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June 1, 2015 / Newsletters

Insight on Estate Planning, June/July 2015

Weinstock Manion is pleased to present the June/July 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:

The basics of basis – Basis planning can result in significant tax savings
Because the gift and estate tax exemption is at a record high of $5.43 million for 2015, many people have shifted their focus from estate planning to income tax planning. An understanding of basis — and the benefits of the “stepped-up basis” rule — can help people identify valuable tax planning opportunities. This article discusses how basis can affect gift planning. A sidebar explains how a “reverse gift” can minimize capital gains.

Does a private annuity have a place in your estate plan?
A private annuity can be a powerful strategy for passing assets to heirs in a tax-efficient manner. In a typical private annuity transaction, a parent transfers property to his or her children in exchange for their unsecured promise to make annual payments to the parent for the rest of his or her life. This article examines both the benefits and risks of private annuities.

Estate tax relief for family businesses
If a substantial portion of a person’s wealth is tied up in a family or closely held business, he or she may be concerned that the estate will lack sufficient liquid assets to pay estate taxes. If that’s the case, heirs may be forced to borrow funds or, in a worst-case scenario, sell the business in order to pay the tax. This article explores how an estate tax deferral may be an option.

Estate Planning Pitfall – Your IRA owns real estate
Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to hold real estate in an IRA there are several tax traps for the unwary, chief among them the prohibited transaction rules.

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