Category: Estate Planning Briefs


Inheriting property? Be aware of the basis consistency rules

If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the income tax basis of property received from a deceased … Read More »

January 30th

Estate Planning Briefs. Comments Off on Inheriting property? Be aware of the basis consistency rules


If you’re a non-U.S. citizen, the estate planning rules are different

Traditional estate planning strategies generally are based on the assumption that all family members involved are U.S. citizens. However, if you or your spouse is a noncitizen, special rules apply that may require additional planning.

Defining “residency” and “domicile”

If you’re a … Read More »

January 23rd

Estate Planning Briefs. Comments Off on If you’re a non-U.S. citizen, the estate planning rules are different


Use nongrantor trusts to bypass the SALT deduction limit

If you reside in a high-tax state, you may want to consider using nongrantor trusts to soften the blow of the $10,000 federal limit on state and local tax (SALT) deductions. The limit can significantly reduce itemized deductions if your … Read More »

January 10th

Estate Planning Briefs. Comments Off on Use nongrantor trusts to bypass the SALT deduction limit


3 pitfalls to avoid when naming a beneficiary of a life insurance policy

Life insurance can be a powerful financial and estate planning tool, but its benefits can be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change.

Common pitfalls to avoid include:

Naming your … Read More »

December 12th

Estate Planning Briefs. Comments Off on 3 pitfalls to avoid when naming a beneficiary of a life insurance policy


Have you considered making direct payments of tuition and medical expenses?

With the lifetime gift and estate tax exemption at $11.40 million for 2019 ($11.58 million for 2020), you may think you don’t have to worry about gift and estate taxes.

However, there are no guarantees that estate tax law won’t be … Read More »

December 5th

Estate Planning Briefs. Comments Off on Have you considered making direct payments of tuition and medical expenses?


Parental priorities: How to choose a guardian for your child

If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible.

When … Read More »

November 21st

Estate Planning Briefs. Comments Off on Parental priorities: How to choose a guardian for your child


Flex plan: In an unpredictable estate planning environment, flexibility is key

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the … Read More »

November 14th

Estate Planning Briefs. Comments Off on Flex plan: In an unpredictable estate planning environment, flexibility is key


BDIT lets you give away property without losing control

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own … Read More »

November 8th

Estate Planning Briefs. Comments Off on BDIT lets you give away property without losing control


The net investment income tax is alive and well: How it can affect your estate plan

The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates, but it left the 3.8% net investment income tax (NIIT) in place. It’s important to address the NIIT in your estate plan, because it can erode your earnings … Read More »

October 31st

Estate Planning Briefs. Comments Off on The net investment income tax is alive and well: How it can affect your estate plan


Don’t worry! A broken trust can be fixed

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a beneficiary, what if an irrevocable … Read More »

October 24th

Estate Planning Briefs. Comments Off on Don’t worry! A broken trust can be fixed

HOBERMAN & LESSER, LLP