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August 2, 2022 / Newsletters

Insight on Estate Planning, August/September 2022

Weinstock Manion is pleased to present the August/September 2022 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:

Does Your Family Situation Call For A Spendthrift Trust?
For those who have concerns that an heir might squander his or her inheritance, drafting a spendthrift trust might be the solution. This trust may incorporate various tax benefits, including taking advantage of the federal gift and estate tax exemption. But that’s not its primary focus: Its main purpose is asset protection. This article explains how a spendthrift trust works and why it’s important to choose the right trustee. A sidebar details the reasons why a professional is needed to create the trust.
Read this article.

Family Businesses Would Be Wise To Consider IRC Section 6166
It’s true that because of the current record-high gift and estate tax exemption amount, most families don’t have to worry about transfer taxes. However, there are high net worth individuals who must continue to work to reduce their estate tax liability. In fact, these taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses. This article explores the ways Internal Revenue Code Section 6166 can provide relief by allowing the estates of family business owners to defer estate taxes and pay them in installments if certain requirements are met.
Read this article.

QTIP Trust
Strange Name, Powerful Trust
A qualified terminable interest property (QTIP) trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially for someone who’s currently in a second marriage. Essentially, this trust provides future security for both a surviving spouse and children from a prior marriage, while retaining estate planning flexibility. This article details the ins and outs of a QTIP trust.
Read this article.

Estate Planning Pitfall:
You Didn’t Make Specific References In A Letter Of Instruction
A letter of instruction provides insights into the management of a person’s affairs after death. But the letter won’t be of much help if it’s vaguely written. This brief article suggests specific references to include in the letter.
Read this article.

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