The IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect ‘portability’ of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death.
Establishing an estate plan is extremely important. As life changes, it is necessary to update your plan to fit new circumstances.
So why should you consider a more comprehensive plan than just leaving an out-of-state vacation home in your will?
An executor is the person whom you name to handle the settlement of your estate after you die, taking your estate through probate, a court-supervised process that winds up your affairs in the state where you were living at the time of your death.
The IRS is weighing a change that could leave your heirs poorer than you might hope.
Some people draft wills or trusts to ensure that the loved ones they will eventually leave behind own a piece of the properties the former will be leaving behind in case of their death.
Being a trustee is difficult but adopting these four best practices employed by professional trustees will go a long way to ensure that you’ll effectively execute your duties and mitigate your liability.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
You don’t have to be older and rich to do some estate planning.
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