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Our Taxation experts answer questions on Estate Planning such as:

  • Mother passed away in July 2012 and an Estate Planning Attorney advised to get a EIN and file for probate, (with a pour over will) open an estate checking a/c to transfer bank account in decedient's name. All has been done, but when it became time to transfer CD's, I became aware that my mother had created a living trust in 2010. I can't access the CD's until I set up a living trust account to place the assets being reserved for my father. What are my obligations? Do I file estate tax returns for my mother or do I open a a/c for the living trust. Since I already filed for probate, I assume I have to file appropriate tax returns. On the other hand a second attorney advised I do not have to file tax returns since the estate naturally become his. I treat this year's tax return on a regular IRS 1040, including all mothers income with dads. Then do I have to file a seperate tax return for accounts created inn the living trust
  • I have credit card debt of $1500. I am estate planning and I have always believed that debt (like this credit card debt) that is signed for and paid for only by me is addressable to me only and not my wife in any way. Is She right? My daughter believes that if I died today, she would be responsible for payment of this unsecured credit card debt.
  • When doing estate planning, does a post nuptial agreement trump a trust? Could a post nuptial be designed to allow 30% of the assets to be disbursed at the request of the spouse when widowed (in other words, the widow(er) would have full discretion over their 1/3 without permission from a trustee)? Would it then be possible for that 132 of the assets to be put into a trust, hence providing all the traditional protections against creditors while allowing the widow to make their own financial decisions. I am told that self trusteed trusts are easily ""breakable"" by creditors. Is a viable estate planning tool for couples in second marriages with children? Could I have Tina?
  • My husband and I attended an estate planning workshop presented by CLA Estate Planning Services. We were offered a Revocable Living Trust to be prepared by a New Jersey state attorney (we live in New Jersey state). This includes all the required documents: medical directive, HIPPA document, durable power of attorney, durable power of medical care, declaration of guardianship, pour-over will. It also includes annual reviews to keep all planning current, access to a client service coordinator and an administrater for aid to us when a death occurs. A person with an estate of $300,000 or less pays $4965 for this service. From $500 to $1 million they pay $4965 and for someone with over $1 million, they pay $5995. So have you heard of CLA Estate Services? Is this a reasonable fee for this service? Is there a less expensive option for all this? What would our alternatives be?
  • I am a spouse who became the sole owner of our estate when my husband passed in the last month. Much of what I own is in an IRA, 401K, and mod risky stocks. I do not want to lose my husband's hard earned money, and I am 40 y.o. I want to gift my kids $52,000 each. 1) Is the gift of $13000 each year (I have read about) allowable in all cases? I do not want them to be taxed or me penalized in the future. I plan to give my child $13000 and their spouse $13000 this year and exactly the same next year for a total of $52000. (I have 2 married children and would do the same scenario with my second child). ( Estate plannin)
  • With regard to estate planning, if an irrevocable trust is set up to protect my house and I sign the deed over to the trust - what happens to my homeowners insurance - since I will no longer ""own"" the home, but live in it? Also what about my mortgage? I will still be living in the home, I am just transferring ownership.


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