E. Denver Vold appeared on the Moneyline radio show on Saturday July 31, 2010. Denver and host Peter Newman, CPA, discussed the following topics:
1. How a residence should be titled for purposes of probate avoidance, income tax avoidance and Estate Tax avoidance:
(a) when the client has no living trust
(b) when the husband and wife have a single living trust for both of them
(c) when the clients have a living trust for wife and living trust for husband.
2. How a residence should be titled after the first spouse is deceased and the surviving spouse desires to avoid probate, get a “step up” in basis when the second spouse dies and how a transfer of the residence from the deceased spouse’s trust to the surviving spouse’s trust can be done without transfer of assets to the surviving spouse’s estate. The discussion also explained how the value of the residence will not be included in the surviving spouse’s estate for estate tax purposes and will receive second step up in basis when the surviving spouse dies.
3. Who should be named the primary beneficiary of IRAs in a manner that avoids mandatory required minimum distribution for the (payment of income tax) for the longest period of time.
4. Why naming children as secondary or contingent IRA beneficiary may result in accidently disinheriting some, but not all of grandchildren.
5. How to allow children to defer payment of income taxes for years and even decades by adding special tax language to living trust documents.
This article in the New York Times discusses the effect of the quirky 2010 repeal of the federal estate tax as it applies to a Texas natural gas pipeline multi-billionaire who passed away in March of this year. The article does a good job of outlining this strange tax year and its potential ramifications.
MSNBC has an interesting article about the necessity of signing a pre-nuptial agreement before you marry. The article primarily focuses on using the pre-nuptial agreement to plan for the possibility of divorce. However, pre-nuptial agreements are also necessary to plan for the death of either spouse, especially if children from previous relationships are involved. Many people assume that pre-nuptial agreements mean divorce planning, but these contracts can be useful even in long, successful marriages. Contact our office if you would like to schedule a no-fee appointment to discuss pre-nuptial agreements or any other estate planning matter.
Seamus Patrick Smith was a guest this past Saturday on Peter Newman’s Moneyline, which is broadcasted by 980 KMBZ in Kansas City. Seamus discussed IRA Roth conversions and expectations for the estate tax.
Vold & Morris, LLC is co-hosting a seminar series on exit strategies for family business owners. Seamus P. Smith will be presenting a segment entitled “Savings Taxes with Smart Business Succession Planning.” Click here to view the brochure.
Denver appeared on the Peter Newman Show and answered a listener’s question about “special needs trusts” and explained the necessity of having existing special needs trusts reviewed because new statutory requirements may invalidate the existing trusts.
Denver went on to explain that these new laws make the trust property an existing asset which the state requires to be used up before state aid is available. Listeners were advised to call our law firm for additional information.
On Saturday, May 30, 2009, Denver will talk about how the elderly and people with special needs can get state funds sooner even if they have assets.
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