Saalfeld Griggs PC.

What Do You Need in Your Estate Planning Toolkit? By Estate Planning Practice Group SAALFELD GRIGGS PC Many people say they are finally going to get their estate plans in order. They want to avoid a mess at death, save death taxes and have their property go to the right people, but they are not …

Using Revocable Living Trusts By Estate Planning Practice Group SAALFELD GRIGGS PC 1. WHAT IS A REVOCABLE LIVING TRUST? A revocable living trust is like a bucket into which you place your property. During your lifetime, you maintain full control as the “trustee” or manager. If you become incapacitated, the successor trustee you name can …

Thinking Beyond the $10,000 Box By Jeffrey G. Moore SAALFELD GRIGGS PC For many people, it is important to know that their spouse will have money available for emergencies. So they put money aside for that purpose. At the same time, however, people want to minimize their taxable estate. That is understandable because gift and …

The QTIP Trust: The Swiss Army Knife of Estate Planning By Estate Planning Practice Group SAALFELD GRIGGS PC Have you ever seen the TV show Survivor Man? The hero always pulls something out of his backpack that has multiple uses to save him. A Qualified Terminable Interest Property (“QTIP”) trust is similar because it can …

The Joint Trust Craze: Who Says Community Property States Have All the Luck? (The IRS) By Jeffrey G. Moore SAALFELD GRIGGS PC Couples that reside in Community Property states (such as our neighbors Washington, Idaho and California—plus seven other states not including Oregon) have one arguable advantage over us Oregonians: double step-up in basis. The …

The Amusement of Estate Tax Reform: Are We There Yet? By Jeffrey G. Moore Saalfeld Griggs PC The newest thrill ride is Estate Tax reform. In 2001, Congress passed a law reforming what many thought was an outdated estate tax system. This “2001 Tax Act” gradually increased the estate tax exemption from $600,000 (and as …

Tell Your Spouse/Personal Representative What They Really Need to Know and Address the Real Concerns By Estate Planning Practice Group SAALFELD GRIGGS PC Many people think an estate plan is a Will and some beneficiary designations on insurance and retirement accounts. You do it once, put it in a drawer, and dust it off once …

Reducing Death Tax With a Cross Purchase Buy-Sell Agreement By Estate Planning Practice Group SAALFELD GRIGGS PC An often overlooked problem that can arise, however, is that at B’s later death the entire company and the life insurance on B’s life (if purchased by B) is includable in B’s estate for death taxes. In cases …

Reducing Death Taxes By Estate Planning Practice Group SAALFELD GRIGGS PC 1. WHAT ARE DEATH TAXES? Death taxes (also called estate taxes or inheritance taxes) are taxes on transfers of property at your death. Each person is allowed an exclusion from death tax. The following table shows the amount that can be excluded: YEAR OF …