Insight on Estate Planning - Year End 2019

Nov 25, 2019

Related Practice: Estate Planning & Administration

Here's a glimpse of what you will find in the Year End 2019 issue.

IDGT: This trust is supposed to “fail”

Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types: grantor trusts and nongrantor trusts. An intentionally defective grantor trust (IDGT) has the best attributes of both trust types. This article explains how an IDGT works. A sidebar discusses the ins and outs of selling assets to an IDGT.

7 deadly estate planning sins

According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if one isn’t careful. This article details seven transgressions to avoid.

The clock is running: Why now may be the time to make a Roth IRA conversion

Roth IRAs offer significant financial and estate planning benefits. If a person has a substantial balance in a traditional IRA and is considering converting it to a Roth IRA, there may be no better time than now. This article explains how the Tax Cuts and Jobs Act both enhances the benefits of a Roth IRA and reduces the cost of converting.

Estate Planning Pitfall: You haven’t addressed pets in your estate plan

Pet trusts have been around for decades, but they’ve been gaining in popularity the last few years. In fact, they’re now available anywhere in the country. This brief article explains how a pet trust works.

Managing nonprobate assets: Planning for your entire estate

"Nonprobate assets" are rights and interests that pass at death under written agreement, separate from a person's will. This article reminds readers about the importance of reviewing beneficiary designations to ensure they align with your estate planning wishes.