Thoughtful titling of assets, trusts, and tax planning help preserve assets for surviving loved ones. How should individuals address sentimental items, which may have an emotional value?
Over the past four years, Tennessee began a sliding repeal of their state estate tax. As of January 1, 2016, the state no longer has an estate tax. The tax environment in Tennessee is now more favorable for estate planning purposes.
Congress passed new legislation that addresses the Internal Revenue Service's (IRS) regulation requests regarding statements of inherited property values on estate tax returns.
An individual or couple might want to ensure their assets pass to a relative in need, but if that beneficiary loses legal capacity the assets might be compromised.
Since receipt of incentive trust assets is dependent on whether a beneficiary satisfies the trust requirements, this tool is usually attractive to donors who are concerned about a beneficiary's frivolous spending or lifestyle.
Obama signed off on legislation that permanently preserves the IRA Charitable Rollover. The provision allows eligible individuals to transfer up to $100,000 directly from a traditional IRA to a charity with no income tax implications.