• Skip to main content
  • Skip to the end
  • People
  • Services
    • Tax
    • Assurance & Accounting
    • Estates & Trusts
    • Business Advisory
      • Start-up Advising
      • Corporate Governance
      • Internal Control
      • Growth Management
      • Succession Planning
    • Valuation
      • Valuation Services
      • ESOPs
      • Start-up Funding
      • Stock Options
      • Valuation Process
    • Litigation Services
    • Benefit Plans
  • Expertise
    • Construction
    • Family Wealth & Individual Tax Planning
    • International
    • Technology
    • Nonprofit
    • Emerging Businesses
    • Manufacturing & Distribution
    • Recreation & Entertainment
    • Renewable Energy
    • Real Estate
  • Resources
    • 2020 Tax Planning Guide
    • Estate Planning Podcast
    • Estate Planning Year-End Check Up
    • Insight on Estate Planning Blog
    • Founder’s Pit Crew
    • International Tax Articles
    • Nonprofit Insights Blog
    • Tech Company Life Cycle Chart
    • Tech Blog
  • News & Events
    • COVID-19 Articles
    • Newsletters
    • ASL Talks
    • Press Releases
    • Media
  • Careers
  • About
    • About Us
    • Our Mission
    • Our Community
    • Associations
  • Contact
  • File Sharing
  • Pay Online
  • About
    • About Us
    • Our Mission
    • Our Community
    • Associations
  • Contact
  • File Sharing
  • Pay Online
ASL
  • People
  • Services
    • Tax
    • Assurance & Accounting
    • Estates & Trusts
    • Business Advisory
      • Start-up Advising
      • Corporate Governance
      • Internal Control
      • Growth Management
      • Succession Planning
    • Valuation
      • Valuation Services
      • ESOPs
      • Start-up Funding
      • Stock Options
      • Valuation Process
    • Litigation Services
    • Benefit Plans
  • Expertise
    • Construction
    • Family Wealth & Individual Tax Planning
    • International
    • Technology
    • Nonprofit
    • Emerging Businesses
    • Manufacturing & Distribution
    • Recreation & Entertainment
    • Renewable Energy
    • Real Estate
  • Resources
    • 2020 Tax Planning Guide
    • Estate Planning Podcast
    • Estate Planning Year-End Check Up
    • Insight on Estate Planning Blog
    • Founder’s Pit Crew
    • International Tax Articles
    • Nonprofit Insights Blog
    • Tech Company Life Cycle Chart
    • Tech Blog
  • News & Events
    • COVID-19 Articles
    • Newsletters
    • ASL Talks
    • Press Releases
    • Media
  • Careers
Search | Menu

Insight on Estate Planning

A blog to spur thought and family conversations around managing and transferring family assets and wealth.
Next
September 24, 2020

Estate Planning Pitfall - You Haven’t Created a Road Map for Your Estate Plan

You’ve probably spent a lot of time creating documents for your estate plan, including a will, trusts and a power of attorney. While these documents are essential for your plan, your family could also use a “road map” to navigate the aftermath.

Typically, the road map will be in the form of a “letter of instructions” or similar missive that isn’t legally binding. But it can still be a valuable source of information in trying times. This is especially true if your family is devastated by a loss due to COVID-19 or some other unexpected calamity. (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Estate Plan Road Map, Estate Planning Strategy, Letter of instructions,
September 23, 2020

Naming Your Executors and Trustees

Have you chosen the executor of your estate? How about the trustee for trusts you intend to establish? It’s important to select someone who’s capable of handling these duties on your family’s behalf.

In some cases, the executor of your estate and the trustee of your trusts will be the same person. In any event, it’s vital to designate a successor to both of these positions. (See Sidebar below, Provide a stand-in for these roles) (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Estate executor, estate planning, Trustee,
September 23, 2020

The Cares Act Creates Charitable Tax Incentives

Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured to maximize the tax benefits on the books.

Now, the Coronavirus Aid, Relief and Economic Security (CARES) Act increases those tax incentives. Under the CARES Act — adopted to address the fallout from the COVID-19 pandemic — taxpayers of all stripes may realize additional tax savings from charitable donations in 2020. (more…)

Share Article
Print
Categories: COVID-19, Family Wealth & Individual Tax Planning
Tags: CARES Act, Charitable giving, Charitable Tax Incentives, Qualified charitable distributions,
September 22, 2020

Is Now the Right Time to Forgive Intrafamily Loans?

