Here's how to prepare now for the approaching crossroad in estate planning:
We’re approaching a crossroad in estate planning, and those who might be affected need to take action before we reach it.
The result is that in a few years estates with values as low as $3 million to $5 million could be subject again to estate and gift taxes. If you wait until the election to take action, you’ll likely find estate planners are booked through the end of year. You want your plan in place and documents ready to execute by election plan.
In this case, $600,000 would go into the trust, and the surviving spouse would inherit $900,000. The estate would avoid federal taxes, and the surviving spouse would be provided for. When your state has these taxes, discuss possible strategies with your estate planner, such as QTIP trusts and lifetime gifts. You’ll need an estimate of the potential taxes, so you can decide if the cost and restrictions of a strategy are worth the tax reduction.When an estate might be taxable, lifetime gifts are a good way to transfer wealth to the next generation without incurring estate and gift taxes.
Another form of flexibility is to give the trustee or a group of trustees discretion to determine distributions. Among other factors, they would consider how to structure distributions to reduce taxes.
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