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December 5, 2022 / Newsletters

Insight on Estate Planning, Year End 2022

Weinstock Manion is pleased to present the Year End 2022 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 Living Trust And A Pour-Over Will
Two Estate Planning Documents Working In Tandem
Comprehensive estate planning often goes much further than simply having a will. For instance, one can provide for transfers of assets to a living trust (also known as a revocable trust) to supplement the will. For many, the best part of this strategy is that the trust assets don’t have to pass through probate. An additional step can be taken by creating a pour-over will. This article explains how a living trust and a pour-over will work together. A sidebar explains the differences between a revocable and irrevocable trust.
Read this article.

Who Should You Name As Your Children’s Guardian?
Parents of young children likely have put a lot of thought into raising their kids, ranging from schooling to activities to religious upbringing. But what happens if a parent (or both) should unexpectedly die? This article explains why it’s so important to name a guardian in one’s estate plan.
Read this article.

A Spouse’s Inheritance Rights Vary State By State
If a person is preparing to get remarried, estate planning likely isn’t top of mind. However, depending on the state he or she lives in, his or her spouse has property rights that apply regardless of the terms of the estate plan. This article takes a closer look at spousal rights and details strategies available to limit them.
Read this article.

Estate Planning Pitfall:
Your Estate Is Tied Too Closely To Specific Gifts
A person’s will is designed to provide for the disposition of his or her possessions and tie up any loose ends in the estate. To accomplish these goals, one may include specific bequests to named beneficiaries. However, doing so may result in unintended outcomes. This brief article illustrates this point using two fictional scenarios.
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