate Planning - June/July 2019

May 28, 2019   Print PDF

Related Practice: Estate Planning & Administration

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

A Win-Win Proposition

A charitable remainder trust benefits you and your favorite charity

Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a CRT works and explains the role of the CRT’s trustee. A brief sidebar explores two types of CRTs. Read more . . .

When to Elect the Alternate Valuation Date

Because of the fluctuation in the value of assets, specifically stocks, federal tax laws provide relief to taxable estates that may be negatively affected by fluctuating market conditions. Instead of using the value of assets on the date of death for estate tax purposes, an executor may elect an “alternate valuation” date of six months after the date of death. This election could effectively lower an estate’s federal estate tax bill. The article explains the ins and outs of electing to use an alternate valuation date. Read more . . .

Do You Know When an FBAR Must Be Filed?

If one has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, he or she must file FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (FBAR). Because the Financial Crimes Enforcement Network and the IRS have been stepping up enforcement of foreign account reporting requirements, it’s critical to follow compliance rules. This article defines foreign financial accounts and explains how FBAR reporting can affect estate planning. Read more . . .

Estate Planning Pitfall: You Haven't Made Formal Funeral Arrangements

It’s difficult for many people to think about their own mortality, and it’s not surprising to learn that many put off planning their funerals. Unfortunately, this lack of planning can result in emotional turmoil for surviving family members when someone dies unexpectedly. This brief article explains how to formally arrange one’s own funeral. Read more . . .

To Lie Down in Greener Pastures: Washington State's Eco-Friendly Alternatives to Traditional Burial

Washington will become the first state in the nation to allow the process of natural organic reduction as a method for disposition of human remains. This is just one method of a number of environmentally sound death-care options. Read more . . .
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This email 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.