December 1, 2021 / Newsletters
Insight on Estate Planning, Year End 2021
Weinstock Manion is pleased to present the Year End 2021 issue of Insight on Estate Planning, our bi-monthly newsletter. We encourage you to read it for ways to implement your estate plan more effectively, including ways to minimize taxes on your estate so as to maximize its value for your loved ones. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to contact us to discuss your specific needs.
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In this issue:
Take Full Advantage Of Your Annual Gift Tax Exclusion
One of the most effective estate-tax-saving techniques is also one of the simplest and most convenient: making maximum use of the annual gift tax exclusion. Individuals can annually make up to $15,000 in gifts per person gift tax free ($16,000 in 2022). This article explains how an individual can maximize the amount of assets he or she can annually pass to loved ones using the annual gift tax exclusion. A sidebar details when a gift tax return must be filed.
Read this article.
Have You Named Successor Fiduciaries?
It’s generally not enough to appoint an executor to handle a person’s estate after his or her death or name a trustee to administer a trust. Choosing qualified people to fulfill these duties requires forethought and in-depth analysis, but it’s only half the battle. For greater protection, consider choosing “successor fiduciaries” who can step in at a moment’s notice and take over, if needed. This article details the duties of a successor fiduciary.
Read this article.
Estate Planning Pitfall:
You Don’t Have A Residuary Clause In Your Will
A residuary clause is a provision in a will that passes the residue of an estate to designated beneficiaries. Consider it a safety net that catches all of a person’s possessions that aren’t covered by specific gifts. This brief article explains what happens if a will doesn’t have a residuary clause.
Read this article.