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Estate Planner - November December 2016

in Estate, Trust & Probate, News

Here’s a brief glance at what you’ll find in the 2016 – Estate Planner – November December issue…

Carlin Comments – Another Disappointed Illegitimate Heir (Part 2)

In In re Estate of Burdette, the appellate court in September 2016, upheld the probate court overruling a purported daughter’s efforts to inherit from her father’s estate. Appellant Jackie Marie Burdette Wright contended that the probate court erred in ruling that she could not inherit from her father’s estate by failing to accept her birth certificate listing her father as prima facia evidence of the parent-child relationship, and violating her constitutional rights in failing to treat her with equal standing to decedent’s two natural children. Her father’s estate, as Appellee, responded that Wright did not prove a legally established parent-child relationship through: 1) a paternity action, or 2) any other statutory relationship. Read more — 2016 – Estate Planner – Carlin Comments – Another Disappointed Illegitimate Heir (Part 2)

The cost segregation study

An overlooked estate planning tool

Owners of commercial and rental residential real estate often use cost segregation studies to accelerate depreciation deductions and improve cash flow. But it might be surprising to learn that these studies also offer significant estate planning benefits. Families that inherit real estate can take advantage of these benefits, but they need to act quickly. This article explains the estate planning benefits of a cost segregation study. A sidebar details the benefits of a “look-back” study.

Is private placement life insurance right for you?

The estate planning landscape has changed dramatically during the past decade. Thus, many families are shifting their estate planning focus from gift and estate tax reduction to income tax reduction. In recent years, private placement life insurance (PPLI) has emerged as an effective tax-planning tool for investors in hedge funds and other “alternative” investments. This article discusses the ins and outs of PPLI policies.

A work in progress

An uncertain future requires a flexible estate plan

An estate plan shouldn’t be a static document. In fact, a person should revisit it every few years to account for life-changing events, such as marriage or the birth of a child, or tax law changes. If one’s life expectancy is 30 years or more, it may be difficult to plan for the future. This article explains that adding flexibility to an estate plan is important, and a carefully constructed trust is the proper vehicle.

Estate Planning Red Flag

You’re leaving an IRA to someone other than your spouse

An IRA can be a powerful wealth-building tool, offering tax-deferred growth (tax-free in the case of a Roth IRA), asset protection and other benefits. But if a person leaves an IRA to his or her children — or to someone else other than a spouse — these benefits can be lost without careful planning. This brief article explains the pitfalls of giving an IRA to someone other than a spouse.