For a legal perspective on trust and estate planning
, we turned to Graham S.
Avoiding or reducing estate taxes has long been a driver and goal of estate planning
. With the threshold for federal estate taxation now at $11.2 million for individuals and $22.4 million for married couples, federal estate taxation now only applies to less than 0.1 percent of the population.
A second question is the extend of control and the enjoyment of the estate owner of his property in case the property that is made subject to estate planning
is distributed while the estate owner is alive.
The list of possibilities for CPA services where there exists a long-term participation in estate planning
varies greatly from case to case.
If the client is excluding a natural heir, mention that heir in the estate planning
With little or no need for estate or death tax planning, most middle class and working people's estate planning
today involves wills, advance directives and living trusts.
* Demographic changes are reshaping estate planning
. It is common knowledge that the population is aging, but what does that mean with respect to estate planning
services that CPAs have traditionally offered, as well as new or expanded services they might offer in the future?
Distinctions in how federal and state laws treat couples based on their marital status are one reason estate planning
for non-traditional families "may require a lot of work-around strategies," says Stuart H.
Echoing similar sentiments, her husband, James, says hearing about families torn apart over property after a loved one passes away inspired him to join his wife in estate planning
"Although the implementation of sophisticated wealth transfer strategies is mostly in the domain of estate planning
attorneys," he says, "the financial advisor can be the driving force to get the plan started."
He attended seminars covering the following topics: Keeping it in the Family: Business Succession Planning; Recent Developments in Federal Taxation; Passing on Digital assets; Income Tax Planning for Trusts; Asset Protection; Washington Probate and Trust Law Update; Life Insurance Planning; and Estate Planning
with Residential Real Property.