Tag Archives: Trusts

Portability- The Best Kept Secre

Recently the IRS released statistics for federal estate tax returns (form 706s) filed in 2011, which was the first year of portability (the ability of the surviving spouse to add the deceased spouse’s estate tax exemption to the surviving spouse’s … Continue reading

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NEW IRS RULES

New IRS ruling where surviving spouse forgot to timely file the deceased spouse’s federal estate tax return and thereby failed to make portability election When one spouse dies on or after January 1, 2011, his or her federal estate tax … Continue reading

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Business Interests and Your Revocable Trust

If you own stock in a public corporation, your broker can help you re-title this stock into the name of your trust.  But if you have your own corporation, partnership or limited liability company, there is no outside manager to … Continue reading

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Benefits of a Special Needs Trust

If a child has a disability, he or she may qualify for special programs such as Medi-Cal or SSI. These programs typically require that the child have very little or no assets in order to qualify. Sometimes, the government entity … Continue reading

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The need to file an estate tax return even when it is not required

A person can die in 2011 with up to $5,000,000 and his or her estate will pay no federal estate taxes. The federal estate tax return, form 706, is not required to be filed if the gross estate of a … Continue reading

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Estate Planning and Farming

A farmer would realize that if he planted no seeds, no crops would grow. He would also know that if he failed to water his crops, they would grow poorly. What is the parallel to estate planning? Many people have … Continue reading

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Danger signs when a family member tries to speak for a client

When estate planning attorney Bill first met John and Mary, they were in their early 50s, alert and vigorous. Over the years, their health has declined, but they still were clear on what they wanted and didn’t want. Recently, their … Continue reading

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