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September 29, 2020 / Newsletters

Insight on Estate Planning, October/November 2020

Weinstock Manion is pleased to present the October/November 2020 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:

No free lunch for the sandwich generation.
The sandwich generation is the name given to people caught in the middle between caring for elderly parents or in-laws and raising young, and sometimes not-so-young, children. And, of course, they still have to handle their own affairs. This article explains how to develop a comprehensive estate plan that accommodates the needs of all the parties by approaching the situation in a logical and organized manner. As the main article mainly focuses on dealing with elderly parents, a sidebar explores ideas on how to accommodate child-related needs.
Read this article.

FAQs about QPRTs.
Using a qualified personal residence trust (QPRT) to transfer ownership of a home to a trust can avoid potential estate tax pitfalls without drastic changes during one’s lifetime. Essentially, a person can continue to live in the home for a stated term of years. When the trust ends, the remainder interest passes to designated beneficiaries, such as one’s children. This article answers FAQs about QPRTs.
Read this article.

Is now the right time to forgive intrafamily loans?
Whether one made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption amount and a low-interest-rate environment add up to an ideal time to forgive intrafamily loans. This article explains the reasons to forgive a loan and details the income tax considerations of doing so.
Read this article.

Estate Planning Pitfall
A significant portion of your wealth is concentrated in a single stock.
When building a nest egg, it’s important to remember not to limit investment holdings to only a handful of winners. It’s often said that past performance isn’t a guarantee of future results. This brief article explains the risk of losing one’s nest egg because of having high-risk stock exposure.
Read this article.

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