Update Sept. 06 - 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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Estate Planning - The State of Estate Tax in 2010
By Oleg Ikhelson

Since the estate tax repeal come in effect on January 1, 2010, lawyer offices have not stopped buzzing with question and speculations of what to do next. The Congress was expected to amend the laws by end of 2009 to prevent the repeal to ever become law, but this hasn't happened.

So, what should clients do? While it is nearly impossible to predict the final outcome of the repeal saga, there seems to be some consensus among the professionals both in lawyer offices and advisory firms for nigh net worth individuals. First, if gifting of some assets is contemplated, there has not been a better time than during 2010. The current law taxes gifts made this year at 35%, versus a 55% rate should the pre-2001 rates return for years 2011 and forward. In other words, there could be a potential 57% rate increase in gift tax rates if the congress fails to act on the issue.

Second, there is still a window of opportunity, albeit a smaller one, to remove wealth from the taxable estate without incurring any taxes at all, by using a transfer of discounted FLP/LLC interests via a grantor retained annuity trust, or GRAT. The IRS has been fighting this technique for years, with mixed results. Attorneys in lawyer offices and private advisory firms have been watching and studying the IRS moves for over a decade developing and refining the GRAT techniques. However, the Congress has been trying recently to give teeth to the Service in such controversies. Various bills were introduced in both Houses that purport to limit usefulness of grantor-anjuity trusts. While these changes are cropping up in almost every large bill introduces in Congress, they have yet to make it into the legislation passed by both Houses. While it is likely that this new anti-GRAT law will eventually pass this year, so far none of the bills seek retroactive application of these changes. Of course, anything can happen in today's political environment, but there is a strong case to be made about the opportunity to enjoy a short-term zero-out GRAT before they are gone forever.

Another attractive technique, discounts on intra-family transfers of investment partnership interests, is also under Congressional scrutiny. The IRS has become increasingly hostile to such transfers and made some progress recently attacking these estate transfer vehicles under a step-transaction doctrine, whereby the government argues that funding a family partnership and the subsequent gifting of a limited interest to the next generation is a single transaction in substance, albeit not in form. As a result, valuation discounts are not allowed for lack of marketability or minority interest, without which the technique loses most, if not all. of its tax advantages. Earlier this year, one of the mega-bills incorporated a long-sought provision that codified an economic substance doctrine by making it a part of the Internal Revenue Code. It remains to be seen how that codification will impact popular estate planning techniques, as the Service has yet to publish any guidance on how to comply with the new law. However, there is pending legislation in both Houses that would sound a death knell for all sophisticated wealth transfers vehicles involving discounts on liquid assets that pass to family members. If you consider gifting an ownership interest in a family partnership, the time act is now before discounts are taken away forever. If done by a good attorney in respectable lawyer offices, these transfers are still likely to achieve the intended estate planning results, even under a higher level of government scrutiny.

The temporary estate tax repeal also posed a tremendous challenge on tax practitioners in lawyer offices and CPA firms and their clients as it relates to testamentary bequests. Most will include a marital deduction formula that breaks down the decedent's estate into a spousal portion (which passes tax-free) and a so-called credit shelter portion that utilizes the deceased spouse's tax exemption. Most wills by design leave the maximum allowed tax-free amount to the credit-shelter trust, thereby achieving the most tax-efficient result. Under the current law, no estate tax applies to an estate of the decedent who passed away in 2010. The tragic result of this law is that a spouse may not have any wealth pass to her or her trust. unless the will has been updated this year to account for this contingency.

As we get more and more frustrated with Congressional inaction, you may wish to speak to your trusted advisor in lawyer offices or your CPA about updating your current Will to reflect the special language that will avoid this harsh result.

