In December of last year Congress passed a new law temporarilychanging certain provisions of the estate tax law. The most talked-about provisions involve the estate tax exclusion and the rate of the tax. Had no new measure been passed, the estate tax exclusion would have been just $1 million and the top rate of the tax would have been 55%. As a result of the passage of this measure, we are now looking at a $5 million exclusion and a 35% maximum rate, but only until December 31, 2012; after … [Read more...] about Estate Planning & Finer Details Of Tax Act
Estate Planning
Elder Law Attorneys
Often when you have a loved one that requires extra care, you can be faced with a number of different issues. Financially, your situation may feel as if it is reeling out of control, and the legal issues also can seem like an impossible maze. When your loved one has Alzheimer’s, the situation can be even worse, and it is important that you make the right choices for the benefit of your loved one, as well as the rest of your family. Take steps to ensure that you are informed of what your loved … [Read more...] about Elder Law Attorneys
Estate Planning and Vacation Homes
Do you have a vacation home – perhaps a condo in Florida or a cottage on the shore? Vacation homes need to be considered in estate planning, since each and every state in which you own real estate will be involved in the settlement of your estate, unless you arrange for the property to avoid probate. The laws governing both real estate and estate planning are made at the state level, so only the courts of a particular state have authority to resolve issues regarding title and ownership of … [Read more...] about Estate Planning and Vacation Homes
The Challenges of Estate Planning for Blended Families
Blended families, those in which one or both spouses may have children from a previous relationship, are a reality in today’s society. It is particularly important to address the complexities that are faced when families and assets are combined in terms of estate planning. There are several techniques that an estate planning attorney can recommend to address the specific needs of blended families. These estate planning tools include: A two-part estate plan: An estate plan that accounts not … [Read more...] about The Challenges of Estate Planning for Blended Families
Good Intentions and Bad Gifting
Many of the clients we meet with have misinformation regarding gifting their property. When properly used, gifting can be a valuable estate planning tool, but one issue you need to be aware of when you are transferring your property is that there may be unintended consequences. Some of the unintended consequences of improper gifting include: If you give property to an adult child, it could be at risk if that child is sued or files for bankruptcy. If you put money in your adult child's name … [Read more...] about Good Intentions and Bad Gifting
How to Help Avoid Estate Litigation
One of the goals of estate planning is to ease the burden of your passing on your loved ones, while facilitating the distribution of your property. You always hope that your family will understand and accept your wishes, but family dynamics and emotions can get the better of them. Estate litigation, such as contesting a will or disputing a trust, can not only tie up assets, but lead to more costs. Three things that can help avoid estate litigation: 1. Communication Talk to your … [Read more...] about How to Help Avoid Estate Litigation
Can you Answer These Five Questions on Your Estate Plan?
Many people avoid estate planning, as it is a topic that deals with several sensitive subjects, such as death, money, business arrangements, and family relationships. Some will put off even creating a will, as they would have to choose a guardian for their children, meaning they will have to address the heartbreaking scenario of someone else raising their kids. But consider the alternative, should you pass away with no will, it would be up to Surrogate's Court to determine the guardian for … [Read more...] about Can you Answer These Five Questions on Your Estate Plan?
What Happens When Children Receive an Inheritance?
One aspect of estate planning is providing for the management of an inheritance for your beneficiaries, those who receive inherited property. So what happens when that beneficiary is a minor child? If the person leaving the inheritance planned properly, there will be an estate planning tool in place to manage the inheritance until the child reaches a certain age. Popular tools that are used for this purpose include: Trusts: Leaving the inheritance in a trust allows an appointed trustee to … [Read more...] about What Happens When Children Receive an Inheritance?
Estate Planning: Defining a Life Estate
A life estate is a legal arrangement that allows a person to have possession of property, such as a residence, during his or her lifetime and, upon their death, for another person or entity to gain ownership of the property. A life estate gives you the right to live in, use and enjoy property during your lifetime. The person granted the life estate is called a life tenant. The person granting the life estate and the actual owner is called the grantor. For the tenant, the ownership in this type … [Read more...] about Estate Planning: Defining a Life Estate
Estate Planning for Parents: Defining Custodians, Guardians and More
No parent wants to imagine their children being raised by someone else should the unthinkable occur. In fact, it is often the reason that parents with children avoid estate planning. But without creating a will and other estate planning tasks, you will lose the option of naming the guardian of minor children and providing for their specific needs in a manner you see fit. In creating an estate plan, there are several terms that parents will come across, such as guardianship, conservatorship, and … [Read more...] about Estate Planning for Parents: Defining Custodians, Guardians and More
