Estate Tax Law

I just returned from three days in Grapevine, Texas getting trained on the latest features of WealthCounsel software and the latest changes in Estate Planning. The change I am bringing back to my practice is the use of Standalone Retirement Trusts to hold retirement assets. WealthCounsel has developed a trust that can hold a retirement [...]

You can easily write your own will, power of attorney, medical power of attorney, and living will using an on-line package.  Most of the software packages do a pretty good job for the “I love you wills” giving everything to your spouse, then to your children.  The software replicates what most general practice attorneys can [...]

This year’s temporary repeal of the Federal Estate Tax has created a new set of problems for those inheriting appreciated assets.  Amy Feldman details these problems in her article “Trouble For Heirs” found in the April 25, 2010 issue of Bloomberg Businessweek.  There is no Federal Estate Tax in 2010, but stepped-up basis of assets [...]

I just returned from a four day symposium on issues of concern to Estate Planning attorneys. The question of what will happen with the estate tax in 2010 seems to be overshadowed by healthcare issues. However, everyone is in agreement that Congress will not let the Estate Tax lapse in 2010. A big concern right [...]

1. Tax Savings – A trust established by the first spouse to die effectively doubles the estate tax exemption. For 2009 the Federal exemption is $3.5 million and the state exemption is $1 million in Maryland. 2. Keep the money in the family – The first spouse to die leaves the money for the survivor [...]

Many of you have seen your estate values cut in half or more while the Federal Estate tax minimum has gone from $2 million to $3.5 million. The feeling is that you do not need to do any estate planning. The problem is that you do not know what the law will be at the [...]