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April 4, 2023 / Newsletters

Insight on Estate Planning, April/May 2023

Weinstock Manion is pleased to present the April/May 2023 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:

SECURE 2.0 May Affect Your Retirement And Estate Plans
SECURE 2.0 includes sweeping changes for retirement plans, including changes for qualified plans and IRAs. These changes can have significant estate planning implications. This article highlights many of the law’s provisions and discusses how they may affect one’s estate plan.
Read this article.

Glossary Of Estate Planning Terms
Estate planning has a language of its own. While some may be familiar with common terms such as a will, a trust or an executor, they may not be as certain about others. This article provides a glossary of terms a person is likely to come across in his or her estate planning documents.
Read this article.

Does Your Estate Plan Account For Generation-Skipping Transfer Tax?
If an estate plan calls for making gifts to grandchildren or other loved ones more than one generation below, it must address not only gift and estate tax, but also generation-skipping transfer (GST) tax. This article explains how the GST tax exemption works and lists three scenarios that can trigger GST tax liability.
Read this article.

Estate Planning Pitfall:
You Haven’t Coordinated Beneficiary Designations With Your Will
Often an individual will draft a will that references retirement plan accounts and life insurance policies. But what happens when the designated beneficiaries listed in the will don’t match those listed in the paperwork on file with the applicable financial institutions? This brief article explains that the beneficiary designations in the financial documents supersede those listed in the will.
Read this article.

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