With recent changes in the Federal estate tax laws, including a current exemption amount of $5,430,000 and portability of the unused exemption of the most recently deceased spouse, many families have bypass trusts that aren't tax efficient. An alternative is to modify the bypass trust to include a general power of appointment in favor of the creditors of the surviving spouse.
This week’s interview on Financial Insider Weekly is with Jennifer Cunneen, attorney at law of Hopkins & Carley Our interview subject is "Should a family bypass trust be terminated considering recent federal tax law changes?
This week's interview on Financial Insider Weekly is with attorney James V. Quillinan of Hopkins & Carley. Our interview subject is "Should a family trust be terminated considering recent tax law changes?."
The American Taxpayer Relief Act of 2012, better known as the "fiscal cliff" tax legislation, passed on January 1, 2013 includes provisions that dramatically change the tax planning environment for estate planning, including whether and how trusts will be used.