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August 1, 2015 / Newsletters

Insight on Estate Planning, August/September 2015

Weinstock Manion is pleased to present the August/September 2015 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:

Premarital Planning: Protecting Your Assets Without a Prenup
Protecting family assets in the event of a divorce is particularly significant for family business owners, who typically want to avoid sharing ownership with their ex-spouses or their children’s ex-spouses. A prenuptial agreement can be an effective tool for overriding marital property rights and keeping assets in the family. This article explores the benefits and drawbacks of a prenuptial agreement, and details an alternative to a prenup – a domestic asset protection trust.

The ABLE Account: A Good Alternative to a Special Needs Trust?
Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account, for people who are blind or have severe disabilities. This article explains the ins and outs of an ABLE account and why a special needs trust may be a better option.

Make Net Gifts to Reduce Your Gift Tax Rate
Lifetime giving is a smart strategy to reduce a taxable estate, but the gift tax rate of 40% is steep. If one has used up his or her $5.43 million gift and estate tax exemption and would like to potentially reduce his or her effective gift tax rate to 28.6%, making net gifts should be considered. This article details how to use this gifting technique.

Estate Planning Pitfall: Your Powers of Attorney Are More Than a Few Years Old
Health care and financial powers of attorney are critical components of an effective estate plan. As this article explains, after executing powers of attorney, it’s important to periodically review them and execute new ones.

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