What’s trending on NP Trusts & Estates

July 04, 2017

NP Trusts & Estates Blog

Author(s): Deborah L. Anderson, Stephanie A. Bruno, Christopher F. Caldwell, EA, Sarah T. Connolly, Elena N. O’Leary, CPA, Mary-Benham B. Nygren, Steven M. Richard

Options for an overfunded 529 plan, major reasons estate plans fail, when to say no to an inheritance, why the IRS wants to audit your tax returns, and more. Here’s what’s trending in estate planning and wealth management.

Estate Planning

What can cause a well-thought-out estate plan to fail?

The signing of your estate planning documents is not necessarily the final step in the estate planning process.—Deborah L. Anderson, Stephanie A. Bruno, Sarah T. Connolly and John L. Garrett

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Talking to your parents and grandparents about their estate plans and when to say no to an inheritance

Your parents or grandparents can, with proper planning, leave your inheritance protected from your creditors.—Deborah L. Anderson

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Personal Privacy

Medicare will remove SSN’s from beneficiary cards

Medicare recipients will receive new cards replacing their social security numbers with randomly generated unique identifiers.—Steven M. Richard

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Overfunded a 529 plan? Here are your options.

Don’t let the possibility of an overfunded 529 plan keep you from saving for the future.—Thomas A. Stedman

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Income Tax

What causes the IRS to audit your tax return?

Taxpayers often wonder why their return was selected for an audit or whether a particular tax deduction might target them for a future audit.—Yelena Kuznetsova

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You may need to renew your Individual Taxpayer Identification Number (ITIN) before December 31, 2017

Individual Taxpayer Identification Numbers (ITINs) are used by persons who are not eligible for a Social Security Number, like foreign nationals, but are required to make U.S. tax filings and payments. Under a new IRS policy, certain ITINs are set to expire on December 31, 2017, if not renewed.—Christopher F. Caldwell

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Estate Administration

The issuance of federal estate tax closing letters is no longer automatic

Where’s my estate tax closing letter? Well, now you have to request it from the IRS.—Mary-Benham B. Nygren

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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