Estate Planning 2000 and Beyond

Today's estates grow passively.  Stocks go up and down in a day, real property appreciates at an uneven pace but all investments tend to grow in value and before you may know it, you have a very nice retirement fund, some real estate and stocks that are worth more than you dreamed of.  In this uncertain investment world, planning one's estate is more important than ever.

The Act slowly phases out the estate tax and the generation-skipping transfer (GST) tax.[2] These taxes disappear for calendar year 2010 and then reappear in 2011 as a result of the sunset provision.  Consultation with an Estate Planning attorney is necessary to consider these changes.

Gifts to family can take the form of outright gifts (not recommended for younger generation who might not spend it as wisely as you would want).  It can take the form of a "living" or inter vivos trust, in which you or another person or entity (a bank for instance) cares for and invests (administers) the trust property for the beneficiaries (the objects of the gift) during the life of the trustor, you.  Trusts can be revocable (usually for general gifts) or irrevocable, for set planning.

Gifts can also take the form of testamentary trusts, which are usually contained in wills.  A will is an instrument that directs how your property will be disposed of in the event of death.  In some wills there can be trust provisions that deposit property on death into the hands of a trustee to administer.

Copyrights have a very long life, 70 years after the death of the author for example.  Our Estate Planning takes into consideration these assets and all others, administration being important to keep the money flowing and keep the assets working.

Plan today for your family's future.  If you have no family or are the last surviving spouse, you might want to leave all or part of an inheritance, using the planning tools mentioned and others, to benefit a charity.