In this month’s e-alert, we discuss the continuing need for estate planning for LGBTQ couples, even in light of the United States Supreme Court’s decision in Obergefell v. Hodges.
Special needs beneficiaries require special planning to preserve their benefits. The Disabled Military Child Protection Act makes it easier for special needs beneficiaries of veterans to keep government benefits.
A review of their estate plan should be one of your client’s New Year’s resolutions. The following checklist should be of assistance in making sure your client’s financial house is in proper order.
The untimely death of David Bowie left many of his fans in shock. It appears that Mr. Bowie wanted to keep things fairly simple, dividing the majority of his estate between his wife and two children. Read further to learn more about David Bowie’s estate plan and how it could have been drafted differently to provide additional benefits
Failing to make an election of portability on a timely-filed estate tax return for the first deceased spouse can be a costly mistake. Not only could it result in additional estate tax liability potentially in the millions of dollars being owed on the death of the surviving spouse – it could also result in IRS filing fees and legal fees in excess of $9,000, if relief form the IRS is sought.
Failing to plan in advance for long-term care expenses can deplete a senior’s estate rapidly. Be careful where you get your long-term care planning information. Medicaid regulations vary from state to state, so even what may appear to be a reputable internet site may steer you in the wrong direction because what may work in one state may not in another state. Even the officials who run many State government agencies responsible for Medicaid often have incorrect information.
Many individuals are interested in protecting their own assets and their children’s inheritances from creditors and divorcing spouses. If properly drafted and correctly administered, an irrevocable trust can protect against even the enforcement of an IRS tax lien.
The IRS has issued proposed regulations which would limit many advanced estate planning strategies. For example, under the proposed regulations default restrictions under state law (which can result in significant valuation discounts) would no longer be considered when valuing assets. Clients should act now to avoid application of these proposed regulations.
The death of Gene Wilder serves as reminder of the need for estate planning for those diagnosed with Alzheimer’s disease and other forms of dementia. It also demonstrates how quality planning in advance can assure financial privacy and minimize estate battles and family disputes