LEGAL UPDATES

QTIP trusts may be the estate planning solution for second marriages

If you’re in a second marriage, or planning another trip down the aisle, estate planning can be complicated, especially if you have children from a previous marriage and your net worth is large enough…

The tax dangers of providing for employees in your estate plan

If you’re an employer, you may think of your employees as family. But if you plan to provide for employees in your estate plan, watch out for unintended tax consequences. IRS rules Generally, money…

Five tools for addressing incapacity in your estate plan

Estate planning is often associated with death. But it’s just as important for your plan to address incapacity associated with illness, injury, advanced age or other circumstances. Unless you specify how financial and health…

Ensure your high-cash-value life insurance policy fully benefits your loved ones

If you own a life insurance policy that has built up a sizable cash value, be aware that the death benefit will be included in your taxable estate. Depending on the size of the…

Achieve greater charitable giving flexibility with a nonqualified CRT

As the federal gift and estate tax exemption continues to climb, the number of people subject to estate taxes is shrinking. For those with charitable giving goals, this may increase interest in charitable remainder…

A critical decision: Naming the guardian of your minor children

If you have minor children, perhaps the most important element of your estate plan doesn’t involve your assets. Rather, it involves who will be your children’s guardian. Questions to consider When evaluating potential…

Greater estate planning options available to same-sex married couples

Last year’s landmark U.S. Supreme Court decision making same-sex marriage legal in all 50 states affects estate planning for many same-sex married couples. Now, like opposite-sex married couples, same-sex married couples may be able…

Do you need to file a gift tax return?

It’s tax-filing season, and the April 18 deadline to file a 2015 gift tax return is fast approaching. But do you need to file a return? The rules surrounding gift tax returns can be…

Think twice before naming a minor as a beneficiary

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. Insurance companies and financial institutions won’t pay large sums…

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