|
The sky is falling... or is it? There is a tremendous amount of uncertainty with respect to possible estate tax law changes on the horizon. Sitting back and waiting is not the right approach. It’s time to play some offense and not defense. During this webinar, we will discuss 5 estate planning things you should be doing while the politicians determine if the estate tax laws are going to change.
When
Wednesday, July 14th
12:00 - 1:00 PM EST
30-min presentation followed by Q&A
Where
Microsoft Teams Webinar
How to Register
To register, please click the button below or this link. By registering, you will receive a recorded version of the webinar afterward for future reference.
|
|
|
No matter how prepared you may feel about the future, you and your family’s personal and financial situation is subject to change at any moment for any reason. Whether it be due to changes in the economy, an unexpected personal emergency, or even a sudden windfall of assets, no one can fully predict the future.
This level of uncertainty is exactly why it is critically important to periodically review your estate plan with your estates & trusts attorney. We recommend that you meet with your estate planning attorney at least every 3 years to discuss your estate plan, your current personal and financial situation, and your future plans. However, certain life-changing events also call for scheduling a meeting with your estate attorney at your earliest possible convenience.
Changes in Marital Status
Whether you are looking toward a new union or contemplating a divorce, any change in your marital status should require you to make the necessary changes to your estate plan. As a newlywed, do not allow yourself to become so swept up in the immediate future that you neglect to make long-term life plans regarding your finances. Without proper estate planning... Read more.
Welcoming a New Child
While you should start estate planning before you have a child, welcoming a new child into the world is one of the most essential times to update your estate plan. For parents, your estate plan should address important questions regarding your child’s safety and well-being in the event of an unexpected tragedy. Factors such as guardianship, education, and financial support must be added and addressed in the update to your estate at this time. Whether you are welcoming a new child through pregnancy or adoption, we recommend meeting with your estate planning attorney long before... Read more.
New Circumstances for Beneficiaries
Unfortunately, death, estrangement, and other factors may negatively impact your relationship with your beneficiaries. If a significant life-changing event occurs which would require you to re-think the distribution of your estate, meet with your estate planning attorney to make the necessary adjustments... Read more.
New Legislation
As the political landscape in Washington, D.C. and Maryland changes, so too does federal and local estate and tax laws. Tax reform is a consistent conversation at the federal level and laws tend to be amended with each new administration and congressional body. Maryland also periodically makes substantial changes to estate laws... Read more.
Changes in Your Financial Situation
Always remember to track the individual value of your assets if they are closely tied to investments such as land ownership or stock options. If your personal wealth grows or shrinks in any significant way, do not hesitate to meet with your estate planning attorney... Read more.
|
|
|
Likely, the most valuable and sentimental asset within your estate is your primary residence or a vacation home. If you desire to see your home’s legacy continue within the family after you are gone, but are concerned with high estate taxes, you may want to consider setting up a Qualified Personal Residence Trust, also known as a QPRT.
How a QPRT Works
A Qualified Personal Residence Trust allows you to remove a residence from your taxable estate and transfer the property to your desired beneficiary at a reduced gift value. But no need to start packing your bags right away! After the residence is transferred to the QPRT, you are still permitted to reside in the property for a set period. This time is known as... Read more.
How QPRTs Can Benefit You and Your Family
Transferring your home to a Qualified Personal Residence Trust is treated as a taxable gift of the home to your QPRT. The discounted rate of the gift is dependent on the length of the trust term, with longer terms resulting in more estate tax savings. QPRTs are also used to avoid probate for your family after your death.
QPRTs can be used for gifting both primary residences and secondary residences, such as vacation or beach homes. You are limited to creating QPRTs for two homes simultaneously. The biggest reason to create a QPRT is to save on estate taxes... Read more.
Before You Decide
Keep in mind, once you have transferred the property into a Qualified Personal Residence Trust, there is no turning back. QPRTs fall under the umbrella of irrevocable trusts, which means they cannot be adjusted or amended after they go into effect.
Creating a Qualified Personal Residence Trust requires confidence in your current financial situation, as well as a commitment to long-term planning. If you, as the grantor passes away during the retained income period, the property reverts back into the original estate at its current market value... Read more.
|
|
Ph: 443-589-5600 | Fax: 443-589-5601
www.sessadorsey.com
11350 McCormick Rd,
Executive Plaza III, Suite 601
Hunt Valley, MD 21031
 
|
|
|
|
|