Estate Administration Archives - Page 2 of 2

Updated Rules Provide New Estate and Gift Tax Savings Opportunity

08/17/202008/03/2017 by Report from Counsel

Recent tax developments may save substantial taxes for your clients’ beneficiaries (post-death). Since 2010, a surviving spouse can claim their deceased spouse’s unused estate and gift tax credit shelter amount (“estate and gift tax exemption”) of $5,000,000 or more by filing a federal estate tax return (Form 706) within nine months after death to secure … Read more

Be careful with inherited IRAs

08/17/202012/22/2016 by Report from Counsel

In order to achieve tax savings and accomplish your goals, you should pay careful attention to naming primary and contingent IRA beneficiaries The laws governing inherited IRAs are complicated and it’s easy to make mistakes. If you want to discuss naming beneficiaries and/or creating a “standalone” trust for your IRA (and other retirement account assets), please let us know. Standalone trusts for IRAs can be especially useful in a second marriage, when minor or disabled beneficiaries are potential beneficiaries and/or when the beneficiary may need protection from creditors or a divorcing spouse.

Four Big Mistakes Many Fiduciaries Make

08/17/202012/22/2016 by Report from Counsel

We represent many persons who act in the trusted role of “fiduciary,” as successor trustee of a trust, executor of a will, administrator of an estate (when a person dies without a will) or other role. Fiduciaries often have a tough and thankless job. They must marshal assets, file tax returns and distribute property according to the will, trust and applicable laws. Fiduciaries who fail to work closely with a trusted advisor can make mistakes. Here’s a look at the most common ones:

Business Loans Cannot Reduce Estate Taxes

09/23/202001/29/2010 by Report from Counsel

A section of the federal Internal Revenue Code authorizes estate tax deductions for qualifying interests in family-owned businesses. For the deduction to apply, the value of the interest in the business held by a person at the time of his or her death must exceed 50% of the total value of the person’s adjusted gross estate. This is known as the “50% liquidity test.”