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Your Family Deserves More Than an Estate Plan

If you want to leave a true legacy, a traditional estate plan is not enough. With Legacy Planning, you can pass on your values, wisdom, and family heritage along with your nest egg. You can also provide your children's inheritances with just the right amount of protection from the threats and challenges of life.

Planning Your Estate With Privacy in Mind

When you use a Will to plan your estate, much of your personal information becomes public after your death. A Trust can help you accomplish your estate planning goals while shielding your personal affairs from prying eyes.

What to Expect When You're Inheriting

Most of us have daydreamed about inheriting money, but the reality of inheriting often doesn't match our dreams. In the real world, an inheritance can bring with it a number of questions and worries. Here we address four common concerns about inheritances.

Does a Roth Make Sense for You?

Choosing between a traditional IRA and a Roth IRA can have significant tax and estate planning consequences. Whether a Roth is the right option depends on a number of factors, including an account owner's current income, anticipated post-retirement income, and estate planning goals.

Five Estate Planning Myths

Estate planning is on everyone's "should do" list, but it rarely seems to make it to the top of the "to do" list. Perhaps this is because of all the myths surrounding the estate planning process. Here are five common estate planning myths, along with the truths behind them.

Getting Value Out of Giving with Charitable Trust

You've heard the maxim, "It's better to give than to receive." Americans take this aphorism to heart, especially as it relates to contributions to charity. Did you know that our tax laws actually encourage charitable giving? This article will explain gift-giving options from small to large, each with tax-savings implications.

The Estate Tax Is Not the Only Consideration in Estate Planning

The U.S. Congress continually debates the estate tax, often considering whether or not it should be done away with entirely. Many people think this tax is a cornerstone of estate planning, so if it's eliminated, they don't need an estate plan. Nothing is further from the truth. This article explains why.

There's No Time Like the Present to Review your Plans

Time passes quickly. Life brings change. While these may seem like platitudes, they reflect the truth of most people's lives. This article will encourage you to recognize a new life stage as an opportunity to review and fine tune your estate plan.

Is Your Ex-Spouse Really Out of Your Life?

Divorce is bad enough, but did you know that your children and new spouse can suffer financial devastation if you do not remember to change your estate planning documents after a divorce?

Make Sure Your Dreams Don't Turn Into Nightmares

The financial consequences of a divorce can be costly. You can do things right now to protect future generations in your family from suffering financial devastation after a breakup.

Look After Your Spouse Even After You're Gone

You and your spouse have worked hard to save for your golden years. But have you planned for a long, secure retirement if one of you outlives the other? Here’s how paying attention to certain key financial areas can set both of you up for a secure, worry-free retirement.

Choose Your Estate Planning Practitioner Wisely

Who should you entrust with planning your estate? Unfortunately, the estate planning industry can be a mixed bag. Along with licensed, qualified attorneys there are unqualified, or even unlicensed, individuals producing cookie-cutter estate plans that may or may not work as intended. Find out why you should choose your estate planning practitioner wisely.

Don't be Fooled: Estate Planning Isn't Just for the Wealthy

Estate planning is not just for the wealthy. The truth is, estate planning is about achieving some pretty common goals and taking care of basic responsibilities, regardless of how big or small our investment portfolio happens to be.

Short and Sweet is Not Always Better

When you compare a do-it-yourself living trust with one that was prepared by a qualified estate planning attorney, one of the first things you’re likely to notice is that the attorney-prepared trust is long. And it might not be so easy to read. There’s a good reason for this. This article discusses the reasons why planning for contingencies with an attorney drafted estate plan is the better choice. When it comes to estate planning, there’s any number of contingencies to prepare for.

Leaving a Lasting Legacy

When you really think about it, your true wealth is much more than just your accumulated assets or material possessions. With the right plan, you can protect and preserve your true wealth and create a legacy for your family that will last for generations to come.

Practical Strategies for Protecting Your Privacy

We’re all exposed to invasions of our privacy, large and small, during our lifetimes and even after death. These practical strategies make it easier to shield your family’s personal affairs from prying eyes.

Estate Planning Without a Crystal Ball

When you are planning your estate, it is important to remember that circumstances rarely stay the same over long periods of time. A plan that worked for your family when the kids were little may very well be obsolete by the time they've started families of their own. This is why it's important to ensure that you build flexibility into your plan.

Planning Your Estate? Don't Forget Insurance

The term "estate planning" usually calls to mind the process of creating a Will, establishing a Living Trust, or naming a guardian for young children. One piece of the estate planning puzzle that might not be readily apparent, though, is insurance. Learn how insurance in its many forms plays an important role in the estate planning process.

Help! My Attorney No Longer Practices Law

It's not something we often stop to think about, but attorneys experience life changes like anyone else. They may change careers or experience an illness or disability, or they may retire or even pass away. This article discusses the steps you should take if your estate planning lawyer no longer practices law.

What to Expect When You're Inheriting

At some point in our lives, we all dream of receiving an inheritance. We envision buying a new car, finally being able to afford private schools for the kids, or maybe even taking a trip around the world. But the reality of inheriting money or property often differs from our dreams. The process of settling an estate and distributing a deceased person’s assets can be time consuming. During this process you may have questions about taxes on various types of assets you may be inheriting, such as IRAs, valuable collectibles, and other property. This article provides a summary on what you can expect during this process if you’re anticipating an inheritance.

Parenting Your Grandchildren? You Need a Solid Estate Plan

According to data collected in the 2010 census, 4.9 million children under age eighteen live in grandparent-headed households. If you are in this growing number of grandparents returning to your “parent” role again, one of the pressing responsibilities that accompany your job as caregiver is to make sure you have a plan for your grandchildren in the event that something happens to you. And because you’re older now than you were the first time around, planning becomes even more important. This article reviews why it is imperative to have an estate plan in place and what a basic plan should include.

One Big Happy Family: How to Avoid an Estate Dispute

Picture this… You’re at the end of your long, fulfilling life and you’re ready to say goodbye to your loved ones and leave this world in peace. And then… your family declares war on each other. This scenario plays out all too often even in the closest of families. This article examines helpful ways to plan and avoid divisive family disputes after you are gone.

Helping Your Parents Through Their Twilight Years

As a child, your parents were there to guide and support you as you faced life’s challenges and obstacles in your path growing up. Similarly, as your parents age, and become less independent, they will rely on you as they face new challenges in their twilight years. This article examines how planning well in advance is important to ensure that no matter what lies ahead, their care and financial affairs will be looked after. Regardless of their financial means, if they are wealthy or of more modest means, there is a plan that can meet the specific needs of your family.

What Does a Millionaire Look Like?

Last year, the number of households in the United States with a net worth of $1 million or more grew by 16%, reaching 7.8 million. So, what does a typical American millionaire look like? The answer may surprise you. This article reveals characteristics and habits these self-made millionaires have in common and how you can learn and prosper from their example.

Recently Divorced? Make Sure You Tie Up All The Loose Ends

As anyone who's been through a divorce can confirm, it can be an emotionally draining and devastating experience. Once the divorce is finalized, you may think that all your legal ties to your former spouse are completely severed. However, it couldn't be further from the truth - especially if you created an estate plan while you were married. This article discusses which estate planning documents need to reviewed and newly created, and the beneficiary designations that need to be updated after a divorce.

What to Do With a Windfall

We've all had dreams of striking it rich one day. But what would you do if your dream actually became reality? If you unexpectedly come into an inheritance or a large sum of money, it is important to know what other issues come with this new found wealth. Taxes, estate planning and financial planning to name a few, need to be considered and addressed. This article covers what to do if your dream of sudden wealth comes true and how best to handle this happy windfall.

How to Help Others While Reducing Your Taxes

Lately it seems like natural disasters around the world are regular occurrences; from earthquakes in South America and China to hurricanes in the Atlantic and Gulf of Mexico. We feel empathetic for the victims, but often feel powerless to help. While we may be too far to personally help the victims of these disasters, many of us send donations to help people in these communities. However, sending a check may not be the wisest choice for taking advantage of the potential tax saving benefits offered through other gifting methods. This article discusses the main gifting strategies for maximizing tax benefits, such as Charitable Trusts.

