Tax Exemption Portability Crucial in Estate Planning

When people think portability, they imagine lightweight laptops and folding chairs. These items owe their existence to ingenious inventors satisfying the craving for convenient transport. With this definition in mind then, it only makes sense that an estate planning tool designed for easy “transport” of tax exemption from one person to another would be called Tax Exemption Portability. “After portability came into being on January 1, 2011, the unused estate tax exclusion amount could be “ported” to the surviving spouse for use in making gifts and sheltering his or her own estate, writes estate tax expert Lorraine F. New in her Continue Reading…

Pet Trusts not just for Rich and Famous

Mick Jagger once said, “anything worth doing is worth overdoing,” and that certainly applies to over-the-top Pet Trusts. There are countless examples of extravagant pet inheritances like multi-million dollar residences, gourmet food plans and high-class transportation. For instance, Megan Johnson writes in her blog, “Will Bark for Trust Fund: How the world’s richest pets spend their inheritance” about “Conchita, the Chihuahua of Miami heiress Gail Posner, and her “sisters” (a Maltese and a Yorkie) are chauffeured around town in Conchita’s very own gold Cadillac Escalade. When Posner passed away in 2010, Conchita and her four-legged siblings inherited her Miami mansion Continue Reading…