Insight on Estate Planning - October/November 2016
Here's a brief glance at what you'll find in the October/November issue…
Gift giving made easy
Annual exclusion reduces your taxable estate
How can a person reduce the size of his or her taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts and other sophisticated estate planning techniques. But one of the most effective methods is also the simplest: leveraging the $14,000 per person annual gift tax exclusion. This article explains the strategy and a sidebar details the benefits of year-end gift giving using the annual exclusion.
Should your powers of attorney be springing or nonspringing?
A power of attorney (POA) is an important component of an estate plan because it provides details for making critical financial and medical decisions if a person becomes incapacitated. This article defines a POA and explains the difference between a springing and nonspringing POA.
Arrange your RMDs before year end
Per IRS rules, people must begin taking required minimum distributions (RMDs) from their retirement plans and IRAs beginning April 1 of the year after the year in which they turn age 70½. And they must continue taking RMDs year in and year out without fail. This article answers the questions of when to begin taking RMDs, the penalties for not taking them and why it's best not to wait until year end to take them.
Estate Planning Pitfall
You haven't addressed pets in your estate plan
Pet owners in all 50 states can now make provisions for their animals through a trust. This "pet trust" allows owners to set aside funds for the animal's care. After the pet dies, any remaining funds are distributed among one's heirs as directed by the trust's terms. This brief article explains how the trust works.
To view a PDF of the newsletter with full articles, click here.
The Current Whipsaw in Labor Law: Recent NLRB Developments and the Direction of the Biden Administration
While President Biden makes historic decisions, such as the firing of the NLRB’s General Counsel in January, many employers are wondering what impact “Biden’s NLRB” will have on their workforce. As new board members are confirmed, what changes should employers expect from the new NLRB?
FAQs: Mandatory COVID-19 Vaccines and the Automotive & Manufacturing Industries
Join us for a presentation where we will share the considerations, implications, and answer your frequently asked questions surrounding the implementation of mandatory COVID-19 vaccines.
The Basics: A Quick, But Important, Primer on Handling Fidelity Bond Claims Webinar
As workplaces across America open up this summer, now is the perfect time for a tune up on handling fidelity bond claims. Join a team of Clark Hill fidelity attorneys who will provide an overview of fidelity, coverage, noteworthy cases reported during the pandemic, key coverages and strategies for navigating a wide variety of claims.