Sunday, July 10, 2011

The New Rules of Estate Planning

Smart Money, The New Rules of Estate Planning:
Best moves for getting your estate in order, after the Tax Relief Act of 2010:
Now that the hoopla has quieted somewhat, we're starting to get a clearer picture of who might benefit from [the 2010 Act]. When considering whether to fiddle with existing estate plans, there are two things to keep in mind: First, estate planning is sales-oriented. ... Second, the changes made in the 2010 legislation expire after the close of 2012, which means the window in which to act, if you choose to, is fairly limited. Given all that, here are several issues and strategies to consider, whatever the size of your holdings.
  • Asset Protection and Wealth Sharing
  • Formula Clauses
  • Trusts
  • State Taxes
If the Tax Relief Act motivates you to review your estate plan and consider any of these strategies, great. Have a chat with your attorney. Ideally, though, he or she will tell you that estate planning, at its heart, isn't about taxes; rather, it's about providing for your family, safeguarding their futures, anticipating your own financial needs -- and offering peace of mind.
PMA Estate and Gift Planning