With the recent changes to federal estate tax law, common strategies for minimizing the amount the government taxes the property you transfer to your family have changed. Increasingly, reducing capital gains taxes on your most valuable assets may be more important than minimizing the property subject to the federal estate tax. For this reason, estate planning techniques such as Qualified Personal Residence Trusts and Life Insurance Trusts are likely of little or no benefit to many clients. Joint Revocable trusts are also becoming increasingly more effective than credit-shelter trusts and can provide the benefit of reducing capital gains taxes when appreciated property is transferred using this type of trust. New Hampshire remains a leading jurisdiction at developing trust law that provides people with the most effective tools for estate planning and minimizing the costs of transferring assets to your family. Trusts remain an effective way to provide family members with disabilities a higher quality of life while protecting their rights to receive public benefits.
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