ESTATE PLANNING by JAY PERRY

Contrary to what many might believe, estate planning does not necessarily end at the death of the testator. At this point, the executor and beneficiaries of the deceased are likely to want to undertake further estate planning, particularly in the area of taxes. Regardless of the date of death, a descendants’ final income tax is due by April 15th of the following year. Among the decisions to be made is whether or not it is most beneficial to file a joint return with the descendant’s surviving spouse or whether to file a separate return. If the descendant had a significant capital loss or net operating loss, a joint return may well be a good choice because these carry-forwards end at death and would be lost otherwise.

There are financial realities and responsibilities that accompany the loss of a spouse or other family member. Without an estate plan, much of your hard-earned assets could be subject to high taxes. I encourage readers to protect their loved ones from unnecessary financial and emotional stress. At KRAMER & KRAMER ESTATE PLANNING we offer guidance on Trusts, Annuities, Mutual Funds, and Long-Term Care. We can review your current Trust for FREE. Call me at 623-544-2201 to arrange a FREE CONSULTATION! We do informative FREE SEMINARS every month, so call for seminar times and dates.