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Estate Planning Archives | Page 3 of 4 | Wealthspire | Page: 3

gst tax

Important Gift Tax and Trust Income Tax Reminders

By Blog
As tax season is now in full swing, below are some important gift tax and trust income tax return reminders: Gift Tax Returns The lifetime exemption from gift and estate tax was $11,180,000 per person in 2018. Currently it is $11,400,000 per person for 2019. Generally, gifts made directly to a medical provider or educational institution on behalf of someone do not count against your lifetime exemption. In addition, donors have an annual exclusion from gift tax of $15,000 per donee. This means that a donor may give $15,000 to each of his or her three children, for example, without…
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account beneficiaries

Pay Attention to How Your Accounts are Titled

By Blog
Does this blog post apply to you? Do you have sizeable jointly-held accounts with your spouse? Is your estate large enough that it could be subject to federal or state estate taxes? If you answered yes to both of these questions, then pay attention, because your Will may not do what you think it does. What’s the problem here? Your Will is not the end of the story. Your Will might only “work” if you title your accounts properly. It’s not uncommon for us to see well-drafted Wills with solid tax planning incorporated into the estate plan. In the case…
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POAs

Designating Powers of Attorney (POAs)

By Guides & Whitepapers
Selection, Documentation, and Communication Best Practices Most of our clients put Powers of Attorney or “POAs” in place as they age. POAs are legal documents that allow you to name an “agent” (also sometimes referred to as an “Attorney-in-fact”) to act on your behalf for financial or health care decisions, and are key components of any estate plan. We believe POAs are increasingly important beyond your estate plan too. Consider the following examples: Parents of college-aged adult children need healthcare POAs to interact with doctors and be involved with their children’s health care decisions. A business associate needs a non-durable…
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estate attorney

Preparing to Meet with Your Estate Planning Attorney

By Guides & Whitepapers
You can streamline the estate planning process by coming prepared to your first meeting with your estate planning attorney. It will be helpful if you have taken some time to consider who you would like to name as guardian, executor and trustee, as well as who you would generally like to inherit your property. In addition, your attorney will ask for some basic information from you in order to best advise you. Below is a list of the information and documents that we recommend you make available to your estate planning attorney. If you are married, you should provide information…
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estate plan checklist

Estate Plan Checkup Checklist

By Guides & Whitepapers
We recommend reviewing your estate plan regularly to determine whether it remains up to date - below is a checklist of some questions to revisit each year. How do I know when to update my estate plan? Who: Consider whether there have been any changes with the people in your life. Have you or your children been married or divorced? Have there been any new births? Has anyone named in your Will died or become disabled? Have you fallen out of touch with anyone named in your Will? What: Consider whether there have been any changes in your personal circumstances…
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loss loved one

What to Do After the Loss of a Loved One

By Blog
When a loved one passes away, you will face many responsibilities, from making funeral plans to closing out financial affairs. These responsibilities will add stress to what is already a difficult and emotional time. Getting organized and knowing what steps you need to take will help reduce some of that added stress. Below is a chronological checklist to help you organize and close your loved one’s affairs. WITHIN FIRST TWO WEEKS First and foremost, you will need original death certificates. Everyone from banks, to insurance companies, to credit card companies may request at least a photocopy if not an original,…
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GRAT

A Primer on the Grantor Retained Annuity Trust (“GRAT”)

By Guides & Whitepapers
Objective The objective of the Grantor Retained Annuity Trust is to remove appreciation on the transferred assets from the grantor’s estate. The structure of the GRAT also allows this removal of appreciation to be done at minimal or no gift tax cost. Operation of the GRAT The grantor transfers an asset with high appreciation potential to the GRAT, which is an irrevocable trust. In return, the grantor retains a qualified annuity interest for a specific term of years. Common terms of years for annuity trusts range from 2 to 10 years. The initial term must be at least 2 years,…
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dynasty trusts

A Primer on Dynasty Trusts

By Guides & Whitepapers
Why is it called a “Dynasty Trust”? Some are surprised to learn that most trusts are temporary. Unlike a corporation, partnership, or other artificial legal entity, most trusts cannot be perpetual. A rule of law called the “Rule Against Perpetuities” terminates most trusts automatically, and cuts them off at a few generations. As a result, even the most careful trust planning will eventually be unwound, because these temporary trusts will terminate and the property will be distributed outright into the hands of the trust beneficiaries. This limitation can be avoided by using a Dynasty Trust, because it is a perpetual…
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estate plan

Often Overlooked Estate Planning Details

By Blog
Estate Planning is Still Important The 2017 Tax Cuts and Jobs Act raised the estate tax exemption to $11.2 million ($22.4 million for couples). While fewer families will now be subject to estate tax, estate planning, the process of preparing instructions for how your personal assets should be administered and distributed after your death, remains a necessary task. More than just the writing of a legal will, estate planning can provide legal clarity to final wishes, name beneficiaries of assets, and outline terms of care in the event of incapacitation. As the process of creating an estate plan can be…
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