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June 1, 2016 / Newsletters

Insight on Estate Planning, June/July 2016

Weinstock Manion is pleased to present the June/July 2016 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:

Portability is a thoroughly modern estate tax break
Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies estate planning by allowing a surviving spouse to use the deceased spouse’s unused portion of the $5.45 million gift and estate tax exemption amount. This article explains how married couples can use portability to their estate planning advantage.

Should life insurance be a part of your estate plan?
Today, the federal gift and estate tax exemption stands at $5.45 million, so fewer families are facing estate tax liability. This begs the question: Can life insurance continue to play an important role in estate planning? The answer is: Yes. This article details why, even though a policy’s proceeds may no longer be necessary to provide liquidity to pay estate taxes, even nontaxable estates may have a need for a policy’s various other potential estate planning benefits.

Social Security loopholes close, but options remain open
The Bipartisan Budget Act of 2015 (BBA) closed two popular loopholes for future Social Security benefits. As a result, certain retirees may now realize less in the way of benefits during their lifetime and leave a smaller nest egg for their heirs. But astute planning can still maximize the Social Security benefits retirees are entitled to receive during their retirement years. This article examines how the BBA affects Social Security payments.

Estate Planning Pitfall – You’re blindsided by tax on intrafamily loans
What’s worse than being taxed on income received? Having to pay tax on income never actually collected. That can happen if a family member borrows money from another loved one (an intrafamily loan) on an interest-free basis. In this situation, the lender may owe tax on “phantom income.” This brief article explains how to avoid this outcome.

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