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
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.
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.
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.
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.
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.
Unique Planning for Unique Families
The article examines how Legacy Wealth Planning can be used effectively with a blended family.
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.
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 Prime of Life
This article recites the tragic story of Heath Ledger and how he omitted his daughter from his Will.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Anna Nicole Smith Can Teach Us a Few Things
The article examines the life of Anna Nicole Smith, her marriage, and the will dispute controversy. It encourages readers to be open about their wishes to family members and instructs on the use of a no contest clause.
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.
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.).
How Do Millionaires Do It?
The article examines the five different types of millionaires and what makes them tick. It asserts that planning is at the core for all of them and that estate planning is necessary to avoid problems down the road.
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.
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.
10 Tips in Planning for Taxes
The article examines several strategies for minimizing income taxation, through timing of expenses and income, etc. It includes items to consider at year-end.
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.
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.
When Disaster Strikes
This article examines how tragedies can strike in any of our lives but how planning can lessen the impact. Estate planning can let you rest easier and make sure others have the legal right to help you when you need it.
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.
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).
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.
Remarriage: Treat New Spouse Like Royalty
Examines use of income trust in remarriage situations. Analogizes to royal trust in Duchy of Cornwall.
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.
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.
Want Privacy? Use a Trust
Wills without trusts are open to public scrutiny. The article examines why the client may not want this public scrutiny. Further, the article looks at 8 provisions in famous people's wills which all are a matter of public record.
Study Shows Most Americans Unprepared
This article examines the percentage of Americans with various basic estate planning documents and explains each document.
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.
Common Mistakes in Estate Planning
People make many mistakes in estate planning. Several examples of mistakes are given, including procrastination, failure to update, improper fiduciary choices, leaving assets outright, etc.
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.
Do I Need to Plan If I Have Joint Tenancy Property?
We all have the friends or family that think they are the armchair experts on everything. They want to walk on your back when you are in agony. They told you Enron was a hot stock to buy. And, they tell you that all you need is to hold assets in joint tenancy.
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, injury, 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.
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.
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.
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.
Family Torn Apart by Simple Oversight
On December 3, 1963, Mary and Robert Schindler gave birth to a wonderful baby girl, Theresa Marie. Terri grew up in Pennsylvania and had a typical childhood playing with her brother and sister and the family pets. As a teenager, she loved music and did artistic sketches. In November 1984, just shy of her twenty-first birthday, Terri married Michael Schiavo. Terri seemed to have everything going for her. At age twenty-nine, Terri was living in Florida with her husband and had a job she liked.
Katharine Hepburn's Private Life and Public Death
Katharine Hepburn was a legend of stage and screen whose career spanned several decades. Hepburn's best-known films included (1933), The
Philadelphia Story (1940), (1951), (1967), and (1981). She and her films were a reflection of American society, from early innocence to the stresses of
the civil rights movement to issues on aging. Katharine Hepburn, a private and
independent woman, forged a path for gender equality and in so doing became a role model for millions of Americans.
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.
When Parent and Child Reverse Roles
When we start off in life, our parents provide love and nurturing, as well as the necessities of daily life. As time passes, we grow into adulthood. Our relationship with our parents becomes one of equals, with each providing love and nurturing for the other, while both are self-sufficient. Often, parents reach a stage in their lives when they are no longer self-sufficient, typically due to advanced age or illness.
Estate Planning Is Life Planning
What is the first thing that leaps to most peoples minds when they think about estate planning? A will. Weve all seen the dramatic scenes in films of yesteryear: the reading of the will. The truth of the matter is that the will is no longer the focal point of estate planning.
Choosing Beneficiaries Is Not Enough
Determining who should inherit your assets is a surprisingly difficult task for many of us. However, with time and due consideration, an answer comes. Now you are ready to tell the world who should inherit your assets and who should not get anything. This seems relatively straightforward. However, things often are not as simple as they superficially appear.
Basic Planning for Unexpected Tragedy
None of us ever expects tragedy. Some of us plan in case it strikes us. But we never really expect it to happen to us. But, on February 25, 1990, tragedy struck Terri Schiavo and her family. At 26, Terri was a woman in the prime of her life enjoying a beautiful day in Florida. However, on that fateful day Terris heart inexplicably stopped beating. She became comatose and unable to communicate.
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.
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.
