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Estate Planning Tips for 2009

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Happy New Year!

Welcome to 2009 and the changes that take place for this tax year. The annual gift tax exclusion amount has increased to $13,000. Required minimum distributions from IRAs are not required this year - see my previous blog for details.

In 2001, the Economic Growth and Tax Relief Reconciliation Act was passed. On January 1, 2010, estate and generation skipping taxes are to be abolished. Both taxes are set to resume at their prior levels as of 2001 on January 1, 2011. Be very careful of the wording in your family trusts if they were drafted several years ago or if they contain a phrase that the credit shelter trust is to be funded in the full exemption amount. This means that in 2010, the entire amount of the trust could be left to the credit shelter trust and nothing to the survivor trust.

Credit shelter trusts are normally left to the children or grandchildren and the survivor trusts are for the surviving spouse. If you have a trust with a credit shelter trust or a marital deduction is set by a formula clause, this could disinherit the surviving spouse. You would want to have a maximum amount that can go to the credit shelter trust., and set a dollar amount or a percentage of the estate value. Seek advice from your estate planning attorney if you think your trust should be reviewed or amended. You will need to see your attorney to have the trust amended.

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About the author

Sandra Field, MBA, CFP®

Sandra Field, MBA, CFP®

Sandra Field, founder, of Asset Planning Inc. (API), is a Certified Financial Planner and has been an active professional in the financial services industry for over 23 years. She is recently named as one of nation's leading wealth mangers by Bloomberg "Wealth Manager" magazine. 

A Southern California native, Sandra graduated from California State University Long Beach with a Bachelor of Science in Finance and from University of Southern California with a Masters in Business Administration.

Sandra is a member of NAPFA (National Association of Personal Financial Advisors) and the Financial Planning Association. Sandra has served on the board of directors for the Orange County Chapter of FPA. Well respected in the industry, she is a featured financial advisor for the LA Times "Money Makeovers" as well as for the "One On One" column in the Orange County Register. In addition, Sandra serves on the Mutual Fund Panel of Experts for the Orange County Register Newspaper. She is also an active member of the community, serving as past President of the Seal Beach Chamber of Commerce, past Vice President of Finance on the Board of Directors for the American Cancer Society, and past Business Advisor to the City of Seal Beach.

Last but not least, she is a featured speaker at many public and private functions such as AAII (American Association of Individual Investors), Cal State Univ. Long Beach, EWGA and USC. She recently spoke at the WISE (Women In Securities & Education) conference, conducting a live money makeover before 400 women.

Whether she is assisting clients to reach their retirement goals or selecting the right investments for clients, education is at the core of Sandra's philosophy. She emphasizes the importance of developing a relationship with and educating clients, placing the utmost importance on helping them reach their goals, whatever they may be.

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