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August 24, 2010
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Estate Planning News

 

 

IRS Plans To Reduce Estate Tax Lawyers

Washington, D.C. - The Internal Revenue Service (IRS) plans to reduce by nearly half the number of tax attorneys assigned to audit estate tax returns.  By the end of September 2006, under the Bush Administration’s plan, the IRS will terminate 157 estate tax lawyers and 17 support staff.

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Did You Know?    
 
 
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.

 


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Latest news about Financial & Estate Planning in Nebraska and nationwide:

Estate Planning – Considering a Second Marriage Late in Life
“As the life expectancy of people in the United States increases, the reality of second and third marriages becomes more likely even for those who ...
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Economic Benefits Of Estate Tax Repeal Should Be Made Permanent
WASHINGTON, D.C. - The positive effects of repealing the estate tax should be made permanent, Vice Chairman Jim Saxton said today in releasing a ne...
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Estate Planning Terms

 


Today's Terms

Fiduciary

Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.

Joint Tenancy

Definition:
Property owned by two or more people in a manner such that upon death of one of the joint owners, all of his/her interest in the property is transferred immediately, by operation of law, to the other surviving owners.

Family Limited Partnership

Definition:
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.

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Estate Planning Resources

 


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Estate Planning Hot Topics

 
Topics Related to Estate Planning:

  • Trusts
  • Wills
  • Uniform Probate Code
  • Gift Tax

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Nebraska Estate-Planning Attorney

 
If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

  • Alliance
  • Beatrice
  • Bellevue
  • Blair
  • Columbus
  • Fremont
  • Gering
  • Grand Island
  • Hastings
  • Kearney
  • La Vista
  • Lexington
  • Lincoln
  • Norfolk
  • North Platte
  • Omaha
  • Papillion
  • Plattsmouth
  • Scottsbluff
  • South Sioux City
 


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