Attorney-At-Law Oleg Ikhelson, Esq., CPA

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Article Source: http://EzineArticles.com/?expert=Oleg_Ikhelson

Update August 21 - 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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How to Avoid Probate Through Estate Planning and Assignment of Beneficiaries
By Simon Volkov


Learning how to avoid probate can save heirs' time and money, prevent family disputes, and allow easy transfer of inheritance property upon death. Many people are not even familiar with probate let alone how to prevent it from occurring. Probate is required within all states of the U.S. to ensure decedent estates are settled according to inheritance laws. It is a time-consuming process that can take several months to complete.
Becoming educated about how to avoid probate is as simple as conducting research on the Internet or consulting with a family law attorney or estate planner. Many banks, credit unions, and financial advisors offer estate planning services for a nominal fee.
The only way to completely avoid the probate process is to transfer assets into a trust. However, trusts are generally reserved for individuals with assets valued over $100,000. Individuals with smaller estates can take measures to keep certain assets from undergoing the probate process.
One of the most important aspects of estate planning is executing a last will and testament, along with healthcare directives and designating Power of Attorney rights. POA allows a person to make decisions on your behalf if you are incapacitated and unable to make important decisions. Power of attorney rights also allow individuals to pay bills from your checking account, transfer titled property, and make legal decisions. Therefore, the person granted these powers should be someone whom can be trusted to make decisions based on your best interests.
Healthcare directives allow you to state what type of medical care you do or do not want. These can include being placed on life support, receiving nutritional support, organ donation, and do not rescesitate orders.
The Will is used to designate an estate administrator to handle all facets of estate management. Required duties vary depending on estate value, inheritance property, and family dynamics. Small probated estates can settle in three to six months. If heirs contest the Will, estate settlement can be prolonged until attorneys can work out acceptable agreements. Legal fees from contested Wills often bankrupt estates and leave nothing for heirs to inherit.
If people die without executing a legal will, the probate process takes longer. An estate administrator must be appointed through the court and additional work is required to locate heirs, inventory property, and other details which are normally included in the last will.
Individuals who hold bank accounts, retirement accounts, financial portfolios, and life insurance policies can assign beneficiaries to receive proceeds upon death. Beneficiary forms can be obtained through the financial institution where the account is held. Account holders can assign multiple beneficiaries and state the percentage of funds they will receive.
Beneficiaries must abide by each financial institution's policy regarding distribution of inheritance funds. Most states require beneficiaries to submit date-of-death value forms to the county tax assessor's office. As long as decedents are current with taxes, the Assessor's off will stamp the form so proceeds can be distributed.
Titled property can be kept out of probate by establishing joint ownership. When real estate or motor vehicles have joint titles, the property automatically transfers to the co-owner. When joint ownership is with a person other than your spouse, you might need to establish Joint Tenancy with Rights of Survivorship.
A lesser known way to avoid probate is through gifting inheritance property while you're still alive. The Internal Revenue Service allows gifting up to $12,000 per individual or $20,000 per married couple per year. If gifting limits exceed maximum level, recipients are required to file a federal gift tax return and pay appropriate inheritance taxes.
Implementing strategies to avoid probate is one of the best gifts you can leave loved ones. Regardless of how little or how much you own, it is important to put your affairs in order and execute a last will. Probate is not a fun process, so take measures to protect inheritance property and minimize the time required to settle your estate.
Simon Volkov is a California real estate investor and probate liquidator who shares information about the probate process, estate planning, and resources for learning how to avoid probate. Learn how easy it is to protect inheritance property and provide your family with peace of mind by visiting www.SimonVolkov.com.

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Article Source: http://EzineArticles.com/?expert=Simon_Volkov

Update August 03 - 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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Estate Planning Issues Created by Life Insurance - Problems You May Not Know
By Jim Torres

What estate planning issues may arise from your life insurance? Any asset under your name will be treated as your estate, that includes your life insurance proceeds upon your death. The basic of the life insurance policy is the death benefits. It may be hundreds of thousands of dollars, which may increase the estate tax considerably.

Inheritance of huge amount of money may not be a sole good news to your heirs as they may not get used to managing the sudden windfall. If your heirs are young adults, it could be more challenging to them when it comes to important financial decisions. Moreover, you should also be careful as the minors (children below 18 years of age) could not inherit the proceeds outright. The money may have to be held in trust and managed by an adult.

You may need to be cautious when your beneficiary is under special aid from the government program such as supplemental security income (SSI) and Medicaid. Without a proper planning, the proceeds may result the benefits to be forfeited. Your beloved heir may have to use the proceeds to fund his basic needs until they are depleted, then only the special government program may resume.

For beneficiaries of this type, you may need a special plan, which will be used to control the proceeds ownership and how, when and on what they would be spent. For instance, if your heir is currently under SSI and Medicaid, you should not allocate the proceeds to fund his basic needs, but rather use it for his education, transportation, utilities, entertainment etcetera which the SSI and Medicaid do not cover. In this case, you may find setting up a irrevocable life insurance trust a handy solution.

