Here's a brief glance at what you'll find in the July/August issue (PDF link is below.)
The GST tax exemption: A tool to generate future tax savings
The generation-skipping transfer (GST) tax can have harsh consequences. Those who take full advantage of GST planning strategies, however, have an opportunity to shield their wealth from tax and build a lasting legacy. This article discusses three types of transfers that may trigger GST taxes, and illustrates strategies to allocate the GST tax exemption in a manner designed to produce the greatest tax savings. A sidebar shows why automatic-allocation rules regarding the exemption don't always work in a taxpayer's best interest.
Estate planning isn't just about taxes
Estate taxes are only one piece of the estate planning puzzle. In fact, there are critical nontax issues to think about. This article looks specifically at appointing a guardian for children; avoiding probate through a revocable "living" trust; protecting assets against creditors' claims; and designing a trust to incentivize the beneficiary's behavior.
Are your loved ones' inheritances protected? Add spendthrift language to a trust to safeguard assets
Despite its name, the purpose of a spendthrift trust isn't just to protect profligate heirs from themselves. Adding spendthrift language to a trust benefiting one's heirs can help safeguard assets from their creditors, or in the event of relationship changes. This article explains how a spendthrift trust works.
Estate Planning Red Flag: You haven't planned for incapacity
Estate planning is often associated with death. But it's just as important for a plan to address incapacity associated with illness, injury, advanced age or other circumstances. This article looks at three planning tools for financial decisions (a revocable living trust, a durable power of attorney, and joint ownership) and two tools for health care decisions (a health care power of attorney and a living trust).