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Category Archive for: ‘Estate Planning/Probate’

What is a Special Power of Appointment?

What is a Power of Appointment?  A power of appointment is the power given by one person to another (referred to as the “holder” of the power of appointment) to designate who is to receive an asset. For example, if Husband creates a trust giving Daughter the power to determine who is to receive the trust principal, Daughter is the …

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Special Use Valuation for Certain Estate Properties

Although Congress passed legislation in 2001 incrementally increasing the amount exempt from federal estate tax over the next few years, with complete elimination of federal estate taxes in 2010, unless Congress acts affirmatively to make the repeal of estate taxes permanent, estate taxes will resume after 2010 at former rates and levels. In any event, estate taxes will continue to …

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Durable Powers of Attorney for Health Care or Health Care Directives

A power of attorney is a document that authorizes one or more individuals (collectively referred to as the “agent” or “attorney-in-fact”) to act on behalf of the person executing the document (the “principal”). There are two basic types of powers of attorney; financial powers of attorney, which authorize the agent to act with respect to financial matters, and health care …

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The Reciprocal Trust Doctrine Can Trap the Unwary

Estate planning attorneys utilize a number of different estate planning techniques to accomplish the goals of their clients and sometimes to minimize transfer taxes. One common estate planning technique is the transfer of assets into an irrevocable trust in a manner designed to remove the assets from the estate of the person establishing the trust (referred to as the “trustor” …

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