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In Part I of this series, we discussed what happens to a joint living trust at the death of the first spouse. In this article, Part II of the series, we will take a look at what happens at the death of the survivor. This will depend on (1) whether there is a credit shelter … Post-Mortem Administration Series, Part II: What Happens to Your Trust When the Surviving Trustmaker Dies?

For married couples, what happens to your trust property at the death of the first spouse depends on the estate plan that you chose to implement. In this multi-part series, we will review the different administrative paths that property takes, based on the type of trust and the circumstances. In Part I, we explore what … Post Mortem Administration Series, Part I: With a Joint Trust, What Happens to Your Property when the First Spouse Dies?

Living in the digital age certainly has its advantages; weather, news, and restaurant menus are at your fingertips instantly. And yet, there is always a trade-off.

At the start of 2021, I did not antici-pate writing a year-end estate tax summary that ended the year the way it started with no substantial changes to the estate and gift tax. With the incoming Biden administration, there was a great deal of discussion related to a possible decrease in the estate tax exemption, … Generations Estate Tax Summary: The Year Ended the Way It Started

A change in the makeup of Congress is a good time to review your estate planning strategy. One consideration is whether gifting, sometimes referred to as “lifetime gifting,” would be an appropriate addition to that strategy. All United States citizens are permitted to make a gift of up to $15,000 in value per person, per … Gifting as an Estate Planning Tool

The estate tax has changed and will continue to evolve over time. The same goes for the estate planning tools available to clients. In 2010, Congress implemented an estate planning tool called a “portability election,” whereby a surviving spouse could use the deceased spouse’s unused estate tax exclusion. This allowed a couple that failed to … Implementing Portability Into Your Estate Planning

The turn of the calendar is a great time to consider whether your estate plan needs updating. With frequent changes in the law, the estate tax exemption, and your own portfolio, even recent plans should be reviewed. Here is a list of the top five items that you should consider when coming in for your … Planning for 2021: Top Five

Prior to the enactment of the SECURE Act on January 1, 2020, the tax deferment benefit for a non-spouse beneficiary of an IRA was substantial. For example, a child could be the beneficiary of an IRA and receive the economic benefit of the payments stretched over their life expectancy. A significant advantage of this stretch … Should I Make My IRA Payable to a Charitable Remainder Trust?

I am writing this article in mid-April. It is likely that by the time this goes to publication, much of it will be out of date. Yet all I can do is put pen to paper and tell you what measures Foley & Pearson has taken to facilitate our clients’ estate planning needs and our … Transitions in the Era of COVID-19

Even if you have an up-to-date estate plan, there are some logistical quirks to be aware of whenever someone passes away.  Clients frequently ask if they need to notify the Social Security Administration of the loved one’s passing.  The short answer is “no.”