To know more about How Does an Irrevocable Life Insurance Trust Benefit You, visit my site http://www.101lifeplanning.com/estate-planning/how-does-an-irrevocable-life-insurance-trust-ilit-benefit-you.php

You can also learn more about How to Set Up a Special Needs Trust for a Disabled Heir in http://www.101lifeplanning.com/estate-planning/how-to-set-up-a-special-needs-trust-for-a-disabled-heir.php

Article Source: http://EzineArticles.com/?expert=Jim_Torres

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Update July 18- 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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Estate Planning and the Forgotten Right to Recapture Copyrights

By Leslie Burgk

If your client's estate plan overlooks the right to terminate contracts and recapture copyrights, it could cost your client's heirs significant future income. Let's take for example that you have a client who wrote a children's book and signed a publishing contract in 1965. The copyright was secured that same year and your client transferred all his interest in the copyright to the publisher. For estate purposes, you may be thinking there is nothing there of value except for any income that your client is receiving and may continue to receive after his death pursuant to the contract terms. If the thought crossed your mind, you are likely overlooking a very important right that could be costly to your client and his heirs.

Under the Copyright Act of 1976, the author, or if deceased, the author's widow or widower and children or grandchildren may terminate all transfers or licenses of the renewal copyright or any right under it (for pre-1978 copyrights) at the end of 56 years from the date the copyright was originally secured and recapture the last 39 years of copyright protection (*provided the contract was executed prior to January 1, 1978 and timely notice of termination is provided*). Congress made the right of termination inalienable. Therefore, any contract terms to the contrary have no effect.

In your client's case, the 56th year is 2021 and the copyright in his work extends until 2060. Therefore, there is the possibility that his heirs may acquire the right to terminate the contract and recapture the copyright. If the estate documents are silent regarding this right, the heirs may miss the opportunity. If they are aware of the right, they could renegotiate the contract or take back the copyright and the exploit the work themselves or enter into more lucrative contracts thereby taking advantage of the termination right to derive more income from the work's copyright.

If the opportunity to terminate and recapture is missed, there is another chance to recapture the copyright for the last 20 years of protection (* if timely notice is provided*); however, your client or his heirs will lose the benefit of potential income derived from exploiting the copyright in the work during those 19 years between the 56th year and the 75th year of protection.

Also Beware of Traps: There is a limited window of opportunity to terminate and the *notice* requirements are highly technical. There are also traps, such as the right to terminate does not apply to works-for-hire and the right of termination for post-1977 works is different. Therefore, if you are dealing with this issue with regard to any works protected by copyright (not just pre-1978 literary works as described above) make sure that you have thoroughly researched all the requirements, including the notice requirements and have planned accordingly, or contact an attorney who is familiar with this area of law.

Leslie A. Burgk is admitted to practice law in the State of Florida and before the United States' District Court for the Southern District of Florida. Mrs. Burgk's practice areas include intellectual property and bankruptcy. For more information, visit http://www.BankruptcyAttorneyWestPalmBeach.com.

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Update June 28 - 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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Estate Planning - Basic Principles

By Bret A. Telmonti

Let's get one thing straight right off the bat - estate planning is not about death. If you look at it like that, you'll be putting it off forever. Thinking about death is dwelling on the negatives when estate planning is all about dwelling on the positives: financial security and surety for your family.

In order to plan for your estate, you must first take inventory. Keep account of every piece of real estate, every bank account, every investment, and every large expense. These should be divided up in your will or living trust. However, they are the only important things.

Remember to keep track of the small things as well. While your attorney will counsel you about the larger things, the small items might be the ones your family cares about the most. It's the happy memories associated with them that make them so important, so keep a watchful eye. If your daughter plays your piano each time she visits, leave it to her. If your son watches you each time you smoke a cigar, leave him your cigars. If your spouse's favorite getaway location is your cabin by the lake, then make sure that no one can take it away from them. Are you getting the picture? Good. On to the next thing.

Taxes can often times cripple your good intentions. That's right; everything you leave your friends and family members in your will is going to be taxed. However, there are ways to lower the taxes for your family's benefit. A trust is a document that is usually preferred to a will. With a trust, you can decide how and by whom your assets will be divided and lower the estate and gift taxes associated with that division. Also, with a trust your family can avoid probate court, a drawn-out and costly process that leaves many bitter and aggrieved.

