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June 1, 2019 / Newsletters

Insight on Estate Planning, June/July 2019

Weinstock Manion is pleased to present the June/July 2019 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:

A win-win proposition: A charitable remainder trust benefits you and your favorite charity
Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a CRT works and explains the role of the CRT’s trustee. A brief sidebar explores two types of CRTs.

When to elect the alternate valuation date
Because of the fluctuation in the value of assets, specifically stocks, federal tax laws provide relief to taxable estates that may be negatively affected by fluctuating market conditions. Instead of using the value of assets on the date of death for estate tax purposes, an executor may elect an “alternate valuation” date of six months after the date of death. This election could effectively lower an estate’s federal estate tax bill. The article explains the ins and outs of electing to use an alternate valuation date.

Do you know when an FBAR must be filed?
If one has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, he or she must file FinCEN Form 114, “Report of Foreign Bank and Financial Accounts”(FBAR). Because the Financial Crimes Enforcement Network and the IRS have been stepping up enforcement of foreign account reporting requirements, it’s critical to follow compliance rules. This article defines foreign financial accounts and explains how FBAR reporting can affect estate planning.

Estate Planning Pitfall: You haven’t made formal funeral arrangements
It’s difficult for many people to think about their own mortality, and it’s not surprising to learn that many put off planning their funerals. Unfortunately, this lack of planning can result in emotional turmoil for surviving family members when someone dies unexpectedly. This brief article explains how to formally arrange one’s own funeral.

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