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August 24, 2010
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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.

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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 Wyoming and nationwide:

U.S. House Votes To Reform Estate Tax
The U.S. House of Representatives voted today to reform estate taxes by passing the Permanent Estate Tax Relief Act (H.R. 5638).

Also know...

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Governor Appoints Split Estates Task Force
CHEYENNE, Wyo. - Gov. Dave Freudenthal today announced his five appointments to the newly created Split Estate Task Force. The task force is charge...
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Estate Planning Terms

 


Today's Terms

Probate

Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.

Grantor

Definition:
The person who sets up or creates the trust; also called a Settlor, Trust Creator, Trust Maker, or Trustor.

Informed Consent

Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.

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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

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Wyoming 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:

  • Casper
  • Cheyenne
  • Cody
  • Douglas
  • Evanston
  • Gillette
  • Green River
  • Jackson
  • Lander
  • Laramie
  • Powell
  • Rawlins
  • Riverton
  • Rock Springs
  • Sheridan
 


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