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July 1, 2010

Elder Law -- Keep Beneficiary Designations Up-to-Date

Failure to keep beneficiary designations up-to-date can be a very costly mistake. Most people have some life insurance, retirement accounts, IRAs, and other contracts that designate a recipient or beneficiary. When the primary beneficiary becomes disabled, enters a nursing home, or dies, the owner of these contracts frequently fails to update the beneficiary designation. This can cause problems with probate, estate taxes, especially state estate taxes, and inheritances.

Your Cincinnati Elder Law Attorney

Paul A. Nidich
http://paulnidich.webs.com

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Posted In: Disability Planning , Elder Law , Estate Planning , Estate Tax , Special Needs Trusts , Tax Problem , Trusts

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May 12, 2010

Estate Tax Problem -- A Possible Resolution

On April 22nd, the Senate Budget Committee approved and sent to the Senate its Budget Resolution for Fiscal Year 2011 that begins on October 1, 2010. There are many provisions that deserve notice, but one issue that has plagued estate planners and taxpayers alike has been the issue of the estate tax.

The budget resolution contains a provision that would make the 2009 estate tax provisions applicable to 2010 and 2011. These include the $3.5 million exemption (which would now be indexed for inflation) and a top rate of 45%.

The existing law, left over from President Bush's administration, has no estate tax applicable to 2010, but the tax would be restored in 2011 with a top rate of 55% and an exemption of $1 million.

Your Cincinnati Tax Attorney

Paul A. Nidich
http://paulnidich.webs.com

Posted by Paul A. Nidich | | Email This Post

Posted In: Elder Law , Estate Planning , Estate Tax , Tax Information , Tax Problem

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