What's trending on NP Trusts and Estates

December 04, 2018

NP Trusts & Estates Blog

Author(s): Alexandra P. Crean, Mary Ford, Jo-Ann Martin, Mary-Benham B. Nygren, Sarah M. Richards, A. Christine Tshudy, CFA, CAIA

November economic highlights, mistakes executors should avoid, 2019 contribution limits for 401(k)s and IRAs, a retirement round up and more. Here’s what’s trending in estate planning and wealth management.

Estate and Gift Planning

2019 Estate, Gift and GST tax exemptions announced by IRS

The IRS released the 2019 Estate, Gift and Generation-Skipping Transfer Tax lifetime exemption amount. Find out what you can transfer tax-free to family and friends.—Sarah M. Richards

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Proposed IRS regulations issued to address when lifetime exemption differs from estate exemption

The IRS recently issued proposed regulations to provide that there will be no “clawback” of the temporarily increased estate and gift tax exclusion amounts after the exclusion amounts revert in 2026 to lower, pre-2018 levels.—Alexandra P. Crean

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Estate Administration

What documents should you keep after a person’s death?

While it may be relatively easy to determine what tangible personal property of a deceased person should be kept for monetary or sentimental reasons, other items such as financial statements, insurance policies, utility bills and tax returns may be less straightforward.—Alexandra P. Crean

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Executors: avoid making these mistakes

Executors have a long list of duties and responsibilities. Here are common mistakes made by executors that you will want to avoid during your tenure.—Mary Ford

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Wealth Management

Market Pulse: November Economic Highlights

Economic and market highlights from the NP Investment Team for November 2018. — NP Investment Team

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2019 contribution limits for 401(k) and IRAs

The IRS increased the contribution limit amounts to retirement accounts for 2019. Don’t miss out on the opportunity to make additional tax-free contributions for your retirement.—Mary-Benham B. Nygren

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Retirement round up

Discussing one’s retirement plans is typically a topic of conversation among older adults but retirement planning should begin when one is a young adult and continue throughout one’s working career.— Mary Ford, A. Christine Tshudy, Trusts and Estates Editorial Team, Jo-Ann Silva Martin

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Tax-exempt organizations: federal tax status and filings are online

Want to know more about a tax-exempt organization? The federal tax status and filings for a tax-exempt organization can be found on the IRS website.—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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