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February 1, 2015 / Newsletters

Insight on Estate Planning, February/March 2015

Weinstock Manion is pleased to present the February/March 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:

Estate planning for young families: Flexibility is the key
Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or, should they keep assets in their estates to help ease the potential income tax burden on their heirs? The right strategy depends on which taxes will have the biggest impact. For those whose life expectancy might be 30 years or more, this is nearly impossible to predict. But waiting for things to become more certain can result in missed opportunities. This article discusses strategies that make it possible to build some flexibility into an estate plan. A sidebar discusses the possibility of returning assets to an estate as a way of maintaining flexibility.

Get smart when tackling estate planning for intellectual property
How should one account for intellectual property (IP), such as a patent or copyright, in their estate plan? These intangible assets can be highly valuable, and they should be handled according to the owner’s wishes. This article looks at the four categories of IP (patents, copyrights, trademarks and trade secrets) and the considerations involved in transferring them to one’s chosen beneficiaries.

Avoiding undue influence claims
A primary purpose of estate planning is to ensure that wealth is distributed according to one’s wishes after death. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit the property. These situations often occur when an estate plan operates in an unexpected way – and those who expected to inherit that wealth challenge the plan, often on grounds of undue influence. But this article examines steps that one may take to avoid such challenges.

Estate Planning Pitfall: You’re planning to retire abroad
People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax and estate planning implications so there are no surprises. This article looks, in particular, at issues involving double taxation, real estate issues, and unfamiliar inheritance rules.

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