On January 01, 2013 Congress passed and on January 02, 2013 the President signed into law the “American Taxpayer Relief Act” which for the first time in over a decade provides planners a permanent set of Estate and Gift Tax rules
At one time or another we have all heard an anecdote concerning a person who has – sometimes successful/sometimes not – attempted to change his or her “tax home” from New York to another state. One’s “tax home” is where he or she is “domiciled” and it is different than where one “resides.”
A supplemental needs trust (SNT) is a trust established for the benefit of a disabled adult (the "beneficiary") which does not jeopardize the Beneficiary’s eligibility for governmental benefits.
Since the Estate Plan is only as good as the information upon which it is based, you should gather, write down and share with your advisors (insurance, financial and legal) the essential information about the nature and extent of your assets, your family background and your wishes upon your death. This information, besides providing a record of the essential information for the Estate Plan, is a good jumping off point for discussing the Estate Plan basics with your advisors.