ESTATE PLANNING NEWS
SUBJECT INDEX

Click on a keyword below for links to articles on that subject. (Please note: some links below lead to web sites that require free registration.) The latest additions to this site always appear on the main Estate Planning News page.

To find all the articles from a particular issue of Insight, the National Academies' estate planning newsletter, use the Insight index which has links organized by issue number.

If you have questions or would like more information about any of the ideas presented in the articles below, you may wish to Ask An Expert. Questions about making a planned gift to the National Academies can be directed to the Estate-based Philanthropy program at giving@nationalacademies.org or 202.334.2431.

Ask An Expert
Bequests and Wills
Estate Planning (General)
Estate Tax Repeal (News | How to React/Plan | Commentary)
Financial Assistance to Family Members
Life Insurance
Mistakes, Common Estate Planning
Retirement Plans
Small Businesses
Stock and Other Securities
Trusts (RLTs, Bypass Trusts, CRTs, etc.)
Values Centered Estate Planning

.

ASK AN EXPERT

“Final Expense” Funds - Q: My friends have suggested setting aside a fund in my estate plan so my heirs will be able to pay the “final” expenses involved. Is this necessary?

.

BEQUESTS AND WILLS

Will Do - Just what can a Will do? Well, of course it says “who gets what,” but there are some other things it can do which you may no have considered.

Art, With Strings Attached - When making a bequest of art to a museum, you may inadvertently reduce your estate tax deduction by placing too many restrictions on the gift.

The Tax Act and You - 7 steps you can take to make sure your estate plan stands up in light of the 2001 Tax Act. Includes information on wills, trust, RLTs, and more.

Focus On . . . Bequests - A simple and flexible way to perpetuate your values is by including a gift to your favorite charities in your will. These revocable gifts, called bequests, have no impact on your current assets.

.

ESTATE PLANNING (GENERAL)

See also Values Centered Estate Planning and Estate Tax Repeal (How to React/Plan)

Sharing Deed Is Not Child’s Play - Adding your child’s name to the deed of your home is usually not a good idea, even if you expect the home to significantly increase in value.

Accounting After Death - Several tax returns may need to be filed after an individual’s death. If you’re charged with these duties (as executor), here are some tips to help you administer the estate properly.

Pet Trust Funds - Many states allow pet owners to set up trust funds to take care of Rex or Fluffy after the owner has died, just as if the animals were minor children.

Top Ten Charitable Planning Mistakes - Is your planner guilty of making one of these mistakes? Read on and know what to watch out for.

Donations Through Credit Card Rebate Program Deductible - The IRS has ruled that an individual will be allowed a charitable contribution deduction when rebates from his credit card purchases are donated to a qualified charity and other conditions are met.

Gift Tax Basics - Some "Fool"-ish information on how the gift tax works from the Motley Fool.

Cleaning Your Closet For Tax Breaks - Donating your old clothes to charity may provide you with a great tax deduction, but be sure to have the proper documentation.

The Dynasty Tax - Forbes helps you make sense of all the rules surrounding the Generation Skipping Tax.

An Estate Planning Glossary - Concise explanations of most of the basic terms used in estate planning, from "Equalizing the Estate" to QTIP Trusts. Updated for 2002 tax laws.

Ten Things Your Estate Planner Won't Tell You - From "You probably don't need me" to "Sue me. You'll never win," Michele Marchetti will tell you some things your estate planner might not want you to hear..

Estate Planning for Powerball Winners - While most people will never win the lottery, they can still learn from this financial planner's advice to the next Powerball winner.

Spouse's Death Can Be a Financial Nightmare, Too - When your spouse dies, financial planning may not be on your mind, but some careful forethought can help you learn how to manage your spouse's pension plans and other assets.

Baby Boomer Widows and Widowers - When baby boomers lose their spouses, they face special challenges, as they are often still in the wealth accumulation stage of life.

Assuming All Assets Are Created Equal - When deciding how to allocate the assets in their estate, many people make the mistake of assuming that a dollar’s worth of one asset is equal to a dollar’s worth of another asset. In fact, the final value of seemingly equal assets passing to your heirs can differ widely.

