Preservation | Family Wealth Protection & Planning

This year’s biggest news in estate and gift tax planning is the IRS’s recent release of proposed regulations that seek to limit, and perhaps eliminate, discounts for lack of marketability and control in connection with gifts of interests in family-owned entities.

The first step in a well-developed estate plan is to have a solid foundation with documents in place — including, for example, a revocable trust, pour-over will, powers of attorney and medical directive. The next step, and perhaps the most critical, is making sure assets are properly titled or proper beneficiary designations are in place so the overall plan is achieved.

An often overlooked part of an estate plan relates to something most people care about deeply during life: Where will my pets go when I pass away?

Although many people consider their pets to be a part of the family, legally pets are considered personal property. They should be included in a client’s estate plan if there is concern regarding where the pet will go at the client’s death. Most people assume a family member or even a friend will step up to take care of their pets. However, to ensure that a furry friend is properly taken care of and provided for at death, a pet trust can be created.