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What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053

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What The Proposed Treasury Regulations Mean For Deductions Under Internal Revenue Code Section

To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate.

Death and Your Digital Footprint

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Death And Your Digital Footprint

As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die.

Protecting Your Assets

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Part of estate planning is keeping your estate and assets from being diminished by taxes, but also unforeseen expenses, liabilities, etc.  The increased litigiousness of American society has made asset protection more important than ever.  Here are a few of the basics. First, assets from others that are given to you can be shielded from … Read more

Planning: Just Do It!

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We are all tempted to avoid planning sometimes.  Perhaps we would rather watch that football game.  Or, perhaps we just do not want to think of our own mortality. First, let’s look at what happens if you do nothing.  If you do not have a revocable trust, your assets would be in your name, rather than the … Read more

I Just Inherited Money! Now What Do I Do?

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Someone died to leave you an inheritance. Inheriting money sounds great on the surface.  Visions of plasma TVs, tropical vacations, and better schools for the kids all dance through your head. However, the reality often is somewhat different. First, you may have grieving to do.  If the person was close to you, you may have … Read more

Privacy in Life and Death

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Privacy is a concern to all of us, both during life and after death.  Privacy is a concern for many reasons.  We each have our own reasons for wanting privacy.  People want to keep private the existence of children out of wedlock, their sexual orientation, their wealth or lack thereof, or even their choices of … Read more

How Do I Title Thee…Part II

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How Do I Title Thee Part Ii

We often recommend a trust as part of a comprehensive Estate Plan. This article is the second in a two-part series that examines the effect that title has on an Estate Plan. The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client.

Medicaid Changes Make Pre-Planning Essential

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Chronic illnesses and injuries leave countless Americans disabled and in need of long-term custodial care, which could easily cost over $50,000 per year.  Traditional health insurance plans do not cover custodial care because it is not “medical” treatment.  Similarly, the Medicare program does not cover custodial care because it is not medical treatment.  So, what options remain? … Read more

Alzheimer’s Disease & Estate Planning

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Aging Parents

Estate planning is traditionally looked at as an exercise that involves preparing your assets for distribution to your loved ones at the time of your death. This is certainly part of the exercise but there’s more to it, because the fact is that people usually go through a period of decline due to advanced age … Read more

How Do I Trust Thee…Part III

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How Do I Trust Thee Part Iii

If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee.