No one likes to contemplate his or her own mortality. But ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. For your estate plan to achieve your goals, avoid these four pitfalls: Pitfall #1: Failing to
Estate Archives - Crawford Ellenbogen
Aug 16, 2022
Jul 27, 2022
Estates now have an additional three years to file for a portability election
- By Joan Ellenbogen
- Estate
- 0 Comments
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability election on a timely filed estate tax return. Unfortunately, estates that aren’t
Jul 20, 2022
4 estate planning documents your college-aged child should have
- By Joan Ellenbogen
- Estate
- 0 Comments
Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the perfect time to enlist the help of an estate planning advisor to create a plan, as your child will be available to sign the documents before heading
Jul 5, 2022
When should you turn down an inheritance?
- By Joan Ellenbogen
- Estate
- 0 Comments
If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary
Mar 2, 2022
Use the net gift technique to reduce your gift tax rate
- By Victor Dozzi
- Estate
- 0 Comments
If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its
Feb 24, 2022
The donor-advised fund: A powerful vehicle for charitable giving
- By Joan Ellenbogen
- Charity, Estate
- 0 Comments
If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions
Feb 16, 2022
The 2021 gift tax return deadline is almost here, too
- By Victor Dozzi
- Estate
- 0 Comments
April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally,
Feb 9, 2022
Educate your children on wealth management
- By Victor Dozzi
- Estate
- 0 Comments
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money.
Feb 2, 2022
Does your trust need protection?
- By Joan Ellenbogen
- Estate
- 0 Comments
A trust protector is often compared to a member of a corporation’s board of directors. A trustee manages the trust’s day-to-day affairs while the trust protector serves in an oversight capacity to prevent trustee mismanagement and to participate in certain major decisions. A trust protector’s specific powers are set forth in the trust document. Among
Nov 24, 2021
Opportunities and challenges: Valuation in the age of COVID-19
- By Joan Ellenbogen
- Estate, Valuation
- 0 Comments
The tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many asset types, which may create attractive estate planning opportunities. It also presents unique challenges for valuation professionals. Generally, valuators consider all three