Estate Tax Repeal Does Not Mean Estate Planning is No Longer Important Repeal of the federal estate tax is now more likely than at any other time in its nearly 100-year history. Not coincidentally, people have asked me whether “estate planning” is still necessary in an “estate tax-free” world. For several significant reasons, traditional estate …
Most Americans, regardless of their preferred political party, agree that federal taxes are too high, and that the current federal tax system is too complex. With Republicans controlling the White House and both houses of Congress, the likelihood of meaningful tax reform has not been as great for three decades.1 So, what can we expect? …
For several decades, estate planners have recommended the use of family limited partnerships (“Family Limited Partnership”) as a beneficial means of transferring wealth. Many of you have employed this planning device, and others have considered, but not acted upon, this opportunity. Just as an example, father and mother contribute $1 million of assets into a …
A consequence of advances in medical care over the last century is that people are living longer with diminished capacities. What would happen if you lost the ability to care for or make decisions for yourself, whether gradually or suddenly? How difficult would it be for your family to decide among them how your medical …
In 1789, Benjamin Franklin famously wrote, “In this world nothing can be said to be certain, except death and taxes.” If that remains true, it would be wise to plan for both. Everyone should plan ahead Contrary to popular belief, you don’t have to be wealthy to have an estate or to benefit from estate …