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October 1, 2015 / Newsletters

Insight on Estate Planning, October/November 2015

Weinstock Manion is pleased to present the October/November 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 Net Investment Income Tax and Your Estate Plan
The 3.8% net investment income tax (NIIT) can affect an estate plan in two ways:
First, it can increase tax on capital gains, taxable interest and other investment income, reducing the amount of wealth available to heirs. Second, the tax is particularly harsh on certain trusts used in estate planning. This article reviews how the NIIT is applied and examines how it can affect trusts.

Use a Noncharitable Purpose Trust to Achieve a Variety of Goals
Generally, trusts must have one or more human beneficiaries, but there’s an exception for certain “purpose” trusts. One popular type of purpose trust is a charitable trust. But don’t overlook the noncharitable purpose (NCP) trust. This article explains the pluses and minuses of an NCP trust.

Addressing Adopted Children or Stepchildren in your Estate Plan
Families that have children who are adopted, or stepchildren who haven’t been legally adopted, face unique estate planning challenges. Additional consideration must be taken when a family includes an unmarried couple in a long-term relationship and one person has biological or adopted children. As this article explains, unique family situations require using various estate planning strategies to properly address each loved one.

Estate Planning Pitfall: You Jointly Own Property with a Family Member
A common estate planning mistake that many people make is to own property jointly with a child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any convenience gained is usually outweighed by a variety of negative consequences. This brief article details three possible negative outcomes of owning property jointly with a family member.

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