The State Estate Tax

Though there is a (relatively) new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many families still have to plan for estate taxes even if under the exemption amount.  The reason? - Individual state estate taxes:

Because of these individual state estate taxes, use of trusts and other methods to deal with moderately large estate estates is still very much advisable.

To view the varying requirements of these states check out this map and accompanying article provided by forbes.com: Forbes - State by State Estate Tax Map

Trust as a tool to protect family wealth

As discussed in this Wall Street Journal article: Protecting Family Wealth,  more and more families are turning to to trusts as an effective tool to shield family wealth and protect against claims in divorce proceedings:

• Trusts can help shield premarital assets or inheritances from spouses.
• Unlike a prenup, creating premarital trusts can be done without the future spouse's consent.
• Premarital trusts may be less effective in shielding wealth acquired during marriage.
• The safest strategy is to use both trusts and prenups

Welcome

Welcome to the DVW Legal blog!

This is an informal place for our Attorneys and clients to share  experiences with legacy planning, discuss new types of legacy planning tools and generally share information to help each other through the multi-lane road that is life.

Have Fun!