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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.
MOREPreserving 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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
Is a Power of Appointment the Same as a Power of Attorney?
The article examines a few legal terms that can be confused, like Power of Attorney, Attorney in Fact, and Power of Appointment. The article examines the terms and specifically, how Powers of Appointment can add flexibility to a plan.
What Happens in My Initial Estate Planning Consultation?
This article describes what happens in the initial estate planning consultation, including the questions asked, the discussion of goals, etc. The article also references a CNNfn segment that talked about the importance of stringent continuing education requirements, like those of the American Academy of Estate Planning Attorneys.
How to Leave a Mess to Your Heirs
This article examines several common mistakes that create a mess for heirs: Lifetime Transactions without counsel (such as adding people on title to realty), Failure to Plan, and Failure to Communicate. The article poses the problem and then offers a solution to each.
Estate Planning is Simple....Right?
This article examines clients' preconception that estate planning is simple and that it's just simple word processing. The article examines situations in which the estate planner's experience and technical knowledge comes into play.
Your Most Important Choice
The article discusses the importance of selecting appropriate agents and guardians. It specifically examines the different roles and focuses on guardians. It looks at a case in which the guardian nominated was not chosen by the court.
New Flexibilities for Partners, Children, and Others
The article examines the new "non-spousal rollover" provisions of the Pension Protection Act of 2006.
Do it the Right Way
This article examines the life of tobacco heiress Doris Duke and a couple mistakes she made in planning her estate.
A New Way to Give
This article examines new opportunities for charitable giving directly from an IRA.
Do You Want Your Spouse to Lose Your Biggest Asset?
The article examines how beneficiary designations must be coordinated in order to have an effective estate plan. It looks at the story of a woman who forgot to change her beneficiary designations. As a result her husband of 20 years did not get her retirement plan proceeds.
Smart People Do Estate Planning
The article examines the statistics of who does estate planning. It shows that people who are more educated are more likely to do estate planning. It recites reasons that you want to plan. Basically, the article is a call to action to the reader to take control of his or her life by planning.
Planning With Retirement Assets
The article looks at retirement planning and looks at a few strategies such as ROTH conversion, paying the tax, giving to charity, etc.
Estate Planning: No Tattoo Necessary!
The article looks at how to make sure your final wishes are accomplished. It looks at the case of a woman who tatooed "do not resuscitate" across her chest. It deals primarily with health care powers / living wills, but also touches on trusts.
My Attorney Does Not Practice Law Anymore: Now What?
The article instructs the reader what to do when their attorney does not practice anymore. It suggests finding a new attorney right away. It stresses finding someone with whom they feel comfortable and who gets lots of Continuing Legal Education.
Preserving the Ranch for the Next Generation
The article examines a typical ranch family, the problems they face, and solutions. It touches on problems of joint tenancy, incapacity, and succession. It offers an RLT, a second to die ILIT, and a buy-sell as solutions.
Dealing with Aging Parents
The article examines how the parents took care of the kids and how the kids then take care of the parents. It looks at the need to plan in advance for wealthy parents (estate tax reduction), not so wealthy parents (Medicaid planning), and any parents (powers of attorney, etc.).
Could Deficit Reduction Take Your Life Savings?
This article discusses how long-term care costs can be a major financial drain. It looks at how the changes in Medicaid law could make it much more difficult to plan. It stresses the need for pre-planning. It briefly looks at Income Only trusts as a potential planning option.
Preparing for Health Needs
The article looks at the financial and legal ways to plan for illness. As part of the financial portion, the article examines the use of Health Savings Accounts. As part of the legal portion, it examines the use of health care powers of attorney and health care directives.
Privacy in Life and Death
The article examines many ways in which privacy can be obtained including: using donor advised funds to keep the name of the charity private, RLT to keep things private at death, and the do not call registry and decedent do not contact registry to avoid nuisance calls.
Planning: Just Do It!
This article looks at what happens if no planning is done. It looks at the problems of probate if no trust is done and of intestacy if no will is done.
I Just Inherited Money! Now What Do I Do?
This article examines what a beneficiary should consider when they find out they are receiving an inheritance. It touches on basis step-up, disclaimer, non-inclusion in income, etc.
Protecting Your Assets
This provides an overview of asset protection strategies.
Handling Matters After the Death of a Loved One: Just Do It
The article examines the need to administer an estate or trust in a timely manner. It looks at several pitfalls resulting from inaction after someone's death, including not filing tax returns, not notifying creditors, etc.
