Insight on Estate Planning - June/July 2021
Related Practice: Estate Planning & AdministrationHere's a brief glance at what you'll find in the June/July issue...
CLTs: A Charitable Trust That Takes the Lead
For those who are charitably inclined, the benefits of a charitable lead trust (CLT) may be worth considering. With a CLT, the donated property helps a charity for a period of time and then reverts back to family members. This article details how a CLT works and explains the charitable deduction implications. A sidebar weighs the benefits of a charitable remainder trust.
Add Estate Planning Flexibility with Powers of Appointment
The best laid plans can go awry. Consider an estate plan that has been carefully crafted by taking into account the needs of family members. After the person is gone, events may transpire that he or she hadn’t anticipated or couldn’t have reasonably foreseen. This article explains how using powers of appointment can add flexibility to an estate plan.
What Does “Probate” Mean?
The term “probate” is one people may have heard and might associate with negative connotations, but they may not fully understand what it is. The term may conjure images of lengthy delays waiting for wealth to be transferred and bitter disputes among family members. Others, because the process is open to the public, worry about their “dirty laundry” being aired out in the open. This article defines probate and details strategies to avoid it.
Estate Planning Pitfall: You Don’t Meet the Tax Requirements for Splitting Gifts
The annual gift tax exclusion is a powerful tool in the estate planning toolbox. By using the annual exclusion, a person doesn’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is $15,000 per recipient for 2021 (the same as it was in 2020). Even better, taxpayers can double their tax pleasure by “splitting gifts” with their spouse. This brief article explains the tax requirements necessary to split gifts.
When to Call in the Pros: Should You Name a Professional FiduciaryWhen it comes to appointing a fiduciary (for instance, a Personal Representative or Trustee), there are so many things
one should consider. This article discusses the choice between a lay or professional fiduciary.