Home Comforts: Maximizing Your Most Valuable Asset

If you're like many Americans, your home is your single most valuable asset, both emotionally and financially. In addition to being the center of your family life and possibly your most significant financial investment, your home can offer you benefits in terms of taxes, estate planning and asset protection. This article provides various examples of the benefits you can take advantage of as a home owner. With the help of a qualified estate planning attorney, you can make the most of your home, now and in the future.

Estate Planning: It's About More Than Taxes

In 2010, contrary to a lot of people's expectations, Congress allowed the one-year repeal of the estate tax. Despite all the fuss, the estate tax repeal didn't eliminate the need for estate planning. Why? Estate planning is about so much more than just taxes. This article discusses the many non-tax related reasons why it's important to have an estate plan in place.

Keeping Your Vacation Home in the Family

Vacation homes hold a special place in our hearts with fond memories of special times shared with family. However, most people do not realize that leaving the family's vacation home to their children without proper planning can be devastating to their ongoing relationships and can tear the family apart. This article discusses the estate planning options available to preserve family relationships and keep the vacation home in the family through the use of special shared use agreements and separate funds that will pay for any expenses.

When Harry Met Sally: A Lesson in Preventing Family Discord

Oftentimes, families can be torn apart when a disgruntled beneficiary challenges a Trust. This article looks at a blended family's Trust inheritance that was contested by one of the beneficiaries. The contest cost all the beneficiaries hundreds of thousands of dollars and ultimately severed their relationships. Learn how their loss, both emotionally and financially, might have been avoided if the Trust had included a No Contest clause.

Selecting an Estate Planning Attorney - Wisely

Your estate plan determines who will be entitled to your assets, how they can use them, and the protections which they and the assets you leave them may have from creditors, divorcing spouses, etc. This article discusses the importance of finding the right attorney to assist you in creating that plan and the downside to using an attorney who is not experienced in estate planning, even if they are a friend.

Top Reasons to Do Estate Planning--What are You Waiting For?

People have many different reasons to do estate planning. This article discusses the top 8 reasons which estate planning attorneys say motivate their clients to plan, which range from vacations to law changes. The bottom line is that people do estate planning in order to take care of their loved ones and to assure the legacy they envision. Don't wait until it is too late, create a plan today and ensure that when you pass away your loved ones will discover a coherent estate plan without the emotional and financial mess.

Who Handles the Finances in Your Family?

Often a couple may divide up everyday chores. Dividing up the work can be a great way to ease the burdens of life. But, what would happen if the person responsible for money matters died or suffered an incapacitating event? This article reveals a list of 13 important questions you should ask to ensure your financial well-being. The list includes asking about bank accounts, life insurance, bills and estate planning. When illness, incapacity or death strike, it's important to know where things are and what to do. Make sure you know the answers and are prepared for whatever may come your way.

Dos and Don'ts of Managing an Inheritance

An inheritance is a bittersweet thing. Your loved one valued your relationship enough to leave you something to make your life better, you want to honor their memory and use the inheritance wisely. This article lists important "Dos" and "Dont's" to follow regarding the use of your inheritance. Also mentioned in this article are tips to consider if your inheritance is in an IRA. All too often inheritances are squandered on meaningless items, take some time to consider your options and make a difference with your inheritance.

What Keeps a New Mom Up at Night Besides the Baby?

The birth of a new baby is a wondrous and joyous event. As a new mom you look forward to caring for your baby and watching your precious bundle of joy grow and develop from infancy to being a toddler, and then school-age to young adult. However, if something unexpected should happen to you, who would look after your child's physical and financial well being? This article reveals how you can provide a secure future for your new baby, with a comprehensive estate plan, should the unexpected happen.

When Father Time Catches Up With Our Parents

We all expect it to happen eventually. Our parents getting older. Not just older chronologically, but physically and mentally older as well. When these turn of events happen, there may also come a time when your parents will need more care than you can provide on your own. They may eventually need in-home care, or an assisted living facility, or even a nursing home. Are you prepared? In this article you will find out the steps you should take to secure your parents future, as well as your own. Also discussed is your ability to help them plan now for these eventual needs and help them prepare for this next stage in life when the time comes.

How to Avoid Estate Planning Minefields: You Don't Know What You Don't Know

Some things seem like they should be easy--and they are easy. However, the problem with some complex responsibilities is that they may seem simple on the surface, yet they may be very difficult in reality. This is equally true for estate planning. However, experts can spot the hidden problems which the ordinary person may not. This article looks at the problems one couple had when they opted to use do-it-yourself estate planning software instead of consulting with an attorney. There was a hidden minefield that caused everything the family had worked for to be lost to an ex-spouse. Something that could easily have been avoided had they consulted with an experienced estate planning attorney. Find out what some of the most common estate planning minefields are and how you can avoid them.

Preserving Grandma's Legacy

You find your grandma's estate planning documents when you're helping her organize her attic. The documents were dated two decades ago, just before grandpa died. After grandma dies, the assets will have to be split among her three kids. However, since the estate plan was drafted, the family's circumstances have changed considerably and things aren't quite that simple anymore. Leaving her assets outright to her 3 children would mean that their inheritance would be lost to creditors and medical expenses. This article discusses the importance of having an up-to-date estate plan to preserve your legacy and family history as well as having a conversation with family members about their own planning.

Planning After a Breakup

Nobody plans to break up. But as John Steinbeck said, "even the best laid plans of mice and men often go awry." For those going through a divorce this article includes a ten-point estate planning checklist to help you untangle the legal and financial web between you and your ex-spouse. Divorce can be scary. Just when a person is at their most vulnerable, they have so many new things to think about. A qualified estate planning attorney can help you move forward constructively toward a new future.

Preserving Your Independence

As we get older, it often seems that time accelerates. Where does all the time go? Aging is a normal part of life. Unfortunately, as we age later in life we are no longer as able-bodied as when we were younger. What would happen if your health took a turn for the worst? This article discusses planning for the future using a Medicaid Income Only Trust. This type of trust can help preserve your financial independence, but there are certain guidelines that must be followed. Plan to protect your independence, see a qualified estate planning and elder law attorney today and discuss your options.

Family Feud - Don't Let This Be Your Legacy

Few things are as heart-wrenching as a dispute among family members. Problems in an estate or trust can often cause deep divisions in a family, divisions that outside forces might never have been able to cause. This article discusses five easy steps you can take to avoid disputes over your estate and ensure harmony continues long after your death.

Living Trusts Enhance Privacy Protection

One of our primal fears is the fear of not having privacy and the protections which privacy provides. Today, anyone can find a great deal of information about you by doing simple online searches. This article discusses the privacy advantages of having a Revocable Living Trust, there are more than you may know. A qualified estate planning attorney can help you create a trust to protect your privacy and provide peace of mind both during life and after your death.

Pet Planning - Not Just for the Rich and Eccentric

When people think of someone setting up a Trust for their pet, they might imagine Leona Helmsley's pet Maltese named Trouble drinking Perrier from a crystal bowl in a lavish Manhattan penthouse. However, you don't have to be rich and eccentric to set up a Pet Trust to care for their beloved pet(s). Pet Trusts are most commonly set up by caring individuals who just want to make sure that their non-human family member is taken care of in the event of their own death or disability. This article discusses the 3 easy steps necessary to set up a Pet Trust for your furry and feathered family members. Remember, without you planning for them in advance, they may face the same awful fate that awaits so many other orphaned pets. You will sleep better knowing that they will continue purring or wagging their tail even if you're no longer able to care for them.