Insurance: A Major Estate Planning Tool
he article looks at various types of insurance from life insurance to homeowner's insurance. It explains how minimizing risk is part of estate planning.
Preserve Your Wealth with Medicare Part D
The article provides a basic overview of Medicare Part D and why it is important from an estate planning perspective.
New State, New Estate Plan?
This article examines how moving from state to state may impact an estate plan.
Is Estate Planning for Me?
This article examines various reasons people think estate planning is not for them, such as they aren't married or don't have money. It explains why they need estate planning.
The Power of Flexibility
Life is an interesting ride. Who would have expected it to turn out the way it has? Thirty years ago, as we walked to our local library, who would have thought that we could have more information available at our fingertips online than would fit in any library? Who would have guessed that these high school dropouts would have been so successful: Julie Andrews (actress / singer), Louis Armstrong (jazz musician), Kevin Bacon (actor), Lucille Ball (comedienne), Irving Berlin (composer), Tom Cruise (actor), Thomas Edison (inventor), Nicole Kidman (actress), Ray Kroc (McDonalds founder), Keanu Reeves (actor), Vincent van Gogh (painter), and George Washington (first American president).
Estate Planning is Life Planning
It seems like there is always some discussion in Congress about changing the estate tax. There even have been proposals to eliminate the tax permanently. If Congress ever eliminates the tax, does this mean that there will no longer be a need for estate planning? No, it does not.
Should I Leave Everything to My Spouse?
The article examines the tension between leaving assets outright to a spouse and leaving them in trust. It discusses creditor and divorce protection. The article also discusses allowing the surviving spouse to appoint the assets in the trust.
You May Be Worth More Than You Think
The article examines the Millionaire Next Door and their characteristics. It recites statistics about millionaires and their increasing numbers in the United States. It finds that one characteristic of millionaires is that they plan. The article discusses the need to do estate planning.
Advantages for Unmarried Couples
There are many advantages for married couples. However, there are a few ways that unmarried couples can take advantage of the system. The article examines two such ways, one simple (harvesting losses by selling a loss asset to the other partner) and one complex (a Grantor Retained Income Trust which is not allowed for related parties).
Could Your Hospital Kill You?
The article examines the case of a Florida man whose hospital went to court to enforce his living will. His wife / health care agent wanted him kept alive. The court allowed the hospital to disconnect the man, causing his death. The article examines the importance of establishing whether the Living Will or health care agent should have the last word.
Let Your Voice Be Heard
The article examines the case of Terri Schiavo and how a clear expression of her wishes could have avoided problems.
Open Communication Avoids Disputes
The article examines the need for clear and open communication with beneficiaries and fiduciaries. Study cites statistics indicating a higher incidence of disputes when beneficiaries are kept in the dark.
Remarriage: Treat New Spouse Like Royalty
Examines use of income trust in remarriage situations. Analogizes to royal trust in Duchy of Cornwall.
Charitable Bequests: You Better Review Them
This article examines the importance of periodic trust review and uses an example of charitable bequests and cy pres.
The Problems of Giving Everything Away
This article examines a case of a woman who titles everything in the name of the children. It examines why joint title and giving everything away may not be the best course of action.
How to Handle a Windfall
This article examines the financial and estate planning steps for clients to take when they come into a financial windfall.
Relax: Everything's Handled
Tells the story of a couple that is going on a second honeymoon and
is worry-free because they did their estate planning.
Why is My Trust so Long?
Examines why a trust document must be long in order to be clear. Gives
examples of issues requiring clarification.
What to Do after a Loved One Dies
Clients often have uncertainty regarding the process after death. The article looks at the typical roles, such as trustee and executor, and explains their duties. The article directs the reader to contact an estate planning / administration attorney. The article mentions a couple post-mortem steps such as gathering assets and cautions against retitling assets or making distributions until talking with the attorney.
Preserving Harmony with Blended Families
Second marriages and blended families raise unique concerns. The article examines marital trusts and unitrusts as a way to take care of both spouse and children and preserve family harmony.
Complete Asset List is Essential
A complete list of assets is necessary for financial planning and estate planning. Such a list also helps in the event of a loss.
Honest Discussion About Funerals
Pre-planned funerals may be the best way to go. It reduces friction and makes sure things happen the way you want. Further, it provides Medicaid planning opportunities.
Domestic Partnerships: First, Know the Facts
Domestic partnerships vary dramatically. Examines differences and federal tax issues.
Your Grandkids Could Retire as Millionaires
You can set up an irrevocable trust for grandkids and with relatively small contributions make them millionaires by retirement.
