October 19-25 is National Estate Planning Awareness Week

financial stability and security

In 2008 National Estate Planning Awareness Week was established and is primarily intended to help people from many different backgrounds better understand estate planning and why it plays a vital role in overall financial stability and security. House Resolution 1499 was adopted by congress in 2008 and was duly named National Estate Planning Awareness Week in September of that year.

making yearly gifts to loved ones

The actual dates of the National Estate Planning Awareness Week are October 19 through the 25th. That said, here are a few essential and important estate-planning tips for anyone and everyone who wishes to better grasp a few key components of general estate planning. For example, making yearly gifts to loved ones, relatives and family members can effectively reduce the total taxable value of an estate. Best of all it accomplishes the goal of not reducing the lifetime federal gift tax exemption for a given estate.

better handle incidents of ownership

Establish, if feasible, an irrevocable life insurance trust to better handle incidents of ownership issues and situations. In addition, it is often an excellent strategy to give away to family members and relatives assets that are appreciating while you, the principle, are still alive. Because of the 2012 Federal gift tax exemption, estate owners can give away up to $5.12 million worth of appreciating assets. This may include real estate, stocks and other tangible and similar assets.

amount that can be allocated

Equally useful when it comes to estate planning and better tax efficiency is to consider paying the medical expenses and school related costs of loved ones and family members. The amount that can be allocated in this way is virtually unlimited. The only stipulation is that payments must be made directly to a medical service provider or a school or other type of educational institution. In many instances these simply yet critical strategies go unused due to a lack of understanding when it comes to planning an estate.

unused estate tax exemption

Other great planning strategies for an estate includes making full use of the unlimited marital deduction and exercising ones option with regard to the portable estate tax exemption. This allows an executor of an estate to allocate any unused estate tax exemption (Federal) to a surviving spouse. Finally, making a bequest to an IRS-approved charity is a smart way to reduce a taxable estate to be more in line with the $5.43 million per individual estate-tax-free ceiling that is currently in force.

focused and dedicated service

Silver Rock Partners is pleased to share these basic yet very important estate-planning tips with clients and prospective clients during National Estate Planning Awareness Week. As always it is essential to note that Silver Rock does not offer legal advice yet can direct clients to highly experienced legal council with decades of focused and dedicated service to clients who have high-net-worth and affluent families from across the country. Contact Silver Rock Partners today for New York estate planning and technologically advanced estate planning tools that consistently exceed expectations.