February 1, 2018 / Newsletters
Insight on Estate Planning, February/March 2018
Weinstock Manion is pleased to present the February/March 2018 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:
Sudden impact: When a spouse unexpectedly dies
It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse dies unexpectedly. A sidebar explains why it may be a good idea to file a return to establish the value of inherited assets.
New tax law affects estate planning strategies
The Tax Cuts and Jobs Act (TCJA), which generally went into effect at the beginning of 2018, lowers individual and corporate tax rates, reduces or eliminates many deductions and enhances other tax breaks. One thing the new law doesn’t do is repeal the federal estate tax. This article explores other TCJA provisions that can impact estate planning.
All in the family: Transferring your vacation home
Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead without careful planning, it could disrupt harmony and lead to a “family feud.” In some cases, relationships may be severed forever. This article details how to properly account for a vacation home in an estate plan.
Estate Planning Pitfall: You haven’t planned for long-term care
The current costs of long-term care would give anyone pause. If one doesn’t properly plan for these costs, an entire life’s fortune can be wiped out in a relatively short period of time. This brief article details planning tips for long-term care expenses.