“Final Expense” Funds - Q: My friends have suggested setting aside a fund in my estate plan so my heirs will be able to pay the “final” expenses involved. Is this necessary?

Women Leaving Estate Planning to Men - A recent survey by Prudential found only 14 percent of women have done some form of detailed planning - like a will, trust, estate plan - despite 70 percent of those polled saying the idea of passing money on to heirs is important.

Estate Planning for People with Special Needs - Estate planning isn't just about finances, it's about taking care of loved ones. For some people, that may include children with disabilities, spouses who aren't U.S. citizens, or even pets.

What to Do if the Estate Tax Gets Repealed - K.C. Swanson provides some advice on how to make sure your estate plan still follows your wishes in the likely event that Congress passes legislation repealing the estate tax.

The Financial Pitfalls of Retirement - From not understanding the differences between traditional and Roth IRAs to incomplete estate planning, this article looks at some common financial pitfalls, along with advice on avoiding them.

.

ESTATE TAX REPEAL - NEWS

No Permanent Estate Tax Repeal - A proposal to make permanent the 2010 repeal of the estate tax fell six votes short in the Senate.

As One Tax Goes Down, Another Goes Up - Wisconsin, perhaps setting a trend for other states, has decided to raise its state estate tax, rather than see its revenue diminished by changes in federal tax law.

A Bush Tax Cut Tutorial - Concise, plain English explanations of much of the new tax plan, including how it affects retirement plans and estate taxes.

I Want To Be Taxed! - The rich really are different. They want to be taxed. Roughly 120 millionaires and billionaires have circulated a petition protesting President Bush's plan to phase out the estate tax by 2009.

.

ESTATE TAX REPEAL - HOW TO REACT/PLAN

The 2001 Tax Act: Plan to Take Advantage of It - The trumpeted "repeal of the estate tax" left many people believing they no longer need effective, intelligent estate planning. In fact, the new provisions increase rather than decrease the need for estate planning.

2010: A Great Year to Die - This article provides a nice summary of some of the key ways the new tax law affects estate planning.

Coping With a Tax That Has Nine Lives - How will the tax changes affect your estate plan? Read this New York Times piece for in-depth analysis and advice.

New Law Throws Estate Plans Into Chaos - With the "sunset" provision, changing exemption level, and new capital gains rules, the only thing certain in estate planning is uncertainty.

The Accountants' Employment Act - The changes in the estate tax will guarantee that estate planners will be busy for at least another decade.

Estate Planning for the Next Decade - The new estate tax laws make it difficult to plan, but there are some things you can do to make sure your estate plan reflects your wishes over the next ten years.

Tax Cut Creates a New Estate Planning Tool - With higher contribution limits on the way, helping heirs who can't afford to max their retirement accounts may be a sensible estate planning option.

Responding to the New Estate Tax Laws - In response to the new exemption levels for the estate tax, you may consider leaving your home directly to your children rather than a spouse, or revising a current bypass trust. Forbes.com explains.

A Lot Can Change Between Now and 2010 - If your estate is potentially large enough to trigger estate taxes, counting on repeal is a dangerous strategy, estate attorneys say. It assumes both that you'll live long enough to take advantage of repeal and that lawmakers won't derail the plan to wipe out the estate tax.

.

ESTATE TAX REPEAL - COMMENTARY

Liberty, Equality, . . . and the Death Tax - This BusinessWeek commentary provides a history of the estate tax, touching on entrepreneurial initiative, trusts, and our convoluted revenue code.

Repealing Estate Tax Not Good For Anyone - Between states "decoupling" their estate taxes and the elimination of the step-up in basis, a federal estate tax repeal could end up causing more tax issues than it solves.

Tax the Wealthy - William H. Gates, Sr., and Chuck Collins argue that America needs the estate tax.

The Throw Momma From the Train Act of 2001 - Paul Krugman, noting that the estate tax will be repealed in 2010 but reinstated in 2011, wonders if there might be some mysterious deaths in December, 2010.

What's This Trillion-Dollar Tax Cut Really Worth? - If history is any indication, many of the tax cuts included in the $1.35 trillion, 11-year plan moving through Congress may never see the light of day -- even if the plan becomes law this year.

