Estate Planning Archives - Page 5 of 22

Gifting strategies

08/17/202012/15/2017 by Report from Counsel

As a rule, the IRS treats any transfer of money or property you make to another person (vs. to a charity or to a political organization) as a taxable gift – unless an exclusion applies. Three typical exclusions that may apply are: Gifts to a spouse, which are subject to an unlimited marital deduction unless … Read more

Are your beneficiary designations correct and updated?

12/15/2017 by Report from Counsel

As 2017 draws to an end, you should verify (and, if needed, update) primary and contingent beneficiary designations for all your retirement plan assets, for example: individual retirement accounts (IRAs and Roth IRAs), 401(k) accounts with current and former employers, 403(b) accounts, and pensions plans. This simple step can save a lot of delays, uncertainty, … Read more

What millennials need to know about estate planning

12/18/201712/15/2017 by Report from Counsel

A recent survey by senior-living focused website Caring.com, quoted in USA Today, revealed that 78 percent of Americans under the age of 36 don’t have a will or trust in place. But even with youth on their side, the millennial generation needs to be planning for the unforeseen. If most would consider the following three … Read more

Issues to consider before gifting your home to your child

08/17/202010/03/2017 by Report from Counsel

Passing your house on to your children before your death offers some advantages, but there are pitfalls to avoid. If your children inherit the property through your estate, the cost basis of the property will be the value of the home on the day of your death (as with most assets that pass at death). … Read more

Updated rules provide new estate and gift tax savings opportunity

01/24/201910/03/2017 by Report from Counsel

Persons can give away property valued at $5.49 million without federal estate and gift tax (including $4 million without Illinois estate tax) during lifetime or at death. Proper estate planning and follow up by a married couple can double the tax-free amount available at the death of the second to die. Since 2010, a surviving … Read more

Beware the pitfalls of naming a minor as your beneficiary

10/03/2017 by Report from Counsel

A minor generally doesn’t have the right to manage his or her assets, including an inheritance. But sometimes a minor child becomes the beneficiary of a sizable family inheritance. That can occur because a parent dies without a will or trust, leading to an unavoidable direct inheritance by the child. If a minor is chosen … Read more

The importance of succession planning for your business or practice

09/23/202010/03/2017 by Report from Counsel

Patrick recently moderated a Business Succession Planning seminar by Bob and other experts to a group of lawyers. Here are some highlights: Many business owners and professionals have not done any succession planning to address who will manage and own the business when the owner is disabled or dies. Thoughtful planning helps the owner achieve … Read more

Remarriage is a reminder to revisit your estate plan

04/13/201704/09/2017 by Report from Counsel

Approximately 40 percent of marriages these days are remarriages for at least one partner. When you remarry, there are all sorts of issues to consider related to your estate plan. For older people, the main focus may be ensuring that their adult children or grandchildren have an inheritance. Without proper planning, a new spouse could receive assets that were originally intended for children and grandchildren.

Here are some important elements to review in order to protect everyone’s interests when you remarry:

Should you amend or rewrite your revocable trust?

09/23/202004/03/2017 by Report from Counsel

It’s important to review a revocable trust regularly to see if any amendments are needed, such as when something changes in your life. Some examples are: you have had or adopted a child; your spouse or other beneficiaries have died; you have remarried; the value of your assets, including life insurance death benefits in most cases, will exceed your available estate tax exemption amount (under Illinois or federal law); or the law changes.

Survivorship life insurance can be good vehicle for estate planning

08/17/202003/30/2017 by Report from Counsel

Survivorship life insurance (also known as “second-to-die”) can be an important vehicle to consider for estate planning. This type of insurance policy covers two lives and pays out the proceeds when the second insured dies. One benefit is that the premium tends to be lower than it would be for two separate policies because the … Read more