It is a fundamental axiom of estate planning that “Fair is not always equal and equal is not always fair.” The inheritance you leave to your family is often not as important as maintaining family relationships after you are gone. Sometimes, parents place too much focus on how to divide their property, losing track of the fact that their intent may be severely misconstrued by the children once they are gone. This is most evident in cases involving a closely held family business.
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Congress adopted penalties for employers who hired illegal aliens in the 1986 Immigration Reform and Control Act (“IRCA”). The idea was that aliens would cease to come to the United States or stay illegally if they knew that employers would not hire them. Since 1986, employers have been required by law to verify that every employee they hire is entitled to work in the United States.
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No one knows what the future holds. This is especially true in the realm of estate planning. Not only do you have to consider the constantly changing laws that will impact your will or trust, you also need to be concerned with the needs of your family when your time comes. Though no estate plan can make arrangements for every possible family or legal situation, by planning for disclaimers, you allow your beneficiaries to take a second look at your estate plan after your death.
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Inherited IRAs and the steps necessary to create them are some of the most neglected areas in the world of estate planning. Also, it is one of the more complex technical areas, especially if it is being integrated with the rest of the estate plan. With proper planning, a substantial portion of this tax-free accumulation phase can be extended to children and grandchildren. The wealth accumulation that can be achieved, if the tax-free accumulation phase can be extended to children and grandchildren, is phenomenal. If you are not likely to spend all of your IRA, planning should be considered to help preserve this unique asset for future generations.
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