SuperBowl Champ's Final Pass Incomplete
This article examines the life and death of Jack Kent Cooke and his $1.3 billion estate. It tells the tale of his expensive, drawn out probate and what could have been done to achieve a better result.
Study Shows Most Americans Unprepared
This article examines the percentage of Americans with various basic estate planning documents and explains each document.
Medicaid Planning: There's a Right Way and a Wrong Way
You can plan for Medicaid the wrong way (through fraud) or the right way. GWA gives true fraud story and a brief Medicaid qualification overview.
Leaving a Legacy
If you want to leave a legacy, consider a dynasty trust to gain tax advantages and creditor protection.
My Child is 18, Now What?
It seems like just yesterday your son or daughter was a toddler and you were beaming with pride as they took their first wobbly steps. You have been there for them as they had their first day of school. You were there when they skinned their knee sliding into first base in little league. You helped them learn how to ride a bicycle and watched as they teetered down the driveway, hoping they would not fall (or crash into your car that you had forgotten to move to the safety of the garage). You were there as they grew faster than you ever thought possible. Soon they were driving, as evidenced by a few extra gray hairs on your head. Now, they are reaching adulthood, their 18th birthday.
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.
Save Taxes and Money, Too
Americans are always looking for new ways to save taxes. Beginning in 2004, there
is another way to save taxes when you save money-Health Savings Accounts
("HSAs"). With an HSA, you can save for medical emergencies on a tax-free
basis.
The Best Laid Plans
Robert Burns, the famous 18th century Scottish poet, wrote "the best laid plans of mice and men often go awry." This statement holds true in most areas of life, including estate planning.
Trusts Can Help Protect from Bank Failure
If you walk into almost any savings institution in the United States, you see a little seal on the door that says "Member FDIC." The Federal Deposit Insurance Corporation ("FDIC") was founded in 1933 as a response to the run on banks in the Great Depression. It provides each person with up to $100,000 of insurance for funds in that bank. That sounds simple enough. And, for individuals, it is.
Your Ex-spouse May Get Most of Your Assets
Divorce is relatively commonplace nowadays. According to the National Center for Health Statistics, there were 957,200 divorces in the United States in 2000. That means that more than 1.9 million Americans get divorced each year. According to the United States Census Bureau, approximately one-half of all marriages now end in divorce.
Too Much of a Good Thing
While each of us has different ideas about what we want to happen after our death, there is more that connects us than separates us. As President John F. Kennedy said, "Our most basic common link is that. . . . [w]e all cherish our children's future. And we are all mortal."
Planning for Adoption
Adoption can be a magical time for both the adoptive parents and the adopted child. Hope has been transformed to anticipation and, finally, to the joyful realization of dreams.
Health Care Directives Make a Difference
We have all been sick before. Whether it is from the flu or from a more chronic ailment, we have all experienced, to some degree, the feeling of vulnerability illness brings. While we cannot always avoid illness, we can mitigate the vulnerability by expressing wishes ahead of time.
Five Reasons To Plan Your Estate Now
We can all come up with reasons to procrastinate and avoid doing what we should. However, there are many reasons to avoid procrastination when it comes to estate planning. Here are five of them:
Same Sex Planning More Important Than Ever
Recently there have been expansions of rights of gay couples. However, these expansions underscore the patchwork nature of greater gay rights and the continued necessity of careful planning for same sex couples.
Irrevocable Trusts Need Not Be Scary
Irrevocable trusts are used frequently in estate planning for a wide variety of purposes. Irrevocable trusts can be used to make a completed gift of assets, while restricting access to the assets or retaining indirect control. Irrevocable trusts can be used in order to help protect assets from creditors of the trust beneficiaries. Such trusts even can be used as part of planning to qualify for Medicaid benefits.
To Roth, or Not to Roth:
That is the Question for Estate Planning
A few years ago Congress enacted a new type of retirement savings plan, a "Roth" IRA, named after the Senator sponsoring the legislation. With a traditional IRA or 401k plan, contributions are tax deductible, earnings are tax deferred, and withdrawals are fully taxable. With a Roth IRA, contributions are not tax deductible, but earnings and withdrawals are not taxable. From an estate planning perspective, this creates a huge advantage for a Roth IRA.
Grandparents as Parents: Planning is Critical
Grandparents fill a special role in the life of any grandchild. However, some grandparents raise their grandchildren and are the primary caregiver for them.
