Estate planning news

Here are some recent estate planning news articles and updates:

Tax Updates

• The IRS has issued new guidance on the 2022 estate and gift tax exemption, which is $12.06 million per person. (Source: Forbes)
• The Biden administration has proposed increasing the estate tax rate to 45% and reducing the exemption to $3.5 million per person. (Source: Bloomberg)

Estate Planning Strategies

• A recent study suggests that using a "grantor retained annuity trust" (GRAT) can be an effective way to transfer wealth to heirs while minimizing taxes. (Source: Kiplinger)
• Experts recommend using a "qualified personal residence trust" (QPRT) to transfer a primary residence to heirs while avoiding capital gains tax. (Source: The Balance)

Estate Planning for Specific Groups

• A recent survey found that 60% of millennials have not created a will, highlighting the need for estate planning education among younger generations. (Source: Caring.com)
• Experts recommend that small business owners use a "family limited partnership" (FLP) to transfer ownership and control of the business to heirs while minimizing taxes. (Source: Entrepreneur)

Estate Planning Disputes

• A recent court case highlights the importance of clear language in estate planning documents, as a dispute over the interpretation of a will led to a lengthy and costly legal battle. (Source: The New York Times)
• Experts recommend using a "mediation" process to resolve estate planning disputes, which can be less costly and less stressful than litigation. (Source: Forbes)

Estate Planning Technology

• A recent study found that 75% of estate planning professionals believe that technology will play a larger role in the estate planning process in the next five years. (Source: Estate Planning Magazine)
• Experts recommend using online estate planning platforms to create and manage estate planning documents, which can be more efficient and cost-effective than traditional methods. (Source: The Wall Street Journal)

Estate Planning for Specific Assets

• A recent court case highlights the importance of proper titling and ownership of real estate, as a dispute over the ownership of a vacation home led to a lengthy and costly legal battle. (Source: The Real Deal)
• Experts recommend using a "transfer on death" (TOD) deed to transfer ownership of real estate to heirs while avoiding probate. (Source: Nolo)

I hope these updates are helpful!