Remote executions of estate planning documents are again allowed in Michigan through December 31, 2020. On November 5, 2020, Michigan’s Governor singed 2020 PA 246, allowing remote witnessing, and 2020 PA 249 allowing remote...
Read MoreSo you have gone through all of the work to get your estate planning documents finalized, you have had your signing meeting with your attorney, and now it is time to celebrate that you are done, right? In most cases, the answer...
Read MoreThe IRS this week issued Information Release 2020-187 to remind IRA owners and beneficiaries, as well as participants in workplace retirement arrangements, that they have until August 31 to return required minimum distributions...
Read MoreIf your loved one recently died with a taxable estate, you might consider using an alternate valuation date to reduce estate tax. A Federal Estate Tax Return Form 706 is due 9 months after date of death, and tax is due on an...
Read MorePreparing an estate plan can be a lot of work, both for the planner but especially for the client. And when that process is over, and the plan has been properly put in place through effective trust funding and asset titling, it...
Read MoreHas a client decided to leave their bank account or entire estate to one of their children, who will “do the right thing, and distribute it equally among all of my children”? Discuss with your client that this scenario creates 2...
Read MoreWith the current estate tax exemption of $11.4 Million per individual, combined with the portability of estate tax exemption between spouses, most married couples no longer need to establish individual revocable trusts solely to...
Read MoreGeneration-Skipping Transfer (GST) trusts have long been a popular estate tax planning tool used to defer transfer tax to a future generation. While the estate tax exemption is at a historical high, the GST tax exempt status of...
Read MoreI bet you have no idea what would happen if your intended beneficiaries pass away other than in the order you assume. This is an effective lead in to getting procrastinating potential clients to do a likely much needed review of...
Read MoreIf you have a qualified retirement plan or Individual Retirement Account (“IRA”), be sure to verify two things: Have you designated the primary and contingent beneficiary or beneficiaries who will receive any remaining...
Read MoreThe estate and gift tax exemption was raised to $11,180,000 per person for 2018, and will increase based on inflation each year until 2026 when it will return to the amount before it was increased (approximately $6,000,000), but...
Read MoreBy: Les Raatz In last week’s Tax Tip our Henry Grix succinctly described the current lay of the land regarding estate tax repeal. This Tax Tip focuses on one narrow but very important aspect in anticipating such action, or...
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