You may be going through life under the impression that the estate tax is only levied on people who are extremely wealthy. This is a misconception that could potentially cost your heirs a significant amount of money. In fact you do not have to be Bill Gates or Warren Buffett to have estate tax concerns. There is an exemption, and right now it stands at a relatively modest $5.12 million. However, at the end of this year the parameters of the estate tax are scheduled to change. When 2013 arrives … [Read more...] about Life Insurance Trust Can Reduce Tax Exposure
Forbes: Zuckerberg & Moskovitz Used Zeroed-Out GRATs
If you want be optimally prepared for the future it is important to have a savvy South Carolina estate planning lawyer carefully evaluate the nature of your assets. All resources are not created equal; the exact form of certain assets are going to dictate the optimal course of action when you are developing a long-term financial plan with the well-being of your loved ones in mind. Along these lines, if you have highly appreciable securities you may want to consider implementing the zeroed out … [Read more...] about Forbes: Zuckerberg & Moskovitz Used Zeroed-Out GRATs
What Is A Charitable Remainder Unitrust?
For many people, one of the primary estate planning objectives is going to be to do what is necessary to gain tax efficiency. There are a number of different vehicles that can be utilized, and the right combination will vary depending on the form of your assets and the specific nature of your wishes. To this end we endeavor to highlight some of the estate planning instruments that are typically utilized, and the one that we will take a look at today is the charitable remainder unitrust or … [Read more...] about What Is A Charitable Remainder Unitrust?
Making Funeral Arrangements: 5 Hints
For some people, making funeral arrangements is part of the estate planning process. It is never too early to plan ahead and your estate planning attorney can guide you through the funeral arrangement process. 1. Pre-planned funerals To ensure that your personal wishes are met, pre-plan your funeral with the funeral home of your choice. You can choose everything: cremation or not, burial site, grave marker, memorial or funeral service, music, flowers, speakers, and reception. This can all … [Read more...] about Making Funeral Arrangements: 5 Hints
3 Important Trust Protections
If you are unfamiliar with trust planning, you will be intrigued by the asset protection that trusts can provide for your estate planning beneficiaries. Would you like to protect your child’s inheritance from a divorcing spouse, bankruptcy, and law suits? If you’re like most people in our highly litigious society, your answer is a resounding, “Yes! I want asset protection.” Divorce Protection Half of your children will likely get divorced. You can protect your child’s inheritance from a … [Read more...] about 3 Important Trust Protections
Incentive Trusts: A Nudge Toward Success
As you take stock of the different people that you will be leaving inheritances to you are likely to feel perfectly comfortable leaving a lump sum inheritance with no strings attached to some of your heirs. However, there may be others who have not yet made their mark in the world, and you may be concerned that leaving them too much too soon may do more harm than good. You may also have people on your list who have personal problems, or a history of poor money management. One option that you … [Read more...] about Incentive Trusts: A Nudge Toward Success
GRAT Can Enable Tax-Efficient Giving
One of the things you have to be aware of when you are planning your estate is the threat of asset erosion due to the estate tax. Some people assume that they can simply give away their assets as gifts before they pass away to avoid the estate tax, but there is a gift tax in place with a rate that mirrors the estate tax. There is a $5 million gift tax exemption, but because the gift and the estate taxes are unified the exemption is unified. As a result, if you used your $5 million exemption … [Read more...] about GRAT Can Enable Tax-Efficient Giving
The Similarities and Differences between Wills and Trusts
If you’ve been thinking about starting your estate plan, you may be trying to choose between the use of a will or trust. They share similarities and have differences as well. This guide will help you better understand each estate plan device. If you have additional questions about wills or trusts, speak with a qualified estate planning attorney. Wills and trusts allow you to choose how your assets are distributed to beneficiaries. Wills and trusts allow you to appoint a trusted helper who … [Read more...] about The Similarities and Differences between Wills and Trusts
