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The goal of estate planning is to direct the transfer and management of your property in a way that makes the most sense for you and your family. While this may sound simple enough, it is only through careful planning that you can achieve this result. Without careful planning, your property may pass on your death to unintended beneficiaries or may be reduced unnecessarily by transfer taxes.
While planning for your death is a significant part of the planning process, estate planning addresses more than just the transfer of your assets upon your death. Your estate plan may also provide for the transfer of assets during your lifetime through gifts. In addition, prudent planning may involve planning for the current management of your assets in the event you become incapacitated or desire independent management of your assets as a matter of convenience.
There are a number of considerations that drive the estate planning process. Family considerations are important. For example, you must consider not only whom you want to receive your assets but when and how. Should your children receive their inheritance outright, or should it be managed for their benefit in trust? When should the trust terminate? Should your spouse be a beneficiary? Who should serve as trustee? Does a program of lifetime gifts make sense?
Perhaps just as important as the family considerations are the tax considerations. There are federal and state transfer taxes that apply to lifetime gifts and transfers at death. It is very important to understand the important tools available to minimize total transfer taxes.
The following is a summary of the basics of estate planning to introduce you to the techniques of estate and tax planning and help guide you through the planning process.
Tax-Exempt Organizations and Charitable Giving Co-Chair and Partner Jennifer M. Pagnillo moderates the latest webinar in the firm's Palm Beach Family Office Forum Series, "Doing Good By Doing More: Looking Beyond Traditional Philanthropy."
On July 29, Stephanie Eassa Rapp will be a speaker at the Summer Celebration All in for the Arts, hosted by Lido Consulting and Lido Advisors.
Christopher Voukides is a speaker at the Trusts & Estates End of Year Review 2021 sponsored by the Boston Bar Association on June 21.
On February 24, Partner Carl A. Merino spoke on "Reporting by U.S. Person of Foreign Income, Assets and Transactions" at a webinar hosted by STEP Colorado Formation and STEP Chicago.
Liza Hecht authored a chapter for the eleventh edition of Wolters Kluwer's 403(b) Answer Book.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney has pledged $5,000 to the University of Miami School of Law's Ray H. Pearson Memorial Scholarship Fund.
On March 11, Day Pitney Counsel Jordana G. Schreiber spoke on the "Basics of Estate Planning" for physicians at Massachusetts General Hospital.
Day Pitney Press Release
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