In meeting with clients since the beginning of the new year, I can see that the new federal estate tax laws have given us flexibiliy in our planning options. In particular, couples should consider reviewing and updating the beneficiary designations for their retirement accounts. Before the recent tax law changes, couples may have elected to designate their trust, rather than their spouse, as the primary beneficiary of their retiremnet accounts. Under the new tax laws, it may be advantageous to designate one's spouse, rather than the trust. Much of the reason for this new option is because of the concept of portability that has been added to the federal tax laws.
Forbes has a good article reviewing some of the new tax law under the 2012 American Taxpayer Relief Act. The left side of my home page includes my letter to my clients regarding the new tax law changes. You can find it under the title Estate and Gift Tax Law Update.
Holden & Campbell, LLC Annapolis Estate Planning Attorneys