A New Tax and Retirement Opportunity in 2010

We all know the importance of saving for retirement. However, those earning above $100,000 have had one retirement saving opportunity denied to them: the Roth IRA. If you fall into this category, you are now in luck! Beginning in 2010, there is no income limitation for converting from a traditional IRA to a Roth IRA. There are two methods to get money into a Roth IRA: Contributing money to the Roth IRA or converting a regular IRA to a Roth IRA. The rules are different depending on which method is used. In this article, you will learn how a Roth IRA works and the advantages you may gain if you convert. A Roth IRA can be a great way to save for retirement. But remember, these and other valuable assets in your estate are governed by beneficiary designations. A qualified estate and retirement planning attorney, who focuses their practice in that area, can help tailor an estate plan that coordinates the beneficiary designations and can help you decide whether switching to a Roth IRA is right for you.

Taking Care of Rover After You're Gone

Your pet may have been with you for years and provided companionship and support. We plan for our human families, like our children, but oftentimes forget about our pets or assume someone will take on their care. However, if we do not make arrangements for our pets, they may join the hundreds of thousands of sad pets who end up in shelters, or worse, are euthanized because of their owners' death or disability. These loving, vulnerable members of your family need you to plan for them, too. This article discusses how a Pet Trust can help you provide for your pet when you are no longer able to offer care and support.

4 Deaths, 3 Estate Planning Mistakes

What would you want to leave behind for your family when you pass away? If the answer is not a contentious mess, then planning is required. Unfortunately, only 44% of Americans have a simple Will, much less a well-coordinated estate plan. In this story there are 4 deaths with 4 different outcomes. Each had the best of intentions but only one provided for their loved ones after their passing. A qualified estate planning attorney, one who focuses his or her practice in estate planning, can help you craft a well-coordinated estate plan that will provide for your loved ones who were left behind and avoid the 3 mistakes made by these families.

When a Loved One Passes

A death in the family can be especially traumatic and it is easy to overlook important items. It is often helpful to have a checklist with the various steps that need to be completed, so that in the panic and grief of the moment, nothing is forgotten. In this article you will find a short list of important action items and tips to help guide you when there has been a loss in the family. Keep this list handy so that you will not forget any major items. Don't go through this alone, a qualified estate planning attorney can help guide you through the often-difficult process after the death of someone close to you.

When Time Is Short

Thinking about the end of a loved one's life is always tough to do. But what if you learned your mother only had one year to live, what would you do? After discussing treatment options, hospice, and her health care management, it may be wise to talk with your mom about setting an appointment with her estate planning attorney. Chances are her current estate plan isn't up-to-date, or worse does not exist. This article reviews a number of issues that should be discussed with her estate planning attorney to ensure your mothers' wishes are taken care of and her assets protected. This will help alleviate concerns and let your mom focus on making the most of her last days with her loving family.

Eighteen and Alone: The Legal Risks of Independence

When your child turns eighteen, it may feel like nothing has changed. But, disconcerting as it may be, for all legal purposes, turning eighteen makes your child an adult. Even more disturbing is the fact that without proper legal safeguards, you may no longer have any say in their medical care or financial matters. This article reviews the barriers that may prevent you from accessing your child's medical information in case of an accident or illness. Also discussed in this article are several legal safeguards that can be used to prevent this from happening to you and your child.

Passport. Hotel Reservations. Living Trust?

When the inhabitants of Gilligan's Island went out for their three-hour tour, chances are they were not prepared for what was about to befall them. If they had never been rescued would their families be stuck in probate court attempting to divide their property even today? This article discusses the steps you need to take before you leave for vacation. The steps include a General Durable Power of Attorney and Revocable Living Trust, among others. Once these important measures are put in place, you will be able to relax and enjoy your vacation, worry-free!

Don't Trust Your Legacy to Just Anyone

When we plan our estates, we must take into account the potential life changes that may arise for our surviving family members and ensure that we provide inheritance protection from the many real world dangers that may come up in today's times. However, not all estate plans are created equal. The knowledge and experience of the attorney you retain could make a significant difference in the lives of your surviving family members. Learn what to look for in the attorney you work with and the importance of including divorce, remarriage and lawsuit protection in your estate plan.

Estate Planning in the Electronic Age

In today's electronic age, it seems that things are changing at an ever increasing rate. Every time we turn around, there's a new technology and more and more information to keep in mind. With the electronic storage of sensitive financial and emotionally valuable information, a new concern people have is what to do with "electronic assets" after their death or disability. This article discusses four possible options for the transfer of these potentially valuable assets.

What Do Estate Planning and Shoes have in Common?

Surprisingly, estate planning and shoes share many similarities. However, selecting and implementing an estate plan is a bit more complex than choosing a pair of shoes. This article discusses the many similarities between shoes and estate planning, while providing a list and explanation of the various important components in a complete and integrated estate plan

Estate Planning: It's Not Just About the Documents

An estate plan passes your assets to whom you want and in the manner you want after your death. However, some of your assets may not be controlled by your Will or Living Trust. This article discusses the various problems that can result when a thorough review of assets and ownership titles doesnt happen and how working with an experienced estate planning attorney can ensure that you avoid any planning pitfalls.

Preserve Your Legacy, Not Just Your Money

Death and incapacity are a natural part of the process of life. Along the way, we develop our values and accumulate assets and experiences. When planning for the future, ensuring your assets pass to your loved ones is only the beginning. A new paradigm in estate planning is emerging, Legacy Planning. This considers not only the tangible financial assets you are going to leave your family, but also what your goals, experience and values are. This article gives an overview of the key components of a Legacy Plan and explains how each component works together to create a plan that meets your needs and which your family will cherish for generations to come.

Guarding Against Mental Incapacity

Mental incapacity is something that concerns all of us as we age. Like physical decline, the loss of mental alertness may not be entirely within our control. This only increases the need for proper planning. If you have not planned, and are no longer able to handle your financial affairs, a competency hearing may be necessary. This article discusses certain estate planning tools that are available to help avoid this hearing and take care of you and your family in the event of your incapacity.

Caring for Your Spouse....Even After You're Gone

Do you worry about caring and providing for your ailing spouse and making sure their needs are met, after you are gone? This article describes how a Testamentary Special Needs Trust is one estate planning strategy that can help you do exactly that. Learn how you can plan now to help your spouse qualify for financial assistance for their future medical and nursing home costs, while preserving your assets for other expenses or "luxuries" that your spouse may need, which are not covered by government benefits.

Scams, Swindles, and Fraud, Oh my!

With more and more financial swindles making the news, it is not unreasonable to be worried about where you are investing. But scams are not limited to the investment field. There are plenty of scams to go around, even in estate planning. Seeking the counsel of a qualified estate planning attorney can help ensure you will not be the victim of an estate planning scam. This article explains what to look for in a qualified estate planning attorney.

Tough Times Could be Tougher

In unsettling economic times, people are looking for someone to hold accountable for their difficulties. With an expected increase in lawsuits this year, it is important to protect yourself. This article discusses steps you can take to protect yourself and your family against harmful lawsuits that could put all your assets in jeopardy. A qualified estate planning attorney can help structure a plan that limits your liability and keeps you safe during these tough times.

Trustee: an Honor and a Responsibility

Being named a Successor Trustee in your loved one's Trust is both an honor and a responsibility. It is the Successor Trustee's responsibility to administer the Trust and make many important decisions. In this article, we learn that some of those decisions may seem deceptively simple, however, the consequences of any hasty decisions could cause increased taxes and lost opportunities. Learn why it is important to consult a qualified estate planning attorney in order to prevent costly errors.

Your Team is on Your Side

Estate Planning is like a team sport. Your team should be made of qualified professionals, which you have selected. This article examines your team members and describes the role they should play in achieving your goals. Working with your team, you will be able to build a game plan to get you to the finish line.

Real Security

During these unsettling times everyone is searching for ways to feel more secure. This article provides details on how different components of a complete estate plan can provide real security for you and your loved ones, while building a solid foundation that can bring peace of mind during these unsettling times and in the future.

New Year Brings Resolutions... and More

The coming of the New Year presents an opportunity to reflect on the past year, and reorganize our priorities and goals. One important resolution is protecting our assets and our families through estate planning. The process to achieve this goal is discussed in this article.

