estate planning | Gerson Preston

Fraudulent transfer laws could sabotage your estate plan

Estate planning aims to help individuals achieve several important goals — primary among them, transferring wealth to loved ones at the lowest possible tax cost. However, if you have creditors, you need to be aware of how fraudulent transfer laws can...

adminJan 10Comments Disabled

2019 – 01/03 – If you’re driven to transfer a vehicle’s ownership to a trust, know the risks

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estate planning

2019 – 01/03 – If you’re driven to transfer a vehicle’s ownership to a trust, know the risks

A revocable trust isn’t effective unless you fund it by transferring ownership of assets to the trust. Transferring a vehicle to it, however, brings a unique set of issues. If you still owe money on an auto loan, the lender may not allow you to transfer...

adminJan 10Comments Disabled

Estate planning lite: College-aged children need a basic estate plan

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estate planning

Estate planning lite: College-aged children need a basic estate plan

If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life. Let’s take a closer look at four such documents: 1. Health...

adminJan 10Comments Disabled

Automatic extension available for making portability election

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estate planning

Automatic extension available for making portability election

Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death. To secure these benefits, however, the deceased spouse’s executor must have made a portability...

adminJan 10Comments Disabled

A prenup or a DAPT: Which is the better choice?

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A prenup or a DAPT: Which is the better choice?

If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce. A prenuptial agreement can be an effective tool for overriding marital property rights and keeping assets...

adminDec 18Comments Disabled

Consider an intrafamily loan to cover estate taxes

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estate planning

Consider an intrafamily loan to cover estate taxes

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes and other...

adminDec 05Comments Disabled

Unleash the power of a nonspringing power of attorney

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estate planning

Unleash the power of a nonspringing power of attorney

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial...

adminNov 26Comments Disabled

Review and revise your estate plan to reflect life changes during the past year

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estate planning

Review and revise your estate plan to reflect life changes during the past year

Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan. And the plan should be...

adminNov 10Comments Disabled

Intellectual property requires careful estate planning

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estate planning

Intellectual property requires careful estate planning

If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently...

adminNov 03Comments Disabled

Take caution when including employees in your estate plan

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estate planning

Take caution when including employees in your estate plan

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling...

adminOct 28Comments Disabled