Finally, discuss these things with your family before the documents are finalized. See what matters most to them and will it to them if you can or place those things in a trust. Inheritance is a touchy subject, but it pays to know what your family expects, especially if they will not be receiving exactly what they expect. Communication about such things only improves matters. Not only will foreknowledge erase the potential confusion and animosity between family members during the final will and testament divisions, but it will allow you to have frank discussions with those closest to you before it's too late.

Remember, estate planning is not something to be avoided. There is no law that says a person who plans for their estate will die soon after. In fact, there are those who institute living trusts when they are in their 30s, updating them throughout the years, and living to the ripe old age of 93. It happens all the time. So don't put this off - it is this positive thinking that will ensure your family's well-being.

Bret A. Telmonti received good Los Angeles estate planning information from Julia C. McBride. For help with Los Angeles conservatorship, estate planning or wills, Bret recommends contacting the estate litigation attorneys at JCMcBridelaw.com.

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Update June 08 - 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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Smart Strategies For Estate Planning

By David S. Robinson

Creating an effective estate plan can occasionally feel daunting, but it doesn't have to be. Taking a few simple steps today can help ensure that you and your family gain the maximum benefit from your hard work and hard-earned assets. By making the right estate-planning decisions in your working years, you're more likely to enjoy a successful retirement in the future while protecting your assets for generations to come. Here are some basic strategies for starting, fine-tuning or updating your estate plan.

1) Create a Will
A surprising number of successful people-including doctors, executives and business owners-lack a basic will. Others forget to sign their wills or update them regularly. Make sure you have a basic will and that your document is up to date, has been signed and notarized. In addition, make sure that your executor has a copy that can be easily found in the event of your death. Without a signed will, your estate will be settled according to state laws in your state of residence, which may or may not reflect your personal wishes.

2) Write a Letter of Instruction for Personal Belongings
A will typically covers major assets, such as financial accounts and real property. It's also a good idea to write a letter of instruction about smaller personal belongings, such as jewelry, furniture or family heirlooms. A letter of instruction isn't necessarily legally binding in all states, but it can help your family better understand your wishes and resolve potential disagreements among surviving family members.

3) Establish a Living Trust
A living trust provides several important benefits. First, if you become incapacitated for any reason, having a living trust in place allows you to retain full control of your estate. Without a living trust, your state of residence could potentially appoint a guardian for you according to state law if aren't able to make decisions for yourself. Second, a living trust offers privacy. Wills are public documents once they have been filed with your state of residence. In contrast, the contents of a living trust can always remain private and out of the public domain. Finally, a living trust can help your estate avoid probate, saving your heirs time, money and unnecessary hassles after your death.

4) Assume the Estate Tax Is Here to Stay
No one can predict with absolute certainty what Congress will do with the estate tax. However, many industry experts believe that the estate tax is here to stay. If Congress takes no action in 2010, the standard estate-tax exemption will revert to $1 million per individual in 2011 and beyond. Building the estate tax into your legacy planning will help you heirs keep more of what they are legally entitled to.

5) Don't Leave Everything to Your Spouse
If the estate tax exemption reverts to $1 million per individual in 2011 and beyond, it's a big mistake to leave everything you own to your spouse. Here's why. You and your spouse can each leave $1 million to your heirs free from the estate tax, creating a combined $2 million exemption for you as a couple. However, if you if leave everything to your spouse, your entire estate will eventually be held in one person's name, so your effective estate tax exemption as a couple is only $1 million. Your wealth manager can help you develop strategies to maximize your estate tax exemption as a married couple, which may include an A/B trust, which typically consists of an "A" trust (sometimes known as a marital trust) and a "B" trust (sometimes known as a bypass trust).

6) Pay Special Attention to Titles in Community Property States
Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In community property states, the most advantageous way to title assets for married couples is typically as community property with rights of survivorship. The advantage is that when one spouse dies, the other will get a 100% step-up in cost basis. In contrast, if your assets are jointly titled in a community property state and one spouse dies, the surviving spouse only gets a 50% step-up in cost basis, which can increase the surviving spouse's capital gains tax liability down the road when it comes time to sell your house or other assets.

