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Estate Planning Issues

KEYS TO A COMPREHENSIVE WILL

(02/06/02)-- A survey in August 2001 by the Web site FindLaw found that six in ten adult Americans did not have a will, especially among younger adults. Less than a month later the terrorist attacks of September 11 made many Americans acutely aware of the need for a will, particularly after realizing that so many young people with young families died in the attacks. Click here for the complete article.

NEW TAX ACT DEMANDS CAREFUL SCRUTINY OF WILLS

(10/05/01)-- Click here for the complete article.

PREPARE NOW FOR 'NEW' 2010 TAX ON INHERITED PROPERTY

(08/01/01)-- Taxpayers with sizable estates may be ecstatic that the new tax act repeals the federal estate tax, but many may not realize that repeal has a few complications that require some careful planning Click here for the complete article.

NEW MINIMUM DISTRIBUTION RULES BENEFIT BENEFICIARIES

(04/02/01)-- The new IRS rules governing minimum required withdrawals from individual retirement accounts and amended qualified retirement plans not only greatly benefit account owners reaching age 70 1/2, they will help beneficiaries of those accounts. The rules make it easier to "stretch out" required IRA withdrawals for beneficiaries after the death of the original IRA owner, as well as provide more flexibility in selecting beneficiaries. Even for heirs of IRAs whose owner died in 2000, there is still time to make important changes. Click here for the complete article.

USING CHARITABLE GIFT ANNUITIES FOR RETIREMENT INCOME

(03/07/01)-- Many people wish to donate generously to charity but are concerned about maintaining their standard of living, particularly during retirement when their incomes tend to be more fixed. Hence, they often don't make large gifts to charities until their death. One strategy, however, that enables you to enjoy the benefits of gifting while you're alive, yet ensure that you will receive adequate retirement income, is a charitable gift annuity. Click here for the complete article.

KEEPING THE PEACE AMONG YOUR HEIRS

(02/01/01)-- A couple of years ago, AARP released a study that found that one in five people receiving an inheritance battled over it with other family members. The worst fighters were baby boomers age 50 to 53, with a third of them reporting squabbles. It doesn't have to be that way, say Certified Financial Planner professionals, if the person passing on the inheritance follows a few sensible ideas. Click here for the complete article.

THE FACT AND FICTION OF TRUSTS

(02/01/01)-- Trusts have become very popular, especially as fortunes are made in the stock market and baby boomers inherit wealth. At their most basic, trusts are nothing more than a legal vehicle for managing financial assets for the benefit of yourself or someone else. As simple as that may sound, they can be very complex, and there remain many misconceptions about trusts that often lead to their being unused or misused. Here are a few of those misconceptions. Click here for the complete article.

THE PROS AND CONS OF INCENTIVE TRUSTS

(01/03/01)-- Many of America's wealthy families, and even many families who have accumulated more modest wealth, are concerned about passing their assets on to children who may not know how to handle an inheritance financially or emotionally. Many parents are turning to what's loosely called "incentive trusts," a controversial style of trust intended to promote certain beneficiary behavior by attaching strings to the trust distributions. Click here for the complete article.

NEW IRS RULINGS MAY PUT MORE MONEY INHANDS OF IRA BENEFICIARIES

(11/30/00)-- It's common for owners of individual retirement accounts to make mistakes when setting up their IRAs. But according to IRA experts, it appears that the IRS may allow the correction of at least one mistake that will help IRA beneficiaries stretch out the life of an inherited IRA. This could result in more after-tax dollars eventually going to the beneficiary. Click here for the complete article.

HOW MUCH MONEY SHOULD YOU PASS ON TO YOUR KIDS?

(07/31/00)-- Warren Buffett, one of the world's richest men, is famous for his quote in Fortune magazine in 1986 saying that he was leaving the bulk of his fortune to charity because one should leave "enough money to your kids so they can do anything, but not enough so they can do nothing." Click here for the complete article.

DON'T OVERLOOK ESTATE PLANNING BENEFITS OF ROTH IRA

(06/30/00)-- Much of the hoopla about Roth individual retirement accounts has died down since the special tax break for converting from a traditional IRA to a Roth expired after 1998. One aspect of Roth IRAs that was often overlooked amid the hoopla is the estate planning benefits of Roths, especially for older taxpayers who want to pass on as much of their estate as possible to their heirs. Click here for the complete article.