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In our previous post, we began looking at estate tax portability, which allows widows and widowers to carry over any unused portion of their estate tax exemption amount and apply it to their own estate at their death.We noted that it is necessary for the executor of...
We have frequently mentioned on this blog that during 2010 and 2011, the estate tax exemption amount is at $5 million. Under the 2010 law raising the exemption amount, individuals can transfer up to $5 million during life or at death, free of tax.The new tax law...
In our previous post, we began looking at a recent Forbes article in which Deborah Jacobs points out the need for women to become more competent about and to get more involved in the estate planning process. We left off discussing how women can become facilitators in...
In a recent Forbes article, Deborah Jacobs advocates that women need to take greater initiative in learning about and participating in the estate planning process. As the article notes, a recent survey by EZLaw reveals that many American women, especially younger...
In our previous post, we began discussing the estate of deceased soul musician James Brown, particularly the battle between those who say Brown wished to give his entire estate to charity, and his family, who say that Brown intended to provide for them. We left off...
Estate planning and administration are not always a clean, tidy job. Sometimes there are disagreements about how the estate is disposed, even where the documents seem clear enough. When the "Godfather of Soul"-James Brown-died, he left $100 million to a special trust...
When doing estate planning, it is important not only to consult an experienced attorney, but also a financial planner. As essential as an attorney is to the estate planning process, they will not necessarily have the same focus as a financial planner. One of the ways...
As we mentioned in our last post, dynasty trusts-trusts having no expiration date and no required minimum distributions-can be an invaluable tool for the accumulation of family wealth. Such trusts have come into greater use since 1986, when Congress overhauled the...
