Insight on Estate Planning - June/July 2020

May 26, 2020

Related Practice: Estate Planning & Administration

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

How does the SECURE Act affect estate planning?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate planning. This article explains the SECURE Act’s key provisions and explores estate planning strategies to implement. A sidebar explains that the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) waives required minimum distribution rules through the end of the year.

Take the proper steps to insulate your estate from creditors

For years, many individuals may have viewed estate taxes as the main threat to their family fortunes, especially if they own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for 2020, estate taxes are perhaps no longer a concern. Today individuals may be more focused on protecting their estates from creditors and lawsuits. Learn several ways to accomplish this objective in accordance with prevailing state laws.

HSAs: Understanding the health savings and estate planning benefits

In addition to serving as a viable option to reduce health care costs, a Health Savings Account (HSA) can positively affect an estate plan because its funds grow on a tax-deferred basis. Read about how an HSA works and explains its cost savings and estate planning benefits.

Estate Planning Pitfall: Your charitable gifts are unrestricted

Charitably inclined individuals generally know that there are no absolute guarantees that the funds they donate will be used to further a charity’s mission. Fortunately, however, there are steps to take to preserve their charitable legacies. This brief article explains the benefits of placing restrictions on gifts at the time of the donation.

Utilizing Grantor Retained Annuity Trusts in a Low-Interest-Rate World

One common estate planning strategy when interest rates are low is the use of Grantor Retained Annuity Trusts (“GRATs”). Learn more about to maximize the benefits of GRATs.