A Loan May Be Taxing

This article examines important tax issues that may be overlooked when lending money to family members. Issues regarding gift taxes and income taxes are addressed and a possible solution using proper planning through an Irrevocable Trust is discussed.

Vacation Properties Take Planning

Just as taking a vacation takes some planning, vacation homes take some special consideration in an estate plan. There are several factors to consider, such as the possibility of ancillary probate, the use of the vacation home by beneficiaries, and the value of the home in your estate. The article reviews the use of both a revocable living trust and a special irrevocable trust, for those with a taxable estate, to create an effective estate plan that includes the vacation home.

Powers of Attorney - May Not Be Enough

This article examines the limitations of using a power of attorney to delegate decision-making authority to someone else. It explores the solutions available through the use of a living trust by nominating someone as successor trustee.

Planning to Benefit Non-Traditional Beneficiaries

Traditional estate planning strategies are not always available to people who have non-traditional beneficiaries, but here is a strategy that can only be used for non-traditional beneficiaries. These beneficiaries include unmarried domestic partners, same-sex married couples, nephews and nieces, and friends. This article examines the use of a Grantor Retained Interest Trust (GRIT), which is not available for traditional "members of the family", as a strategy to help plan for non-traditional beneficiaries.

Planning Opportunities in a Down Market

Every dark cloud has a silver lining, including uncertain economic times. This article examines unique estate planning opportunities that are available during a down economy. Tax savings by converting an IRA to a Roth IRA at a lower value, and transferring shares in a family business at diminished asset values are two strategies reviewed.

Everyone Needs a Periodic Checkup

This article examines how legal and life changes may make it a good idea to consult with your estate planning attorney to ensure that your estate plan continues to achieve your financial and estate planning goals.

A Trust Can Help Protect You from a Financial Crisis

This article examines how a trust can help expand the protection on your financial accounts, including those at banks, savings and loans, credit unions, and brokerages.

Split Things Fairly - Not Exactly

This article examines the difficulty of giving an asset that makes up the bulk of the estate to one beneficiary, while treating the other beneficiaries fairly.

The Silver Lining in Tough Economic Times

This article examines the current difficult economic times and how one estate planning strategy works better now than in better economic times.

Unique Planning for Unique Families

The article examines how Legacy Wealth Planning can be used effectively with a blended family.

Grandma and Grandpa--You're the Best!

The article examines ways to give to grandchildren, both during life and after you are gone.

What's in a Word?

The article examines how George Carlin's comedy shows that the use of words can be important. The article looks at why that is also true in estate planning.

Same-Sex Marriage Confusion

This article examines the impact of Californias landmark decision to allow same-sex marriages for both state and out-of-state residents. It clarifies the impact that this decision has on out-of-state residents and what responsibilities other states have of recognizing same-sex marriages performed in California.

Dividing Up the Pie

The article looks at FLPs, an advanced estate planning strategy. The article explains how FLPs can minimize estate taxation and maximize asset protection.

What Successful People Do

The article briefly looks at a few billionaires, that all of them have in common that they plan, and that they have done estate planning. The article goes on to show how with Legacy Wealth Planning the reader can do them one better.

Joint Tenancy - Joint Problems

Joint tenancy avoids probate and seems like a simple solution. Howver, adding a joint tenant adds all sorts of unforeseen problems.

The Top 10 Things to Know About Estate Planning

Many people are often confused by Estate Planning. Here is a list of the top things to know about Estate Planning.

The Prime of Life

This article recites the tragic story of Heath Ledger and how he omitted his daughter from his Will.

Preparing for the Unthinkable

This article recites statistics regarding unexpected tragedies in the United States including heart attack, stroke, and auto accidents. It calls on the reader to establish a Legacy Wealth Plan to be prepared.

IRS Clamps Down on Wesley Snipes and Other Tax Protesters

This article highlights the recent trial of Wesley Snipes on criminal tax protester charges and transitions into a discussion of the fraudulent promotion of trusts, such as "pure trusts," "constitutional trusts" and "common law trusts" as a purported means of avoid income taxation. The article concludes by recommending that the consumer consult with a knowledgeable estate planning attorney for the preparation of their trust and estate plan.

The Debate Continues and the Future of the Estate Tax Remains Uncertain

This article discusses the uncertainty created by EGTRRA and the likelihood (or lack thereof) of a fix from Congress in 2008. The article discusses the arguments for and against the complete repeal of the estate tax and the likelihood that Congress will not act until after a new President is elected. The article closes by encouraging consumers to see an experienced estate planning attorney for their needs.

Death and Tragedy

The article looks at the tragedy of family disputes and how to avoid them.

A Plan by Design or by Telephone?

The article looks at the game of "Telephone" and how transmitting your legacy in this manner is likely to result in error.

Charitable Giving and the Holiday Spirit

The article examines various aspects of gifting such as the annual exclusion of $12,000 per person, as well as various charitable strategies.

The Passing of a Loved One

The article examines the seven elements which may be included in an estate plan: Health Care Power of Attorney, HIPAA Power, General Durable Power of Attorney, Revocable Living Trust, Pour Over Will, Funeral Trust, and Legacy Plan.

Protecting Your Children from Our Litigious Society

How can you protect your children and their inheritance from litigation? This article explains how some innovative trust, the Family Sentry Trust and the Family Access Trust can help.

Special Needs Trusts and Autism

Autism is on the rise. You want to leave assets to your child without jeopardizing the availability of public benefits. A Special Needs Trust can help. This article explains how.

Legacy Planning: A Holistic Approach

This article looks at the latest developments in estate planning: "Legacy Planning." Legacy Planning focuses on the values and guidance to be relayed to future generations, not just wealth. The article discusses The Family Wealth Trust and its two subtrusts, the Family Access Trust and the Family Sentry Trust and how they can protect the beneficiaries from divorce and creditors.

What's Important in Your Life?

This article looks at what's important in life: family, friends, and values. The article looks at tragedies in our lives and how we always come back to what's important in life. The article then transitions to a discussion of Legacy Planning. The article discusses the Family Wealth Trust, the Family Access Trust, and how they may be used as part of Legacy Planning to protect the children after you are gone.

What's the Worst That Can Happen?

We often think that estate planning only deals with our assets at our death. This article debunks that myth and shows how a lack of planning can have negative consequences even during your life and not just on your assets.

What's Probate and Should I Care?

The article examines what probate is and why it is best avoided, and how. The article also examines the holistic concept of "legacy planning."

Planning for Unforeseen Circumstances

The article examines the importance of drafting flexibility into your estate plan to adjust for changes in values, circumstances, and interests.

Do You Know Who Your Beneficiaries Are?

The article looks at several types of items that pass outside a Will or Trust. In particular, it examines retirement beneficiary designations and new rules by Vanguard Group which might have disastrous results for the unaware.

Protect Your Children Now and in the Future

The article examines how you can use a Family Access Trust or a Family Sentry Trust to protect the inheritance you will leave to your children.

Putting Your Legal Life Back Together After Divorce

Divorce is common today. This article examines how to put your legal affairs back in order after a divorce.

Three Myths Women Have About Estate Planning

This article looks at several myths women have about estate planning. It includes some statistics that show why estate planning has more impact on women.

Decisions, Decisions, Decisions...

This article looks at the factors people consider when making estate planning decisions.

Strategies for Business Succession Planning

The article looks at methods for business succession, including using life insurance to provide liquidity and family limited partnerships for discounting.

To My Dog, Lucky, I Leave $10,000

The article examines the use of "pet trusts" and a few examples of how pets were provided for in the past.

What are the Odds

This article examines the need to plan for the unexpected. It gives statistics for the odds of disability and of death from various likely and unlikely causes. It shows the importance to plan for the one certainty in life, i.e., death.

Gifting to Children

This article examines gifting strategies for transfers in trust to minors. Specifically, it looks at Crummey trusts and 2503(c) trusts and the advantages and disadvantages of each.

Protecting Your Children from Their Nightmares... and Yours

The article examines statistics regarding divorce in America and how to protect your children from divorce. It examines setting up a divorce protection trust for them as well as using a marital trust for second marriages for your own assets.

