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February 06, 2012

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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.

Contact our Maine estate planning attorney now.

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 Maine and nationwide: Attorney General Files Second Suit Alleging HARRISBURG - Attorney General Tom Corbett today announced that a second civil lawsuit has been filed against the operators of a living trust sales ... Read more > Nelson Supports Full Repeal Of Estate Tax To encourage economic activity and to allow for certainty in estate planning, Nebraska’s Senator Ben Nelson voted today to proceed to H.R. 8, the b... Read more > Permanent Tax Reductions Seen As Most Stimulative WASHINGTON, D.C. - Permanent tax reductions would offer more economic stimulus than would temporary tax relief measures, according to a new study r... Read more > More Estate Planning News >

Estate Planning Terms

Today's Terms

Will

Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.

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.

Gross Estate

Definition:
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.

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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

Maine 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:

Auburn
Augusta
Bangor
Biddeford
Brunswick
Lewiston
Portland

Saco
Sanford
Scarborough
South Portland
Waterville
Westbrook
Windham

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