7) Make Annual Gifts to Family Members
Rather than leaving your entire legacy when you die, consider making some gifts now to family members, while you're still living. In 2010, you can gift up to $13,000 a year to as many people as you want. As a married couple, you and your spouse can gift up to $26,000 to the same individual if you both make the gift. This is a great way to get money out of your estate while helping a child make a down payment on a house, funding a grandchild's education or supporting a family member in need.

8) Enjoy the Tax Benefits of Charitable Donations
Fulfilling your philanthropic goals can offer many tax benefits. Today, there are a number of tax-advantaged charitable vehicles designed to help individuals reduce the value of their taxable estate. These may include donor advised funds, charitable lead trusts and charitable remainder trusts. Charitable donations are also often a great way to remove highly appreciated assets from your estate, reducing your exposure to both the estate tax and long-term capital gains taxes. Highly appreciated assets could include both securities and real property.

9) Keep Life Insurance Outside of Your Taxable Estate
Life insurance benefits can sometimes unintentionally expose your heirs to the estate tax. To prevent this from happening, consider buying your life insurance policy within an irrevocable life insurance trust-this will keep your life insurance benefits entirely outside of your estate. By doing so, you can help ensure that your life insurance benefits are both income-tax free and estate-tax free for your beneficiaries.

10) Review Your Estate Plan Regularly
Once you create your estate plan, review it with your wealth manager, tax professional and/or attorney every 3 to 5 years. It's crucial to keep up with changes in tax laws, making sure that your plan reflects both your wishes and any new tax laws.

If you're feeling overwhelmed by estate planning, consider tackling this list of suggestions above one item at a time. Set a goal of completing a few tasks each quarter. Keep in mind that this list is only a starting point. There may be other estate planning strategies that your wealth manager will recommend based on your personal needs and goals. Asking for help and guidance from your wealth manager and other trusted advisors can help streamline the estate planning process and improve your chances of leaving the legacy you imagine for future generations.

About the Author: David Robinson, a Certified Financial Planner, is the president of Robinson, Tigue, Sponcil & Associates, L.L.C. The firm is an independent Registered Investment Advisor, providing clients with fiduciary wealth management and retirement planning services. You can contact David by phone at (602) 224-7850

Update May 19 - 2010 "Life Insurance and Estate Planning" By Insurance Experts

Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner's intended beneficiaries while paying the least amount of taxes ( By Kyle J. Norton)

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What Part Does Life Insurance Play in Planning My Estate?

By Jeff Pennington

Some people feel that they are either too young for estate planning or they believe that estate planning is only for wealthy families.

Estate planning is important for everyone regardless of your age or income level. Unfortunately, many breadwinners are not prepared for their death.

There are several families that are not financially equipped to take on the expenses following a loved one's death. Many families are left scrounging around for money just to pay for funeral expenses.

There is one important question every person should ask themselves, "Will my family be able to support themselves financially if I die tomorrow?" No one can predict how much time they have left on earth. However, you can plan for the financial future of your family today.

The Importance of Life Insurance & Estate Planning

When it comes to estate planning, life insurance plays center state. Life insurance can be compared to a safety net because it provides your family with financial support when you pass away. It will provide your family with immediate financial support to pay off funeral expenses, medical bills and other important expenses.

Give Your Family 'Peace of Mind'

One major benefit of life insurance is that it provides your family with peace of mind. If you should experience a sudden death, peace of mind allows your family to conduct business upon your death without worrying about not having enough financially. Your family's focus should be on handling the grieving process of your death and not finances.

You Assets

Many people leave their loved ones their assets upon their death. However, some people fail to realize that their loved ones will be responsible for paying estate and income taxes.

Your family can use your life insurance policy to pay for debts or obligations. In addition to funeral and burial costs, an insurance policy can be pay for college tuition and other financial needs.

Hello, I'm Jeff Pennington. In late 2002, I decided to create a business that would improve the way people buy term life insurance. I wanted to combine the friendliness and personal service that comes from a small insurance company, with the effectiveness of an online insurance business.

I also work with physicians and small business owners to help them buy disability insurance that will provide income if they ever suffer an injury that prevents them from working.

My technology based system is able to communicate electronically with our insurance carrier partners, enabling us to offer you a simpler, more streamlined insurance application process.

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