Help for Our Armed Forces

he article examines the taxation of combat pay. Specifically, combat pay is tax-free. Also, it looks at new legislation that allows combat pay, otherwise not in income, to be considered as income for IRA eligibility.

Learn from Anna Nicole's Mistakes

The article examines Anna Nicole's Will and that she did not update it upon major changes in her life: death of a son, birth of a daughter, commitment ceremony to Howard K. Stern. It suggests that the reader learn from these mistakes and be sure to update their plan periodically.

Waiting to Roth: Hidden Loophole for High-income Earners

The article explains a few different types of retirement plans and then looks at a loophole for high-income earners to make contributions to a non-deductible IRA now and then convert it to a Roth IRA in 2010, when income limits for such conversion are lifted.

The Choice Is Yours: Don't Lose Your Chance to Make It

The article examines two cases: Terri Schiavo and Sarah Scantlin. Neither expressed their end of life decisions. Terri had her feeding tube removed after 15 years. Sarah awoke from her coma after 20 years. The article calls the reader to express their own desires in a Living Will.

Your 401k or IRA: A Problem Asset?

The article looks at IRAs and 401ks and how we need to save for retirement. Then it looks at the tax problems these plans create. It examines the stretch out available with the FRPT. It also examines using distributions to fund life insurance.

Gay Marriage - An Estate Planning Perspective

There are many ways in which rights of same-sex couples differ from those of heterosexual couples. Perhaps top of this list is that heterosexual couples can legally marry in every state and that marriage is legally recognized in every state and by the federal government.

Five Common Estate Planning Mistakes and How to Avoid Them

Estate planning is a complex weave of legal and personal objectives. Issues of taxation, family law, and business entities combine with the most personal of family concerns. Attorneys that focus on estate planning face this challenge and have experience in meeting their clients needs in planning to achieve personal and financial objectives. Here are some common mistakes made by attorneys that do not focus their practices in estate planning.

It Can Happen to the Best of Us

We all think our families can get along, when it really matters. We think that family frictions will fade into the background and we can pull together. However, sometimes family frictions erupt at the death of a parent or grandparent and can result in challenges to the estate plan. This can even happen to the best of us.

Privacy Protections: Don't Be Overprotected

Recent federal laws and regulations have created new privacy protections for your medical information. These laws are known as "HIPAA" (Health Insurance Portability and Accountability Act). Now physicians, hospitals, health insurers, and other "covered entities" must comply with strict rules or face fines and potential criminal penalties. An innocent mistake would incur a fine of $100. More serious breaches of privacy, such as releasing information for malicious harm, could result in fines of up to $250,000 and 10 years in prison. Understandably, health care providers are being extremely careful about the release of medical information in the face of such penalties.

Are You Married - You May Be and Not Know It!

You are probably thinking to yourself "How is this possible?!" It is true, you may be married and not know it-even without a quick trip to Las Vegas.

Trustee Investment Decisions: Are You Being Prudent?

eing a trustee is both an honor and a responsibility. Someone trusted your wisdom and judgment enough to place you in a position of authority over their hard-earned assets. These assets may be critical to achieving their most important goals, such as supporting and educating their children.

IRA and 401k Beneficiary Designations: Not to Be Taken Lightly

If you are like most Americans, you have money taken out of each paycheck for your IRA, 401k, or other retirement plan. Those deductions add up over time. Over the past twenty years, IRAs and 401k plans have become an increasingly important part of our lives. According to statistics from the Investment Company Institute and the Federal Reserve Board, retirement plans account for nearly $11 trillion in American wealth. For many Americans, this becomes their largest asset.

Planning for Vacation

You and your spouse have dreamt of this vacation for months. You have saved for it. And now, finally, the sand and surf beckon for a second honeymoon. You have gone over your checklist several times. You packed your favorite swimsuit and your good walking shoes. You even made sure to hide that Hawaiian shirt you would rather your spouse not bring. You made sure the kids are ready to go to your parents house – or as ready as possible. Is the thermostat set? Whos taking care of the mail? You know the routine; we have all done this many times before. But, as we prepare for a long vacation, inevitably we wonder "what if". What if something happens at the house; I better have someone check on it and water the plants. What if something happens at the office; I better give them my cell phone number. What would happen to the kids if we were in an accident?

Common Asset Protection Mistakes in Estate Planning

We all know that estate planning includes decisions about what should happen to our assets upon our death or disability. However, people often overlook asset protection issues and strategies in the estate planning process. Asset protection is the shielding of assets from potential creditors and others.

Top 10 Reasons for Periodic Estate Planning Review

Some people think that estate planning is a once in a lifetime project. But, as John F. Kennedy said, "change is the law of life." Periodic review of an estate plan is essential to ensure that your plan continues to accomplish your goals in the most effective manner.

Beneficiary Designations: the Hidden Trap

More and more of us recognize the need for careful, methodical estate planning. We prepare our wills and trusts. We labor over who should be guardians for our children and who should be trustees and executors. We decide how and when our children or other loved ones should get what we leave behind. However, all too often people who thought they had it all planned fall into a hidden trap: improper beneficiary designations.

Planning It Right the Second Time Around

Increasingly, Americans do not remain with their first spouse for life. According to a 2001 study by the National Center for Health Statistics of the U.S. Department of Health and Human Services, twenty percent of first marriages face "disruption" (defined as separation or divorce) within the first five years. One-half of all first marriages face disruption within the first twenty years of marriage.

How to Help [Insert Charity Name]

There are many ways each of us can help [charity]. However, some ways are better suited to certain donors while other methods make more sense for other donors. Following just a few of the many ways that you can use to help [charity] thrive.

Can I deduct my charitable contribution even if it wasn't cash?

Countless people make charitable contributions each year. Some people give cash. Some people give their old car, others the very shirts off their backs. Some give shares of stock, and others give their time.

Ignorance of the Law is No Excuse in Estate Planning

It is often said that "ignorance of the law is no excuse." This expression dates back at least four centuries. The expression is attributed to 17th century British jurist John Selden. He is quoted as saying: "Ignorance of the law excuses no man; not that all men know the law, but because 'tis an excuse every man will plead, and no man can tell how to confute him."

Choosing a Trustee

The centerpiece of most estate plans is a living trust, which provides flexibility disposing of assets, management of assets during incapacity, and avoidance of probate. While there are many options to consider structuring a trust, perhaps the most important issue is the identity of the trustee.

A Tale of Two Tragedies

On January 11, 1983, Nancy Cruzan was a healthy 25-year old woman driving along an icy road in rural southwestern Missouri. She slid off the road and her vehicle was found overturned. Nancy was found face down in a ditch, unconscious and not breathing for twelve to fourteen minutes. Emergency personnel worked valiantly and were able to resuscitate her. However, Nancy remained unconscious, being fed through a tube into her stomach.

I'm a Trustee, Now What Do I Do?

We've all heard of trusts. Trusts are used as an estate planning tool to avoid probate and to provide flexible planning to accomplish personal and tax goals. But where does a trustee fit into the picture?

How Does Moving Affect My Estate Planning?

Moving can be a difficult and disruptive process. We sort through our belongings and reassess our needs. We pack up our dishes, our clothes, and our lives. Moving is an ideal time to plan for the future and to adjust plans we've already made. Moving across town can be difficult. Moving to another state adds another level of complexity.

How to Make Gifts Count

One of the time-tested strategies in estate planning is reducing the overall size of your estate by gifting. However, and you gift can be just as important as you gift.

Estate Planning Savoir-faire: The International Client

.S. estate and gift taxes apply differently to Americans than to non-Americans. So, when planning, it is important to keep these differences in mind.

I Have Some Property Overseas, What Do I Do?

Many Americans have assets outside the United States. In fact, according to a study by the U.S. Department of Commerce, Bureau of Economic Analysis, direct investment abroad by Americans in 1999 exceeded $1.13 trillion. Whether it is a tract of land in the ancestral homeland or a vacation property in a tropical climate, great care must be exercised in planning for these assets.

