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October 1, 2018 / Newsletters

Insight on Estate Planning, October/November 2018

Weinstock Manion is pleased to present the August/September 2018 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:

Who needs an estate plan? Quick answer: Everyone
Despite what one might think, estate planning isn’t limited to only the rich and famous. Previously, avoiding or minimizing federal estate tax liability was a primary motivation for creating an estate plan. But with a generous gift and estate tax exemption of $11.18 million for 2018, this is less of a worry for most families. This article details other benefits of having an estate plan. A sidebar discusses why you should account for your current life circumstances in your plan.

NINGs, DINGs and WINGs – Understanding the tax angles of self-settled trusts
NINGs, DINGs and WINGs are the names bestowed on certain self-settled trusts (sometimes referred to as nongrantor trusts) in states providing a favorable tax environment for these trusts. This article explains how Nevada Incomplete-gift Nongrantor Gift (NING) trusts, Delaware Incomplete-gift Nongrantor Gift (DING) trusts and Wyoming Incomplete-gift Nongrantor Gift (WING) trusts work.

Securities laws can derail your estate plan
It’s not uncommon for high-net-worth individuals to hold their assets in trusts, family limited partnerships or charitable foundations. If the assets held in this manner include interests in hedge funds or other “unregistered” securities, it’s important to ensure that the entity is qualified to hold such investments. Exemptions under federal securities laws require that investors in private funds and other unregistered securities qualify as “accredited investors” or “qualified purchasers.” This article defines these terms.

Estate Planning Pitfall – You haven’t properly funded your revocable living trust
A revocable living trust is often used to complement a will. Assets transferred to the trust generally don’t have to go through the probate process, which can be time-consuming and expensive. They’re also generally protected from creditors and may be managed by professionals. This article explains the benefits of a revocable living trust and why funding it properly is essential.

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