Estate Planning for New Parents: Part 1

As summer winds down, excited parents anxiously send their children off to school anticipating the future that awaits their kids. This gives us hope, but also reminds parents of the planning necessary to ensure the opportunities we desire for our children remain intact. In this two-part series, we will discuss common estate planning measures that should be considered by parents with young children. In this post we focus on estate planning for new parents.

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Trump vs. Clinton on Death Taxes

Now that the GOP and Democratic conventions are over and the general election campaigns are in full swing, Americans will soon decide on a new president. Many political commentators have noted that the stark differences between the presidential candidates and their platforms have never been greater in any presidential election in modern American history. While most of the rhetoric this election cycle has focused on immigration, trade, and foreign policy, the candidates’ positions on death taxes (e.g., Federal estate, gift and generation skipping transfer taxes) vary greatly and have at times come under scrutiny from opposing parties.

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IRS Targets Estate Tax Valuations of Family Businesses

The U.S. Treasury Department’s recent proposal to place extensive limits on valuation discounts has caught the attention of family-owned business owners and their estate planning attorneys. The proposal seeks to limit commonly used techniques in which families can minimize estate and gift taxes attributable to family-owned entities by claiming lack of control and lack of marketability discounts.

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