Is Your Will a "Turkey"? 6 Ways to Tell
Thanksgiving is less than a week away, but many people currently have turkeys of a different kind - poorly drafted Wills. If your Will is missing one or more of these features, it's time for an update: Waiver of bond for the executor At least one successor executor (in case the first named executor can't serve) Trust provisions for minor beneficiaries Comprehensive powers for the executor and/or incorporation of statutory powers Contingent beneficiaries (in case the primary beneficiaries are deceased) Self-proving affidavit (witnessed and notarized) Having these provisions can save a

One Year Estate Plan "Patch" Likely
Another article from CQ Politics about the Democrats' plan for the estate tax in 2010.

Year End Gift Checks - make sure you do it right
Many people are aware that they can give any number of other people up to $13,000 per year under the federal gift tax annual exclusion (IRC Section 2503(b)).  Staying under this number means that no gift tax return has to be filed and that there will be no reduction in the amount that can be passed free of estate taxes at the donor's death. However, writing gift checks to children, grandchildren or others at the end of the year can cause the donee lose the benefit of the annual exclusion unless: The check was paid by the drawee bank when first presented for payment; The donor was alive when the check was paid by the drawee bank; The

The IRS Loves Retirement Accounts
Planning for tax-qualified plans, which includes IRAs, 401(k)s and qualified retirement plans, requires a careful examination of the potential taxes that impact these assets. Unlike most other assets that receive a “basis step up” to current fair market value upon the owner’s death, IRAs, 401(k)s and other qualified retirement plans do not step-up to the date-of-death value. Therefore, beneficiaries who receive these assets do so subject to income tax. If your estate is subject to estate tax, the value of these assets may be further reduced by the estate tax. And if you name grandchildren or younger generations as beneficiaries, these assets may additionally be reduced

Further Delay on Estate Tax "Reform"
Coming as no surprise to me, anyway, an article on the website CQ Polictics, House LIkely to Delay Estate Tax Consideration, states that the House will likely postpone any movement on estate tax legislation until after Thanksgiving.  I'm still of the opinion that a one year "patch" continuing the current $3.5 million exemption and 45% rate is the most likely outcome.