A Question of Entitlement - Brian Dickerson draws a novel comparison between the estate tax repeal and reparations for the descendants of slaves.

Reform Rather Than Repeal - Eric Hoffman argues for what he calls a more sensible alternative to the repeal of the estate tax proposed by the House: raising the ceiling on exemptions to $2.5 million.

Dead Wrong: Estate Tax Lies - Michael Kinsley says that "double dipping" is a lie: most of the accumulated wealth that is subject to the estate tax was never subject to the income tax.

du Pont vs. Gates - Pete du Pont, former governor of Delaware, and William H. Gates, Sr., co-chairman of the Bill and Melinda Gates Foundation, exchange emails debating the estate tax.

.

FINANCIAL ASSISTANCE TO FAMILY MEMBERS

Pet Trust Funds - Many states allow pet owners to set up trust funds to take care of Rex or Fluffy after the owner has died, just as if the animals were minor children.

Gift Tax Basics - Some "Fool"-ish information on how the gift tax works from the Motley Fool.

Tax Cut Creates a New Estate Planning Tool - With higher contribution limits on the way, helping heirs who can't afford to max their retirement accounts may be a sensible estate planning option.

Estate Planning for People with Special Needs - Estate planning isn't just about finances, it's about taking care of loved ones. For some people, that may include children with disabilities, spouses who aren't U.S. citizens, or even pets.

Create Your Own Bank - Some wealthy people don't want to hand their heirs a bundle of cash at all, and would prefer lending them the money, creating a "family bank."

.

LIFE INSURANCE

Do You Need Life Insurance? - And if you do need life insurance, how much is enough? This article provides some information to help you answer those questions.

Cashing In by Cashing Out - More people are looking to "life settlements" as a way to tap into the value of their life insurance, but advisers warn consumers to be wary.

Insurance = Investment? Not Really - Though your insurance salesman may tell you otherwise, the expert in this article says, "An insurance policy is not an efficient wealth-accumulation vehicle."

You Bet Your Life - Whether you're buying insurance on the Internet or consulting a professional, here are ten tips for buying life insurance.

“Final Expense” Funds - Q: My friends have suggested setting aside a fund in my estate plan so my heirs will be able to pay the “final” expenses involved. Is this necessary?

Trimming the Tax Bite: ILITs or Gifts? - One columnist’s opinions on ILITs and life insurance in general.

.

COMMON ESTATE PLANNING MISTAKES

Assuming All Assets Are Created Equal - When deciding how to allocate the assets in their estate, many people make the mistake of assuming that a dollar’s worth of one asset is equal to a dollar’s worth of another asset. In fact, the final value of seemingly equal assets passing to your heirs can differ widely.

Revocable Living Trusts as a “Must Have” - While an RLT is an ideal arrangement for many, your plan should outline your unique financial objectives and personal values.

.

RETIREMENT PLANS

You Mean I Have To Take This Money Now? - Even if you’re still working, you’re required to take distributions from your IRA after turning 70 1/2. However, with proper estate and financial planning, you can make your money continue to work for you.

Early Retirement Comes Back to Haunt You - Rules regulating IRA withdrawals may cause some early retirees to deplete their retirement savings much faster than they intended.

Roth IRA Q&A - Questions and answers about the confusing rules regulating conversions from a traditional IRA to a Roth IRA. Despite the complexity, some people may still benefit from a conversion.

Use An IRA To Buy Property - Not many people realize they can use a self-directed IRA to buy and sell real estate, including rental properties or future retirement homes.

Rescuing Your Retirement - Millions of Americans are grappling with retirement plans decimated by the end of the 17-year bull market. The experts at Forbes magazine have some ideas on how you can still salvage your retirement.

FYI: RLTs and IRAs - Some quick tips on establishing a revocable living trust (RLT) and determining your IRA distributions.

Stretching the Truth about Stretch IRAs - While "stretch" IRAs can be a useful estate planning tool, you may not realize the high returns touted in some sales pitches.

Tax Cut Creates a New Estate Planning Tool - With higher contribution limits on the way, helping heirs who can't afford to max their retirement accounts may be a sensible estate planning option.

