On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853). This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years. So although we have some certainty, it is […]
Generation-skipping transfer (“GST”) tax is the tax imposed on bequests that are made to an individual who is at least two generations younger than the donor (for example, a gift from a grandparent to a grandchild). The purpose of the GST tax is to ensure that certain gifts, which could avoid either the estate and/or […]
A recent article published by Forbes, entitled “How to Protect Your Spouse Financially After You Are Gone,” provides a great roadmap for organizing your affairs in order to assist grieving loved ones after your death. See also my past post, entitled “Get Organized,” which provides an outline for creating an “Emergency Binder.” Taking the time […]
As you may or may not know, 2010 has been a tumultuous year in the area of estate planning. Currently, there is no federal estate tax. And, worse yet, no one knows exactly what the future holds for the federal estate tax. How do you plan when there is so much uncertainty? Marital Deduction Given […]
I knew it was coming. The dreaded question: “Can I use a will-maker software program rather than have an attorney draft my estate plan?” My explanation of the risks and pitfalls does not always satisfy the friend or family member inquiring about why they cannot use the cheaper option for their extremely simple estate plan. […]