It Could Have Been Me

Millions of Americans watched in horror on September 11, 2001 as terrorist-controlled jumbo jets struck at our buildings and our hearts. The attacks killed thousands of Americans. Now, we are left cleaning up the mess.

How to Give to Charity and Get Something in Return

Giving to charity leaves the donor with a special feeling of having helped others. You feel good for having helped your church, your alma mater, or your community. Wouldn't it be nice if you could help your favorite charity and get something in return?

Dying Isn't Necessarily the Worst Thing That Could Happen

When we think of estate planning, we ask ourselves: What happens if I die? Certainly, this is a very important question. While failing to plan for death can cause terrible consequences, failing to plan for disability could be even worse.

If You Really Love Me, Don't Leave Me Anything!

This sounds like an odd statement, but it may be very accurate. Leaving assets directly to children or other beneficiaries may cause them problems which could be easily avoided or reduced by leaving them the assets in trust rather than outright. Even if the child is a very capable adult, it is often better to leave the assets in trust. The child can receive the assets in trust and could be trustee of that trust. As trustee, the child could invest the assets as desired, could purchase a home with trust assets and live in it, and could even start a small business. All of this can be done while leaving the assets in the trust. Further, as trustee, the child could make distributions needed for his or her health, education, maintenance and support, or that of his or her own children. Finally, the child can be given a power to determine who should get any remaining assets at his or her own death.

Estate Planning in a Low Interest Rate Environment

When interest rates are low, everyone knows it may be a good time to take out a loan or refinance their home. But, low interest rates also affect some techniques in estate planning. The basic elements of an estate plan remain the same: A Revocable Living Trust, a Pourover Will, a General Durable Power of Attorney, and a Health Care Power of Attorney. But, some of the advanced techniques in estate planning become more or less desirable when interest rates are low. Let's take a look at some of the techniques and how interest rates impact their utility.

Corporate Trustees: Why and How Should You Select One?

There are many reasons for using a corporate trustee to administer a trust. One reason might be for continuity of management, such as with a "dynasty" trust which is designed to last many generations. Another reason might be for administrative convenience - dealing with one institution for the management and investment of the trust assets, making distributions to beneficiaries as provided under the terms of the trust, and preparing annual accountings and tax filings for the trust and its beneficiaries. A third reason might be for family harmony and the minimization of family conflicts, such as where both a new spouse and children from a previous marriage are beneficiaries of the same trust. A final reason might be the inability of the beneficiaries to manage the trust assets for themselves - such as where the beneficiaries are minors, spendthrifts or persons with "special needs".

Do You Know IRA? Shattering Some Misconceptions Surrounding the Individual Retirement Account

These days, traditional Individual Retirement Accounts ("IRAs") are common retirement savings vehicles. They provide individuals with a means to finance their retirement whereby the amounts set aside, as well as the growth, are not taxed until its withdrawal at the owner's retirement or other date. But even though many people utilize this beneficial form of investment, many misconceptions still remain regarding the rules that govern IRAs. Once these misconceptions are corrected, it's possible to reap the full benefits of an IRA.

Year-End IRA Checklist

The government requires that, for most people, mandatory distributions from IRAs (traditional IRAs, not Roth IRAs) begin no later than April 1 of the year after turning age 70.5, and continue every year thereafter as provided under the Treasury Regulations. These mandatory distributions are known as Minimum Required Distributions, or MRDs. Knowing the rules governing MRDs can protect your nest egg from IRS penalties.

How Will Your Assets Pass Upon Your Death?

Have you ever wondered what happens to a person's assets when they pass away? Just about everyone knows about a Will, and the fact that it includes instructions on how to dispose of a decedent's assets upon his or her death. But did you know there are other ways of transferring assets to your loved ones upon your death? You can easily remember three methods by recognizing the acronym C.O.P. - Contract, Operation of Law, and Probate.

End of Year Planning

This has been a tumultuous year for Americans. The attacks on the World Trade Center and Pentagon, anthrax-laden letters, and stock market gyrations have kept us on edge. Most of us will bid 2001 good riddance and welcome the New Year with open arms. But, before we do that, a little planning now can help us to prepare for next year.

Economic Downturn Leaves Many With Hard Decisions Regarding Retirement Plans

Recent layoffs due to the economic downturn have left many employees with the decision of how to manage their corporate retirement plan. One choice is to take the plan proceeds as a lump sum distribution and pay income taxes on the total amount. Another choice is to roll over the company plan into an individual retirement account ("IRA"). A third choice, if the company retirement plan provides for it, is to leave the retirement assets with the company for as long as the plan allows.

Why Women Hold the Keys to Successful Estate Planning

Some people still assume that, when it comes to financial and legal matters, women are not key players. However, this is entirely inaccurate. Women are most likely to be highly involved and greatly affected by estate planning. In recent generations, women have taken on a larger role in the financial arena. The number of women in the workplace has tripled in the last fifty years. Meanwhile, the real median income of women has increased by sixty-three percent, while that of men has declined by six percent in the same period. This income shift changes the family dynamics and gives women a greater voice in financial matters. According to a recent survey, women have an equal say in major financial decisions in seventy-five percent of households. In homes where one partner is solely responsible for financial decisions, women outnumber men in that role by a four to three margin.

Planning Reduces Stress in Times of Tragedy

The recent tragic events in New York, Virginia, and Pennsylvania have shaken each of us to the core. We look at the horrific images of destruction and misery surrounding us and they speak to us in a personal way. Many Americans have flocked to churches, synagogues, mosques, and other places of worship seeking answers to questions regarding the meaning of life and the existence of suffering.

Looking to Lend a Helping Hand

The recent tragic events in New York, Virginia, and Pennsylvania have drawn Americans together in ways almost unimaginable before September 11, 2001. After the planes struck the twin towers of the World Trade Center, firefighters, police officers, health care workers, and other selfless individuals rushed to help, placing themselves at risk. Many of those heroic souls did not survive the subsequent collapses.

Providing for Your Children in Your Revocable Living Trust: Don't Overlook Special Needs Planning

If you're a parent who has taken the time and energy to create a Revocable Living Trust ("RLT") you should be commended for your initiative and perseverance for ensuring your children and grandchildren are properly cared for when you are gone. If you have not yet created an estate plan, doing so could be one of the most important actions you can take on behalf of your children's future well being. A properly drafted estate plan designates who will care for your minor children upon your death, as well as providing for the smooth transfer of wealth to your children. Many parents assume that making sure a child is financially secure after they are gone means leaving the assets outright to the children. For many reasons, such as a child's inability to manage finances, outright distribution of your assets to your children may not be the most prudent option. This becomes especially true if any of the beneficiaries of your trust estate have, or develop in the future, special needs and require the assistance of government aid.

Getting the Most Out of Your Legacy Assets: Provide For Your Well Being and That of Your Heirs

Are you familiar with the term "Legacy Assets"? Well, you may not have heard it termed in such a way, but you may have them. They are assets specifically set aside as an inheritance for children, grandchildren or other loved ones. Many people place great importance on the ability to leave something to family members after their death. Unfortunately, many people who have legacy assets are not putting them to much use. It is not uncommon to earmark thousands of dollars as an inheritance, only to be sitting in a bank account, doing not much of anything. This is due to the cautious, yet wise, desire to have the assets available for any unforeseeable expenses, such as long term convalescent care. The need for long term care security and the desire to maximize an inheritance don't have to be mutually exclusive, thanks to a relatively new form of life insurance - Living Benefit Life Policies.

Saving for a Child's Education with Qualified State Tuition Programs: Now Even Better, But Still Proceed with Caution

Since its introduction in 1996, many parents and grandparents have become familiar with the Qualified State Tuition Program ("QSTP"), or Section 529 plan (referring to the Internal Revenue Code section authorizing the program). It is a state-sponsored (or private institution-sponsored) investment vehicle that allows you to set aside funds for qualified higher education expenses. You can name anyone as the beneficiary of a QSTP - a family member, or even yourself. Qualified expenses include tuition, fees, books, and room and board. QSTP funds are professionally managed and generally incur low management fees. You can select a QSTP sponsored by your home state or one sponsored by other states or institutions. Proceeds from such plans can be used for any qualified educational expenses of an accredited educational institution, whether in-state or out-of-state, private or public.