Making the Most of Your Retirement Plan Assets - Although a tax-deferred retirement plan can be a good source of retirement income for you, it may prove expensive to pass it to your heirs through your estate plan. But, by designating your residual retirement assets to a charitable organization, you can provide enormous tax savings to your heirs.

Assuming All Assets Are Created Equal - When deciding how to allocate the assets in their estate, many people make the mistake of assuming that a dollar’s worth of one asset is equal to a dollar’s worth of another asset. In fact, the final value of seemingly equal assets passing to your heirs can differ widely.

The Financial Pitfalls of Retirement - From not understanding the differences between traditional and Roth IRAs to incomplete estate planning, this article looks at some common financial pitfalls, along with advice on avoiding them.

The IRS Helps You and Your Retirement Plan - New regulations allow you to leave more money in your qualified retirement plan over a longer time, and also ease the process for changing your beneficiaries. Read the full article and see how this can benefit you.

.

SMALL BUSINESSES

Keeping It in the Family - An RLT can help you pass a Sub S-corporation to your heirs, but it may be better to make lifetime gifts of stock instead.

Keeping Your Small Business In The Family - Many small businesses take elaborate, expensive steps to avoid the specter of having to sell the company in order to pay the estate taxes due when the owner dies. Janet K. Poppen discusses the options that clients use to ensure businesses will be passed intact to their heirs.

.

STOCK AND OTHER SECURITIES

Gifts of Stock, Cars - The end of the year is a time when many make charitable donations, and, just in time, these two articles provide information on two specific types of charitable gifts. The first article provides a check list for donating a car to charity,.

Assuming All Assets Are Created Equal - When deciding how to allocate the assets in their estate, many people make the mistake of assuming that a dollar’s worth of one asset is equal to a dollar’s worth of another asset. In fact, the final value of seemingly equal assets passing to your heirs can differ widely.

Losing Stocks, Winning Situation - There are ways to turn those “loser” stocks into a winning situation not only for you, but also your heirs, or even your favorite charity.

Make Lemonade Out Of Your Stock Market Lemons - The markets have dropped so far in 2001 - that you might consider selling losing stocks or mutual funds to realize losses now, even if you haven't any realized gains this year.

.

TRUSTS (RLTs, Bypass Trusts, CRTs, etc.)

Pet Trust Funds - Many states allow pet owners to set up trust funds to take care of Rex or Fluffy after the owner has died, just as if the animals were minor children.

Top Ten CRT Mistakes - Learn from these mistakes when designing your Charitable Remainder Trust.

Keeping It in the Family - An RLT can help you pass a Sub S-corporation to your heirs, but it may be better to make lifetime gifts of stock instead.

An Estate Planning Glossary - Concise explanations of most of the basic terms used in estate planning, from "Equalizing the Estate" to QTIP Trusts. Updated for 2002 tax laws.

Annual Estate Plan Check-Ups - The end of the year provides a perfect time for your annual estate plan check-up. Bypass trusts are just one thing you might want to consider, or reconsider.

FYI: RLTs and IRAs - Some quick tips on establishing a revocable living trust (RLT) and determining your IRA distributions.

Make Sure Trusts are Trustworthy - If you're planning on establishing a Revocable Living Trust (RLT), there are some pitfalls and scams of which you need to be aware.

Using a Trust to Avoid Probate - Revocable living trusts are a popular way to avoid probate, but they can cause problems if you need to refinance your home or qualify for some state medical programs.

Revocable Living Trusts as a “Must Have” - While an RLT is an ideal arrangement for many, your plan should outline your unique financial objectives and personal values.

VALUES CENTERED ESTATE PLANNING

Values Not Valuables, Part II - The second part of a feature article on “Values Centered Estate Planning,” a strategy that puts all of your resources -- your assets and ideas -- behind your most fundamental beliefs about the good of your loved ones and society.

Values Not Valuables, Part I - Part one of a feature article on “Values Centered Estate Planning,” a strategy that puts all of your resources -- your assets and ideas -- behind your most fundamental beliefs about the good of your loved ones and society.