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February 6, 2023 / Newsletters

Insight on Estate Planning, February/March 2023

Weinstock Manion is pleased to present the February/March 2023 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:

Gifting Made Easy
Max Out Your Annual Gift Tax Exclusion Amount
By using the annual gift tax exclusion judiciously, individuals can transfer assets to loved ones and reduce the size of their taxable estates without eroding their federal gift and estate tax exemption. This article details the benefits of making annual exclusion gifts, especially if one wants to transfer significant wealth to family members. A sidebar explains a recent U.S. Tax Court ruling regarding deathbed gifts.
Read this article.

Has Your Buy-Sell Agreement Recently Been Updated?
A buy-sell agreement should be a critical part of an individual’s estate plan if he or she has an interest in a business that’s closely held or family owned. The agreement provides for the disposition of each owner’s interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. This article explains how a properly drafted buy-sell agreement can help address a variety of issues business owners and their families may face when a triggering event occurs.
Read this article.

Comparing Inter Vivos And Testamentary Trusts
Creating and adhering to an estate plan is no simple task. Generally, the end goal of estate planning is to divide up and transfer assets to loved ones at a minimum or zero tax cost. Of course, a will is a good starting point, but it may be supplemented by various other estate planning techniques, including trusts. Trusts are essentially used to accommodate asset transfers beyond dispositions in a will. This article examines the two main trust types: the inter vivos trust and the testamentary trust.
Read this article.

Estate Planning Pitfall:
You Haven’t Made Funeral Arrangements
No one likes to contemplate his or her own death but making funeral arrangements is a necessary evil of estate planning. Family members usually are distressed in the immediate aftermath of a loved one’s death. Thus, they may be hard-pressed to follow through with funeral arrangements that have been stipulated in a will or other document. This brief article suggests ways to ease the burden on one’s family by making clear funeral arrangements.
Read this article.

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