Concurrent Elections OK for Estates

  Concurrent elections OK for estates. IRS guidance modifies procedures for disregarding, for transfer tax purposes, a Qualified Terminable Interest Property (QTIP) election when the election isn’t needed to reduce the estate tax liability to zero. QTIP elections won’t be disregarded if the estate executor has made the portability election under tax law. Estates can … Continue reading Concurrent Elections OK for Estates

2012 American Taxpayer Relief Act

The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent relief from the AMT for individual taxpayers, limits … Continue reading 2012 American Taxpayer Relief Act

Estate Planning Primer

This guide was prepared for those who wish to learn some of the basic concepts and terminology used by practitioners of estate planning. Without making you an expert, this basic knowledge will enable you to participate in discussions with your advisors as an informed consumer. You may or may not need trusts or an elaborate … Continue reading Estate Planning Primer

When To Use A Will

Much has been written about the advantages and disadvantages of Revocable Living Trusts over Wills. The purpose of this article is to provide some general guidelines as to when a Trust may (or may not) be a preferred estate planning document over a Will. This article is meant to supplement and not replace competent legal … Continue reading When To Use A Will

How Much For A Simple Will?

We are frequently asked “How much do you charge for a Simple Will?” Unfortunately there is no simple answer. Asking a lawyer this question is similar to calling your medical doctor and asking “how much will you charge me for making the pain in my side go away?” Obviously, your doctor would not be able … Continue reading How Much For A Simple Will?

Powers of Attorney

There are many legal documents and techniques that can be used to assist in the management of assets and health care decisions in the event of incapacity. One of these techniques is the Revocable Living Trust. Much has been written about the Revocable Living Trust, and its many advantages have been discussed in previous articles. … Continue reading Powers of Attorney

Estate Planning with Life Insurance

For most families, life insurance is an important tool in an estate plan. Its uses include: Increasing an estate. This is done by adding insurance protection. Proceeds can be used to support surviving family members and to continue the decedent’s family business. Paying expenses and debts. A variety of items – funeral expenses, debts (including … Continue reading Estate Planning with Life Insurance

How to Fund Revocable Trusts

How property is titled determines in large part the manner in which that property will be transferred upon the owner’s death. In Virginia, probate is the system used to transfer title to property at your death. A married couple will often own property jointly with rights of survivorship so that at the first spouse’s death, … Continue reading How to Fund Revocable Trusts

Understanding Charitable Trusts

People with financial savvy look at wealth on a broad scale. They understand the need to acquire as well as to preserve and recycle their wealth; and they realize the value of putting some of their wealth back into the communities in which they have prospered. Achieving the first objective, the acquisition and preservation of … Continue reading Understanding Charitable Trusts

The Use of Disclaimers

Disclaimers are very useful estate planning tools. However, in order to use disclaimers effectively, it is essential to understand how they operate and the risks involved in using them. What Is A Disclaimer? A disclaimer is essentially a refusal to accept property that has been given to you. Thus, if someone makes a gift to … Continue reading The Use of Disclaimers

Family Limited Partnerships

In 1953, Sam and Helen Walton put what little they had into a family partnership that included their four children. They called their partnership “Walton Enterprises.” Wal-Mart grew out of this partnership. The ownership of real estate, area banks, and a newspaper also grew out of Walton Enterprises. The Walton family wealth was estimated in … Continue reading Family Limited Partnerships