Financial Powers of Attorney

On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act. The changes to the Internal Revenue Code impact virtually every individual and business and are generally effective in 2018. Estate and Gift Tax The federal gift, estate, and generation-skipping tax credits will shelter gifts and estates up to $11.2 million…

Individuals often believe that a last will and testament is sufficient estate planning. However, a complete estate plan includes a last will and testament and planning for incapacity with a financial power of attorney and an advance health care directive. In some cases, a revocable living trust will also be included in the estate plan….

On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act. The changes to the Internal Revenue Code impact virtually every individual and business and are generally effective in 2018. Estate and Gift Tax The federal gift, estate, and generation-skipping tax credits will shelter gifts and estates up to $11.2 million…

Individuals often believe that a last will and testament is sufficient estate planning. However, a complete estate plan includes a last will and testament and planning for incapacity with a financial power of attorney and an advance health care directive. In some cases, a revocable living trust will also be included in the estate plan….

Estate planning attorneys have traditionally employed a number of strategies designed to minimize or eliminate estate tax liability for their clients. While many of these strategies increased capital gains tax liability by forfeiting a basis step-up, with federal estate tax rates of up to 40%, capital gains tax was the preferable tax to pay. Changes…