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January 2012 Archives

Guardianships for minor children: an important aspect of estate planning, P.2

In our previous post, we began looking at the topic of minor guardianships. As we noted, selecting a guardian or guardians for minor children is an important aspect of estate planning, and for many it is the careful decision they will make in their will.

Guardianships for minor children: an important aspect of estate planning, P.1

For many people, ensuring that the needs of their children are met is one of the most important reasons to get an estate plan done. There is no question that appointing guardians for children is a very important question, and one that shouldn't be taken lightly.

Ten options for asset protection planning, P.2

In our previous post, we began speaking about various techniques or tools for asset protection planning. As we noted, the purpose of the latter is to ensure that your assets are protected from unforeseen liabilities and creditors. Asset protection planning is essential to ensure that you are able to pass on to your family as much wealth as possible.

Ten options for asset protection planning, P.1

Asset protection planning is an important part of estate planning. The purpose of asset protection in the context of estate planning is to prevent a person's lifesavings from going down the tubes as a result of a lawsuit, an imprudent investment or an unforeseen personal liability. Reducing the amount of estate taxes on an estate is another of asset protection planning.

Recommendations for a basic estate plan

In estate planning, things can get fairly complex depending on the amount and type of assets, the family situation, and estate planning goals. Still, there are some things that are considered fundamental to an estate plan. These things constitute what might be called a basic estate plan.

Special needs trusts a valuable estate planning tool, P.1

Ensuring that a loved one with special needs is properly cared for is often a burden for many families. The number of families dealing with this challenge is not small either. Census statistics show that roughly 21 million families are currently caring for an individual with special needs, and one in every 26 families is raising a child with a disability.

Time getting short to take advantage of $5 million estate tax exemption

As we have mentioned on this blog in the past, the federal estate tax exemption amount, which is currently at $5 million through the end of this year, is set to decrease to $1 million if Congress takes no action. That means that, in 2013, those who die with estate with a value in excess of $1 million will be subject to federal estate taxation.

Changes in gift, estate tax set to take place in 2013, P.2

In our previous post, we began looking at the various changes set to take place in the income tax and estate/gift tax systems. These changes, which could be significant, should prompt readers-especially those who are wealthy-to review their estate plan to take maximum advantage of the current situation.

Changes in gift, estate tax set to take place in 2013, P.1

At the start of 2012, all the same incentives to engage in estate planning that were present in 2011 are still present. What may be different, though, is a greater sense of urgency, as things are set to change at the end of the year, unless Congress takes action. Both in terms of income taxes and estate/gift taxes, changes are in store.