Selecting your fiduciary is critical. Your fiduciary might be your Personal Representative named in your Will, your Successor Trustee named in your Living Trust, or an agent named in a Power of Attorney. Many people choose a close friend or a family member. The best fiduciary is someone who is scrupulously honest, capable, pays attention…Read more
Credit Shelter Trust Provisions May Not Be Necessary
We met with a married couple to review their estate plan that had been documented in the 1990s. Their plan included a Credit Shelter Trust as one of the provisions in their Living Trust. A Credit Shelter Trust provision is a very common Estate Tax minimization technique that sometimes is known as an “A/B…Read more
Surviving Spouse – Portability Election?
The American Taxpayer Relief Act of 2012 created an opportunity for surviving spouses to plan to save Estate Taxes. The concept is commonly called “Portability” and requires some explanation. Decedents’ Estates are subject to a Federal Estate Tax. In 2016, Estate Taxes apply to the amount by which an Estate exceeds $5,450,000. $5,450,000 is the…Read more