Medicaid and Life Insurance: Can Your Past Financial Planning Jeopardize Your Eligibility?

Most people are aware that, in order to qualify for Medicaid benefits an applicant must meet strict state-imposed income and resource restrictions. Luckily, when determining which resources are available, many assets are exempt from counting towards the Medicaid resource limit. Some examples include:
1. Principal place of residence, lot, and sale proceeds if another residence is purchased within 3 months of the sale;
2. Household goods and personal effects up to a specified amount;
3. Engagement and wedding rings;
4. Automobile used for necessary transportation, such as for transportation to employment or medical treatments;
5. Automobile not used for above purposes, up to a specified value;
6. Business property; and
7. Life insurance policies up to a specified amount.

What to Know before Naming A Child as Successor Trustee of Your Revocable Living Trust

When creating a Revocable Living Trust it is important to carefully choose who will administer the assets of the trust. The party or parties responsible for ensuring that the instructions found in the trust document are followed is called the Trustee. In most estate plans, it is common for a Revocable Living Trust to be structured so that the Trustors, the creators of the trust, serve as the Trustees throughout their lives. Upon their deaths or incapacity, it is not uncommon for a child to be named as the Successor Trustee of the various trusts established under the document. Although this may be a wise choice in many circumstances, it is important to consider all the complications that may arise when a child is selected for such a significant role.

Lowering Your Chances at Qualifying for Medicaid? Know the Law before Transferring an Asset

Estate Planning is often a necessary task. It is most commonly known as a way to direct your assets to those you wish to provide for after your death. But, did you know that part of the estate planning process could also help with providing for your care or the care of a loved one upon disability? A well thought out estate plan can prove especially useful where a beneficiary may need government assistance, such as SSI or Medicaid. A hasty transfer of assets can mean the difference between receiving the government's help or being on your own.

Government Assistance for Those with Disabilities

Living life with a disability can often be tough. But if you or a loved one is afflicted with a disability, know that you don't have to struggle on your own to make ends meet. The government provides aid to those with disabilities in various ways. The four largest and most common forms of government aid are Social Security, Supplemental Security Income, Medicare and Medicaid.

Who Is Your Personal Representative?

When a person dies, his or her estate, (the assets owned at death) will transfer to loved ones through one of three ways: 1) by contract; 2) by Will; or, 3) by the laws of intestacy of the State of the deceased person's residence at death. Only through the first two ways of transferring assets does the deceased person get to choose who receives his or her assets. Under the laws of intestacy, the State chooses who gets the deceased person's assets.

Don't Throw Your Estate Plan Out Just Yet - The Estate Tax Won't Be Repealed For At Least Ten Years

For the third year in a row, the House of Representatives and the Senate have passed bills repealing the Estate and Gift Tax. Although all details and provisions of the final version of the bill ultimately presented to the President for his signature are not currently known, if enacted in its current form, H.R. 8, the "Death Tax Elimination Act of 2001", would provide only moderate tax relief over the next ten years.

MRD for 2001 from IRAs and Qualified Retirement Plans: Act Fast!

If you own an Individual Retirement Account ("IRA") or participate in a qualified retirement plan and are required to take a Minimum Required Distribution ("MRD") this year, this is an article you cannot afford to ignore. You may already be aware that the Department of Treasury recently changed the rules concerning mandatory distributions from IRAs and qualified retirement plans.

Estate Planning in Light of a Remarriage: Ensuring the Care of Your Children

The staggering amount of divorces that occur in today's society is all too well known. Depending upon the circumstances that lead to the break-up of any marriage, one may think that getting into another such arrangement would be out of the question. However, this is not always the case. In fact, the Stepfamily Association of America reports that about 43% of all marriages are remarriages for at least one of the adults, and of these, about 65% involve children from a prior marriage.

New Rules Regarding IRAs and Qualified Retirement Plans: There's a Good Chance They Affect You

If you're like much of the adult population and you own an Individual Retirement Account ("IRA") or participate in a qualified retirement plan, take note. The Department of Treasury has changed the longstanding rules dealing with Minimum Required Distributions ("MRDs") from IRAs and qualified retirement plans. MRD refers to the amount which you are required to withdraw from your IRA or qualified plan annually once you reach your RBD (defined below). The failure to withdraw your MRD results in a hefty 50% penalty by the IRS on the shortfall. After almost fourteen years of inaction, the government has finally simplified the MRD rules that have been in place since 1987! The new rules are retroactive to January 1, 2001.

Encouraging Your Descendants to Become Productive Members of Society

Many adults work their whole lives, building their wealth to provide for themselves and their families. This desire to provide often survives death, as many people desire to build an inheritance large enough to provide for their children and grandchildren once they are gone. However, the desire to have sufficient assets to leave to descendants brings with it a dilemma. How do you leave assets to your children and grandchildren without marring their sense of hard work and accomplishment? A trust with incentive provisions might be the answer.

Financial and Estate Planning for the Dual Income Family

In today's world, it is more common than ever to find dual income households. Recent estimates by the Department of Labor find that women comprise around 47 percent of the American workforce. Compare this percentage to 1960 accounts estimating women in the workplace at around 33 percent. Because of the proliferation of working women, special planning is necessary to properly address the issues faced by households where both spouses work.

Ya'll Come Back Now, Ya Hear? The Importance of Having Your Estate Plan Reviewed

To many, the charm of the South has always been their delicious home-cooked meals and good old-fashioned southern hospitality. Southerners treat you like family and then invite you back for more. But whether you're from the South or another part of the country, someone else is always looking forward to seeing you again - your Estate Planning Attorney.

How to Gift Assets to Your Children: "Look, But Don't Touch"

Contrary to popular belief, the Internal Revenue Service ("IRS") does provide taxpayers with certain tax breaks. One example is the annual gift tax exclusion. Generally, the gratuitous transfer of assets is subject to a gift tax. However, each taxpayer can annually transfer $10,000 worth of assets, per recipient, free of gift tax ($20,000 for a married couple). Gifting assets provides an excellent means of removing assets from a person's taxable estate, thereby avoiding the Federal estate tax upon death, a tax that peaks at 55%.

The Many Faces of Life Insurance

Life insurance is a unique asset. Because of its tax-favored benefits, it can be used to solve some of life's perplexing financial problems. Most people regard life insurance as a "protective" asset, and it is indeed one of the very best assets to protect against potential losses. But life insurance is also a major planning asset to develop and implement your financial and estate plan.

After the Divorce: The Work's Not Over Yet

Unfortunately, it's common knowledge that divorce is on the rise in America. The statistics are astonishing, and it must be acknowledged as a possible reality for anyone contemplating or currently in a marriage. If it does occur, surviving the actual divorce process may seem difficult enough, but the hard work associated with returning your life to some semblance of normalcy doesn't end there. Divorce also affects your estate plan.

Planning After the Fact: The Benefits of Using Disclaimers

People are constantly being told to plan for the future. We experience this beginning at a very young age when our parents try to teach us to save money for a car or a trip. Throughout adulthood we are told to plan for our retirement. The same is true with your estate. Prudence suggests planning for your death so that your heirs experience minimal complications in settling your affairs.

Joint Tenancy: Friend or Foe?

If you're like many people who don't have an Estate Plan, you probably hold some of your assets as Joint Tenants with Rights of Survivorship. This is a form of ownership where two or more people have their names on the title of an asset, and upon one owner's death; his or her share of the asset passes to the remaining owner(s). While there are advantages to joint ownership, there are many pitfalls to keep in mind.

Calculating Your Required Minimum Distributions: Is Your Beneficiary Qualified?

