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August 5, 2020 / Newsletters

Insight on Estate Planning, August/September 2020

Weinstock Manion is pleased to present the August/September 2020 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:

The CARES Act: Recent tax law changes may affect your estate plan.
The Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to provide tax relief to individuals and businesses struggling to make ends meet due to the COVID-19 pandemic. But this law may also have a long-reaching impact on one’s estate plan. This article explains several provisions of the CARES Act that may affect participants in qualified retirement plans. A brief sidebar details the options for those who take early required minimum distributions.
Read this article.

The CARES Act creates charitable tax incentives.
Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured to maximize the tax benefits on the books. The Coronavirus Aid, Relief and Economic Security (CARES) Act increases those tax incentives. This article details how taxpayers can realize tax savings from charitable donations under the CARES Act.
Read this article.

Breathe new life into a “broken” trust by decanting it.
Building flexibility into one’s estate plan using various strategies is generally advised. The reason is that life circumstances change over time, specifically changing tax laws and family circumstances. This is especially true during the COVID-19 pandemic. One such strategy to consider is decanting a trust. This article explains what it means to “decant” a trust.
Read this article.

Estate Planning Pitfall
You haven’t created a road map for your estate plan.
Creating documents for an estate plan, such as a will, trusts and a power of attorney, can be time consuming. While these documents are essential for the plan, it’s beneficial for surviving family members to have a “road map” to navigate the aftermath. This brief article explains what to include in the road map document.
Read this article.

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