Whether you made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption amount and a low-interest-rate environment add up to an ideal time to forgive intrafamily loans.

Under the right circumstances, an intrafamily loan can be a powerful estate planning tool because it allows you to transfer wealth to your loved ones free of gift or generation-skipping transfer (GST) taxes — to the extent the loan proceeds achieve a certain level of returns. (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Gift and Estate Tax Exemption, Income Tax, Intrafamily loans,
September 18, 2020

A Gift Tax Return Doesn’t Always Have to Be Filed

Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is “no” if your wealth is well within the exemption amount. However, there are scenarios where it’s necessary (and possibly advantageous) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return.” (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Form 709, Gift tax return, Lifetime Gift Tax Exemption,
June 1, 2020

The Benefits of a Durable Power of Attorney

No one likes to think about being incapacitated, but the threat is quite real. According to recent statistics, in the United States, about one out of every 10 people age 65 or older are affected by Alzheimer’s disease, while roughly one-third of the adult population has at least one of the leading risk factors for stroke. Don’t think that you’re immune.

This raises some troubling thoughts about how your personal and financial affairs will be handled in the event you’re incapacitated. If you haven’t already done so, address the possibility as part of a comprehensive estate plan. One common solution is to create a power of attorney. The optimal protection is afforded by a durable power of attorney. (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Durable Power of Attorney, estate planning,
May 12, 2020

Make Your Thoughts Crystal Clear to Your Family

Generally, every estate plan requires a will, but this main attraction may be complemented by other documents, like a letter of instructions. The letter, unlike a valid will, isn’t legally binding but can be valuable to surviving family members.

If you haven’t done so already, draft a letter of instructions and, most importantly, make sure that others know where and how to locate it. (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Contents of a will, estate planning, Letter of instructions,
May 4, 2020

Estate Planning Pitfall - You’re Hiding Assets Without Telling Anyone

George was a successful entrepreneur. He accumulated significant wealth during his lifetime, including several real estate parcels, a wide array of securities, retirement plan accounts and IRAs, and various collectibles, in addition to the home he owned jointly with his wife, Theresa. He also took out several life insurance policies on his life.

In his will, George designated Theresa as the beneficiary of most of the assets but divided up some of the other property between his two children. George named his wife and children as equal beneficiaries on life insurance policies. Sadly, George died earlier this year. (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Beneficiaries, estate planning, Hidden Assets,
April 28, 2020

How Your Digital Assets Fit Into Your Estate Plan

The digital revolution has touched virtually every aspect of our lives. The result is that you likely have at least a handful of “digital assets.”

These assets may include personal assets, such as online bank and brokerage accounts, and business assets, such as your company’s website, domain name, client databases and electronic invoices. As with all your assets, you need to account for them in your estate plan. (more…)

Share Article
Print
Categories: Family Wealth & Individual Tax Planning
Tags: Digital Assets, Electronic records, estate planning,
Next Entries

Subscribe:
Insight on Family Wealth Planning

Subscribe today to receive Insight on Family Wealth Planning Newsletter

Sign Me Up!
Contact Us Join Our List Follow
Privacy Policy | Site Map | Design by HDSF
© 2021 Abbott, Stringham & Lynch - San Jose CPA Firm - 1530 Meridian Avenue, 2nd Floor, San Jose, CA 95125
Phone: 408-377-8700 - Fax: 408-377-0821 - info@aslcpa.com

Accounting | Tax | Audit | Consulting – Abbott Stringham & Lynch is a top 30 CPA firm serving San Jose, the heart of Silicon Valley and the greater Bay Area. Our experienced team offers audit, accounting, tax, valuation, and consulting services to companies and individuals. With expertise in the areas of real estate, construction, technology, nonprofit, emerging business, international, family wealth & individual, recreation and entertainment, and renewable energy. San Jose CPA – Silicon Valley CPA. Regretfully, we are unable to refund payments made through our online processing system.

This website uses cookies to provide necessary site functionality and improve your online experience. By using this website, you agree to the use of cookies as outlined in Abbott, Stringham & Lynch's Privacy Policy.Ok