|
|
|
| Biography | Legal Services | Estate Planning | Contact Us |
|
|
Minimize or Eliminate Estate Taxes |
The estate tax was repealed for 2010, but will be in effect for 2011 and 2012 with a $5,000,000 per person exemption and a maximum tax rate of 35%. For a husband and wife, the exemption can effectively be doubled with proper planning. The new exemption will "sunset" on December 31, 2012, unless Congress votes to retain it. | |
|---|---|---|
| Manage Assets for Children | In the event both parents die in a common disaster, a trust can be used to create a vehicle to manage assets for children until they reach a specified age, e.g. 25. | |
| Protect Children of Prior Marriage | Provide income and assets for the spouse of a second marriage while insuring that assets pass only to specified children or heirs. | |
| Coordinate Retirement Plan Benefits | Maximize options and income tax deferral by proper beneficiary designations for IRAs, 401(k)s and other retirement plans. | |
| Maximize Income and Deductions with Charitable Gifts | Provide increased income and receive income and estate tax deductions while still benefiting your favorite charity. |
| A Living Trust | The Living Trust, also known as a revocable trust, is recognized by the laws of all 50 states. It is a separate legal entity capable of owning and transferring property.
During the life of the creator, the trust is completely amendable and revocable. Upon death, property is held and distributed in accordance with the terms of the trust. Separate tax returns are not required. Lifetime administration of the trust is simple. The creator of the trust may act as trustee and manage assets with the assistance of a financial consultant, trust company, or other investment counselor. | |
|---|---|---|
| A Will | A trust does not eliminate the need for a will. The will is the document used to name a guardian for minor children. Otherwise, the will, known as a "pour over" will, simply names the trust as the sole beneficiary upon death. Assets are then held and/or distributed in accordance with the terms of the trust. | |
| A Power of Attorney | Authority given to an agent to sign documents and otherwise handle legal and related matters if you become unable to do so. | |
| Healthcare Power of Attorney | Authority given to an agent to make healthcare decisions for you should you become unable to make those decisions yourself. | |
| Living Will | States to what extent life saving measures are to be used in the event of terminal illness or injury. |
|
Year |
Amount | |
|---|---|---|
| 2011-12 | $5,000,000 | |
| 2013 | To be determined |
Janson & Koppenheffer, LLP Attorneys At Law 37 Bank St. Lebanon, NH 03766 |