People who own retirement assets, such as Traditional IRAs, are constantly being told to be aware of turning age 70.5. This is the magic age in retirement planning, and is the time at which mandatory annual withdrawals, called Minimum Required Distributions ("MRDs") must be determined. This first MRD must be taken no later than April 1st of the year following the year in which you reach 70.5 (also known as the Required Beginning Date ("RBD")).

Don't Overlook Personal Property When Creating Your Estate Plan

Planning for all of life's contingencies is a difficult task, yet one which must be attempted. This is especially true when dealing with your death. Prudence suggests that you create an effective Estate Plan delineating your wishes as to the care of your minor children, your burial arrangements, and the disposition of your assets, to name a few. However, even people who meticulously prepare their Estate Plans often overlook their personal property, which can cause problems. Here's an example of how things can go wrong: Several years ago, a widower passed away. He thought he planned out every detail of what would happen after he was gone. He had family discussions about how his major assets were to be divided, but the widower never considered his personal property in his plan.

The Death of the Estate Tax Will Not Spell the Doom of Estate Planning

With all the speculation caused by the passage of HR-8, the Death Tax Elimination Act of 2000, and its recent veto by President Clinton, many have wondered whether there will be a need for estate planning in the future. Thomas Stanley, author of estimates that Baby Boomers stand to inherit an aggregate $20 trillion in wealth over the next 20 years. This will be the greatest inter-generational transfer of wealth in history. Irrespective of whether the estate tax is repealed or not, the World War II generation will seek ways to protect and preserve this wealth for their children and future generations to come.

Non-Citizen Spouses: The Rules Are Not the Same

When it comes to estate taxes, married couples in which one spouse is a resident non-citizen are treated differently than married couples where both spouses are U.S. citizens. Generally, assets that pass between spouses at the first death are free from estate taxes due to the Unlimited Marital Deduction, no matter how large the estate. However, where the surviving spouse is a resident non-citizen, the Unlimited Marital Deduction is not automatically available. Although the government allows all taxpayers to pass a certain amount of assets at death estate tax-free, called the Applicable Exclusion Amount ("AEA"), estate taxes will be due on amounts in excess of the AEA (currently $675,000) unless proper estate planning is in place.

Common Myths about Estate Planning

A great deal of confusion remains over what constitutes a proper Estate Plan. Rumors, statements taken out of context, gossip, some bad characters that have bilked the innocent, and even turf battles over business interests have created widely held beliefs that just aren't correct. These stories have become myths. They can be harmful to you and your loved ones.

An Executor's Responsibilities

If you are appointed as executor (also termed Personal Representative in some states) of someone's Will, the person who chose you as his or her executor has a great deal of trust in you. That person views you as someone who has the knowledge, the capability, and the understanding to manage his or her affairs in a manner that would fulfill his or her expectations. You should consider it an honor, but one with a great deal of responsibility.

Trustee or Executor: A Critical Decision

If there was ever a doubt about the importance of choosing a trustee or an executor (also named a personal representative in some states), a case of selecting an executor in San Diego, California should convince everyone of the importance of making the right choice.

Taking Advantage of Current Market Trends Through Proper Estate Planning

The latest stock market fluctuations have all the usual suspects worried. Fluctuation and worry have been hallmarks of the stock market since its inception. The worry part is most prevalent when stocks are going down. If it is your stock declining, the worry is immediate, intense, and personal.

Interest Rate Increase: Impact on Estate Planning

Alan Greenspan and the Federal Reserve Board hiked the interest rate one-half percent in mid-May. The financial world is concerned that other raises may follow. The need to raise the interest rate and the impact it will have on our economy is discussed at every level of the economic spectrum. Your assets and your plans for retirement may be impacted.

Medicare: Not the Complete Answer for Long Term Care

Long Term Care produces the most out-of-pocket health care costs for the elderly. It can have a devastating effect on your retirement if you are not prepared. While government programs can help, they are not the complete solution. Long Term Care is a prospect we all must consider.

Insurance and Estate Taxes: Two Sides of the Coin

Life Insurance can be an integral part of proper estate planning in several ways.
An effective Estate Plan maximizes the value of the estate. Transferring life insurance policies from an estate may assist in reaching that goal. Life Insurance also can be used to pay the estate taxes that cannot otherwise be avoided. Life insurance becomes a two-sided coin in estate planning.

Life Insurance: Easing The Life Of The Terminally Ill

Nearly all of us have faced the devastating experience of having someone close becoming terminally ill. This sad and emotional experience is often exacerbated by simultaneously having to deal with paying medical and care bills. There are some options, often overlooked in such times of stress, which may assist in meeting your financial needs and easing the stress during difficult times.

After the Fact: Easing the Financial Burden After A Spouse's Death

A Living Trust can be a great way to fulfill your estate planning goals, including minimizing taxes on that estate. But sometimes, an unexpected death can occur before a Living Trust is established. Or, sometimes after a spouse has died, it is discovered that he or she did not properly fund a living trust.

Life Insurance and Charity: A Combination that May Serve You Well

If you wish to leave part of your estate to charity, life insurance could be the best means to serve your purposes. Using life insurance to make a "testamentary" gift (a gift made after you die) is an especially attractive choice for someone with the following characteristics:

The desire to leave a substantial charitable gift
Limited assets
Monthly income that allows some degree of investment on a monthly basis
The desire for minimal risk

Don't Get Scammed . . . Get Smart

Estate planning has been in the news lately with stories on CNN and articles in Time, Money, and Fortune. Many of these stories have focused on the use of living trusts. It's important to remember that there are several types of trusts - some are legal, many are not. It is also important to know what those illegitimate trusts are and why you want to avoid them. Not only is using one of these trusts illegal, but you could end up losing your money and paying taxes, interest, and fees in addition to any civil or criminal penalties.

But Wait, There's More: The Importance of Trust Administration

Many people probably think that once they have an estate plan in place their needs have been met. They are ready to move on, and feel secure in the knowledge that when they die their estate will be handled according to their wishes. To some extent this is true. Your wishes will be carried out and you will save your family time and money, but setting up the plan is only the beginning of the estate planning process. It is imperative that you review your plan regularly with your estate planning attorney. Buying or selling property, getting divorced, significant changes in income, and many other life-changing circumstances can impact your estate plan. In addition to regularly updating your plan while you are living, someone must be selected to manage the plan after you die. Trust administration is a vitally important and often misunderstood (or ignored) aspect of an estate plan that includes a trust. Trust administration allows for the orderly settling of the decedent's legal and financial affairs, including the disbursement of assets to the trust beneficiaries.

Probate: What Is It and Why Should You Try to Avoid It?

The term probate is often thrown around as freely as the daily paper. People know the word, but they don't know the implications. Maybe they knew someone who "went through" probate after the loss of a family member. Generally speaking however, most don't really know what probate is or how it works, much less how to avoid it. They only know that it is something that happens to a person's estate after they die, and many assume it happens to everyone. In reality, probate does not happen to every estate and can often be avoided.

Family Trusts: Skipping Taxes and Generations

Should your generosity be passed along to future family generations with or without a trust? Increasingly, estate planning attorneys and their clients are considering that question.

A Trusted Way to Keep Your Home in the Family

For many Americans, a home is more than a symbol of security and place of memory. It's also the most valuable asset-and that puts it solidly at the center of serious estate planning.

Generation Skipping Trust Protects Grandchildren's Inheritance

Many grandparents face a family dilemma. They have worked hard all their lives and accumulated assets they would like to see help out their children and grandchildren when they are gone. Unfortunately, due to substance abuse, a different work ethic than the grandparents experienced or other factors, the children may not be the most reliable financial stewards of the grandparents bounty. It is difficult for a grandparent to decide to pass over their children and leave their property to their grandchildren because they fear that a bequest to the children will be dissipated long before the grandchildren will benefit.

Home Free with the Qualified Personal Residence Trust

Home owners can give their homes away, capture tax advantages, and continue to live in their homes for as long as they want, all thanks to the Qualified Personal Residence Trust. How this estate planning strategy works and who should consider it is discussed in this article.

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