BY MARY E. VANDENACK
“In this world nothing can be said to be certain but death and taxes.” – Benjamin Franklin
In fact, however…
as of the date of this article, in the area of estate planning and the federal estate tax for 2010, uncertainty reigns supreme.
Under the present estate tax regime, the federal government imposes an estate tax on your taxable estate up the...Read More
On December 23, 2008 the “Worker, Retiree, and Employer Recovery Act of 2008” was signed into law by President Bush. One key provision of the Act temporarily suspends the requirement for taxpayers age 70 ½ and older (and their beneficiaries) to make annual minimum required distributions (MRDs) from their retirement plan accounts.
The Internal Revenue Code normally requires...Read More
Under IRC § 2041(b), the term “general power of appointment” means a power which is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate; except that– a power to consume, invade, or appropriate property for the benefit of the decedent which is limited by an ascertainable standard relating to the health, education, support, or maintenance of the...Read More
The Supreme Court of the United States recently issued a decision in the case of Larue v. DeWolff, Boberg & Associates that could have a drastic impact on fiduciaries of qualified retirement plans subject to the Employee Retirement Income Security Act (ERISA).
Plaintiff, James Larue, a former employee of the management consulting firm of DeWolff, Boberg & Associates, brought...Read More
BY MARY E. VANDENACK
Do you have a disabled beneficiary? A disabled beneficiary raises special issue in designing an estate plan. In addition to financial dependency, the disabled beneficiary is often dependent on parents or other family in other ways that should be considered in estate planning.
In developing an estate plan that includes a disabled beneficiary, give special consideration to...Read More
The Pension Protection Act (PPA) §829 created a way for non-spouse beneficiaries to stretch their retirement benefits. In the past, only spouse beneficiaries could directly roll over a retirement account. A non-spouse beneficiary had to take the distribution, and pay income tax on the distributions, from the retirement account within 5 years of the date of death of the account owner. Effective...Read More
The Nebraska estate tax and generation-skipping transfer tax have been repealed for descendents dying or transfers made on or after January 1, 2007. (LB 367)
When to Review Your Estate Plan
The estate plan rules have been in a constant state of flux for the past several years. As a result, regular review should be considered. At a minimum, your estate plan should be reviewed upon:
A move to...Read More
THE NEBRASKA DECLARATION FORM
(Commonly called a Living Will)
PURPOSE AND SCOPE OF A DECLARATION
The Nebraska declaration form allows you to express your desires in regard to the type of life support, if any, you wish to receive if you should become terminally ill or persistently vegetative and are no longer able to speak for yourself. The form states that if you lapse into a persistent...Read More