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April 1, 2019 / Newsletters

Insight on Estate Planning, April/May 2019

Weinstock Manion is pleased to present the April/May 2019 issue of Insight on Estate Planning, our bi-monthly newsletter. We encourage you to read it for ways to implement your estate plan more effectively, including ways to minimize taxes on your estate so as to maximize its value for your loved ones. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to contact us to discuss your specific needs.

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In this issue:

Expiration Date: IRS provides estate tax protection against sunsetting TCJA provisions
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after 2025, unless Congress takes further action. Notably, the TCJA provision that doubled the gift and estate tax exemption from $5 million to $10 million (adjusted annually for inflation) will revert to pre-2018 levels after 2025. This article explains tax relief available to families who could be adversely affected by large lifetime gifts during this timeframe. A sidebar reminds readers to take advantage of making annual exclusion gifts.

A Crummey trust may sound pretty good
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, one may implement strategies in the wake of the TCJA that are designed to reduce future exposure to federal and state estate taxes. One such option is a Crummey trust. This article explains how a Crummey trust may benefit an estate plan.

A second walk down the aisle can complicate estate planning
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an estate plan review. This article details areas of an estate plan that should be scrutinized in the event of a second marriage.

Estate Planning Pitfall: The 60-day IRA rollover deadline has passed
Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for heirs. If handled correctly, distributions can be stretched over the lifetimes of several generations. This brief article will explain the danger of missing the 60-day IRA rollover deadline.

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