Planning for the Unthinkable
None of us wants to contemplate that we might become ill or incapacitated. But illness or disability can strike us without warning. Illnesses, injuries, and tragedies occur to countless Americans each day. Some are caused by completely unexpected events, like the collapse of a bridge or a house fire. Others are caused by the ravages of time which remind us of our own mortality. While these events may be unavoidable, the impact can be lessened somewhat if we take steps now to plan ahead.
Estate Planning: Not Just For the Rich
Do you think estate planning is just for the rich? Think again. Few Americans are super wealthy. You do not have to be a billionaire to make Forbes Magazines list of the 400 Richest People in America. $600 million puts you on the list, like Aubrey Chernick. While Aubrey has $600 million, he is otherwise like many of the rest of us. Hes middle-aged (54), married, and has three children.
New Privacy Regulations: How to Protect Yourself
The federal government often passes legislation that is designed to protect us. However, all too often, that legislation can have unintended consequences. Recent federal laws and regulations have created new privacy protections for medical information. The Health Insurance Portability and Accountability Act and regulations to implement it, known as "HIPAA," recently came into effect. Now all "covered entities" must comply with strict rules or face fines and potential criminal penalties. "Covered entities" include your physicians and hospitals. Penalties for mistakes run from a $100 fine for an innocent error up to a $250,000 fine and 10 years in prison for malicious misconduct.
Planning in a Down Economy
A poor economy puts a different spin on planning. It is likely many of your assets have decreased in value. Interest rates are low. The size of your overall estate may be less than it once was. All of these factors should be considered as you evaluate or re-evaluate planning options.
Get an Estate Plan - Not an Estate Scam
Estate planning is an important part of life. In fact, it is central to who we are as people. In planning for our future, we must analyze who we are, what our goals are, and whom we wish to help in this world. It makes us aware of our own mortality, but also the impact we can make in the world. A qualified estate planning attorney can help you with this important and intimate process — accomplishing your goals in the best, most tax efficient manner.
"Special Needs Trust" Needs Special Trustee
When children face a lifetime of significant medical expense, parents often turn to a "special needs trust." The beneficiary is usually eligible for Medicaid benefits, or soon will be. The goal of a special needs trust is to provide a source of money to benefit a child without jeopardizing this eligibility.
Understanding the Fundamentals of Asset Protection
Do you ever worry about becoming the victim of a groundless lawsuit? If so, youre not alone. Lately, society has seen a plague of lawsuits by predatory plaintiffs misusing the courts by filing suits as a kind of legal extortion. As a result, these predators have sent an increasing number of people to attorneys seeking asset protection planning.
The High Costs of Probate
How many times have you heard the expression "The road to Hell is paved with good intentions?" Unfortunately, its often true and nowhere more so than in effective estate planning. Many with the best of intentions mistakenly believe their estate planning worries are over if theyve created a Last Will. In fact, having a will as your only estate planning vehicle may expose your estate to the corrosive effect of a legal process called "probate."
Selecting a Trustee You Can Trust
When it comes to handling money for yourself or your loved ones, you need to find someone you can trust. This article explains the duties of a trustee and outlines the differences between individual trustees and corporate trustees. Sooner or later everyone is in this difficult position of having to name a trustee.
Don't Bet the Farm: Estate Planning Options for Farmers
Farm life can be daunting and the economic rewards few. Especially disheartening is how difficult it has become to keep the family farm just that - - in the family. This article explores the challenge of passing the farm down from one generation to the next, and reviews important strategies - - such as the Family Limited Partnership - - that every farmer should consider.
Why Estate Planning is a Woman's Issue
Although estate planning is important to every American, the fact remains that women have an even greater stake in their families' wisely implemented estate plan. That's because women on average still outlive their mates, and often by several years. Why women should take an active role in assuring that this important task is completed - - and the consequences they face when it is not - - are clearly portrayed in this well-researched article. This download is a ZIP containing a long and a short version, in Word format.
When Do-It-Yourself Estate Planners Have Fools for Clients
As a growing number of Americans use software or do-it-yourself kits to do their own esate planning, many are finding that the end results are far from what they'd hoped. With several real-life case studies of do-it-yourself disasters, this article addresses the problems that consumers face when they try to avoid legal counsel for this most important task.
What Every Senior Should Know About Probate
Why Seniors have even better reasons than most to avoid Probate is the subject of this article.
The Power of Attorney: When and How to Use It
The Power of Attorney has an important role to play in many consumers' estate plans. But there's a time and place to use it, and there are times when other options are better.
Where There's a Will, There's Probate
This article contrasts the estate planning advantages of the Revocable Living Trust over wills.
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