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Estate plan of Hillary Clinton may help estate administration

| Aug 10, 2016 | Estate Administration |

Hillary Clinton’s campaign for the Democratic presidential nomination has been described by some as cautious, pragmatic and meticulously prepared. Whether these attributes should be considered positive or negative in a candidate is beyond the scope of this article, but these are all certainly assets in regards to the managing of an individual’s finances. Recently released financial disclosure forms have illustrated that this same level of detailed forethought has been implemented in regards to both her and her husband’s estate planning, which will certainly yield dividends when it comes time for estate administration to take place. The study of their methods may be beneficial for Georgia residents who may have thought very little about their estates in this way. 

The two have established both property and insurance strategies, while employing certain tax strategies that will ensure that, in the event of their deaths, a portion of their financial assets will be sufficiently shielded from estate taxes. Currently, tax is imposed upon estates valued at more than $5.45 million per person. Anything valued at $10,000 above that amount will be taxed at 18 percent, and the tax rate rises to 40 percent very quickly.

One specific tactic the couple has employed to limit the potential tax that will eventually affect their estate is through the use of residence trusts. If the value of their property increases, this move will effectively prevent this increase from being included in their estate. The savings in not having to pay tax on this amount will be passed along to the couple’s heirs.

The amount of preparation that goes into a well-thought-out estate plan is nearly directly proportional to the ease with which, in turn, the process of estate administration will be when an individual dies. When Georgia residents have questions about estate administration, they typically consult experienced attorneys for legal guidance. This decision may help to minimize an individual’s risk  and prevent any issues that might have the potential to create disputes or bitter misunderstandings between heirs.

Source: Time, “Hillary Clinton Has Managed Her Estate the Way She Does Everything Else“, Kerri Anne Renzulli, July 25, 2016

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