Here are two very nice overviews that are very timely for the estate planning world:
First, tax time is a great time to think about your estate plan. With the federal estate tax credit going all the way up to $5.42 million per person this year and income taxes on the rise, estate planning is not just about limiting estate taxes. Oregon is unique in that the state still has an estate tax with only a $1 million per person credit, so estate tax planning for state purposes is still important. But after combining your state income tax rate with your federal income tax rate, you may be better served to focus on the income tax side.
Check out this great overview from Jones & Roth, which includes a bit about income tax planning in estate planning.
Second, in my practice, I'm also dealing more and more with planning for estates that are heavy in IRA assets...and I've seen a couple estate situations gone bad with poor IRA beneficiary planning. A properly done IRA beneficiary can be a powerful tool to allowing your heirs to stretch out the IRA over their lifetime. Poor planning (or no planning) can mean a forced liquidation of the IRA over a much shorter timeline (generally 5 years).
Here is a nice overview from Forbes with some great points for you to discuss with your estate planning attorney.
It's never too late to get your estate plan together and if you haven't reviewed your plan with your estate planning attorney since January 1, 2013, now is an important time to take another look.
