“Most estate planning mistakes tend to be fall into one of several categories. Every estate plan has unique features, but the same problems and mistakes recur. Many mistakes don’t vary with the value of an estate and other factors. Each of the classic mistakes is avoidable. All that’s needed is knowledge of what to beware…

“Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed. Nevertheless, most people have neglected to put such plans in place….

“Prior to June 1, 2015, the Internal Revenue Service issued estate tax closing letters for every federal estate tax return filed. But, for all returns filed on or after June 1, 2015, estate tax closing letters are only issued on request, and in lieu of closing letters, taxpayers can request an account transcript. The transcript…

by Steve Hartnett When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2017, for someone who has not used any exclusion during life, this would be $5.49 million. However, this does not mean filing…

©2016 Marsalese

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