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July 20, 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.

Contact our Delaware estate planning attorney now.

Did You Know?

A "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property
You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.

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	Latest news about Financial & Estate Planning in Delaware and nationwide: Attorney General Takes Action Against Estate Planning Company Attorney General Hardy Myers today warned older Oregonians about being targets of "living trust mills" and announced the filing of a court action a... Read more > Estate And Gift Taxes Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than th... Read more > Establishing A Trust Fund A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization... Read more > More Estate Planning News >

Estate Planning Terms

Today's Terms

Trust

Definition:
A long recognized legal concept (first used in ancient Greece during the times of Socrates and Plato) in which some or all property of a Trust Creator is held on behalf of a beneficiary (which may include the trust creator) in the name of the Trustee.

Fiduciary

Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.

Gain

Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.

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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

Delaware 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:

Bear
Camden Wyoming
Claymont
Clayton
Dover
Dover Afb
Felton
Georgetown
Greenwood
Harrington
Hockessin
Laurel
Lewes

Magnolia
Middletown
Milford
Millsboro
Milton
New Castle
Newark
Rehoboth Beach
Seaford
Selbyville
Smyrna
Townsend
Wilmington

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