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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.

Helping Your Parents Age Gracefully

Your mom and dad have always been there to guide you through life's challenges. Now, the tables are turning. Learn some strategies for gently helping your parents plan for the challenges they're likely to face as they age.

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.

Leaving a Ranching Legacy

Ranch life comes with its own particular challenges and rewards. Therefore, ranch families have even more need for professional advice than other families when it comes to finding the most effective means of passing on their assets, which may be more substantial than they suppose. This article explores various means that can be employed to create an estate plan which minimizes taxes and distributes assets equitably.

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.

Puppy Love: Planning Your Estate With a Pet Trust

Increasingly, pet owners are not just worried about providing for our pets during our lifetimes, we want to ensure that they get all the love and care they need after we’re gone, too. This article discusses the estate planning benefits a Pet Trust can provide for your furry and feathered animal companions.

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.

Why are Roth's Such a Big Deal?

A Roth IRA has some important distinctions from a traditional IRA, and, depending on your tax bracket, your retirement needs, and your estate planning goals, a Roth could be a better choice for you. So, what's the difference between the two types of IRAs? This article explores how each IRA works and which option can best fit your personal needs and goals.

10 Essential Estate Planning Facts

An alarming 55% of American's don't have an estate plan in place. Procrastination is a common excuse. However, for many people it's a lack of knowledge about estate planning, including the benefits, their options and the protections it offers them and their families. This article reviews 10 essential estate planning facts that will arm with you with enough knowlege to cross estate planning off your "to do" list.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The Prime of Life

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

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.

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 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.

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.

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.

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.

Keep Your Cake - And Eat It, Too!

This article examines the Medicaid Income Only Trust. It gives an example of two women who are roomates in a facility: One who contributed to a trust and one who did not.

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.

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.

Medicaid Changes Make Pre-Planning Essential

This article discusses how long-term care costs can be a major financial drain. It examines Medicaid as a possible way to pay for long-term care. It looks at how the changes in Medicaid law could make it much more difficult to plan. It stresses the need for pre-planning.

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.

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.

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.

Win a FREE Estate Plan!

Trust mills mislead seniors and bilk them out of their retirement. The article compares practices of trust mills and those of legitimate, quality estate planning attorneys, and how to tell the difference.

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.

Leaving a Legacy

If you want to leave a legacy, consider a dynasty trust to gain tax advantages and creditor protection.

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.

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:

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.

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.

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.

In Estate Planning, Caveat Emptor

When we think of Estate Planning, most of us think of the kindly attorney consoling family members at the reading of the Will. We think of the family lawyer who is there to counsel us through illness and family discord. An attorney who focuses his or her practice on estate planning applies the knowledge of the complex laws to the situation at hand. Such an attorney explains the law to the client and is a trusted advisor and counselor. This area of the law is one of the most challenging as it requires knowledge of real property law, family law, business entities, income taxation, estate taxation, gift taxation, state and local taxation, Medicaid reimbursement, and other topics. Few areas require a practitioner to have such depth and breadth of knowledge as well as counseling skills second to none. Attorneys focusing in estate planning study long and hard in honing their skills and keeping abreast of changes in the law.

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.

Plan Now or Pay Later

Krispy Kreme and Wal-Mart have a lot in common. Die-hard fans line up in front of their locked doors the night before grand openings, licking their lips for a puffed up glazed doughnut or a bargain that can set the neighbors talking over the fences. But what do these two incredibly successful businesses and the families that started them have that sets them apart?

Do-it-yourself Estate Planning: You Get What You Pay For

Self-help books are an ever-increasing segment of the American publishing market. There are books and software on everything from gardening to health care. There are even books and software out there that purport to allow an individual to draft his or her own estate planning documents. Some of these items are promoted by media personalities and others by purported experts

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.

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.

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.

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.

Accounts for Children: Not All Accounts are Created Equal

hose of us with children or grandchildren want to save money for them so that they can use it for their education or in some other way to get a good start in life. Allan Levine was thinking this when he set up accounts under the Uniform Transfers to Minors Act (UTMA) for his grandchildren, Derek and Danielle.

Planning for the Future Without a Crystal Ball

hen planning for the future, none of us has a crystal ball. So, we must plan our affairs based on current circumstances while trying to anticipate a whole range of possible future events.

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.

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.

Saving for Retirement: But What If I Need It?

Tax-deferred Leveraging of Savings
We all know the importance of saving for retirement. Saving through a tax-deferred vehicle like an IRA or 401(k) can be a great way to leverage those retirement dollars. If you defer tax on $10,000 and invest it at 7% for 30 years and then pay tax on the entire amount, you would have approximately $53,000 after taxes (assuming a 30% tax rate at all times). On the other hand, if you paid the tax on the $10,000 and paid tax on the 7% earnings each year, you would have only $29,000 after 30 years. Tax-deferred retirement plans are extremely popular. According to the Investment Company Institute (2000), Americans have $11.5 trillion in retirement plan assets. Most people focus on how to maximize retirement plan contributions and minimize required distributions from retirement plans. From a tax perspective, that makes a great deal of sense.

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.

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".

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.

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.

Taking Care of Loved Ones after Your Death: Don't Forget Fido and Fluffy

The close bond that develops between a person and their pet is undeniable. Many of us have experienced firsthand the joy and companionship a beloved pet can bring into our lives. In fact, studies show that Pet Facilitated Therapy ("PFT"), in which regular interaction is introduced between the elderly and household pets, such as cats and dogs, results in positive social behavior changes such as a decrease in patients' sense of loneliness and social withdrawal. Regardless of one's age, pets play an increasingly important role in people's lives. As such, you don't want to be left with the following unanswered question: Who will care for your beloved animal companion upon your death?

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.

The Family Limited Partnership: Is it Right for You?

Whether you own a business or have read articles on estate planning, you inevitably have heard of the Family Limited Partnership ("FLP"). This 40-year old creature has become extremely popular within the last decade. However, an FLP is a complex estate planning tool and should not be formed without consulting an attorney who is knowledgeable in their proper structure, as well as the potential income, gift and estate tax consequences of its creation and existence.

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.

Succession Planning: A Necessary, Yet Difficult Task

Owners are proud of their family-owned businesses. To be successful, owners must plan thoroughly and work hard to carry out the plan. Successful business owners should be proud of their accomplishments. Yet planning and hard work are frequently lacking in efforts to establish a viable blueprint for leaving the business behind. Reluctance to pursue proper succession planning is common. Combining family and business concerns is difficult.If a proper estate plan is not in place, estate taxes must be paid within nine months of death. This does not give heirs a great deal of time to maneuver. Irreparable harm could result. Part or all of the business may have to be sold in order to pay estate taxes.

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.

Use a Special Needs Trust to Protect Your Loved One with a Disability

Nearly one in ten people in the United States copes with special needs that exist as a result of a disability. In other words, approximately 25,000,000 people suffer from or care for someone suffering from a wide range of disabilities including Autism, Down syndrome, traumatic brain injury, and a variety of mental illnesses. All families should create estate plans to protect their loved ones from the expensive and often long process of probate, but for families dealing with special needs, it is even more important. Individuals who receive government and other restricted benefits and services may lose those benefits if they receive an inheritance. For this reason, proper planning is essential.

You Might Not Have to Bite the Bullet: What to Do about Capital Gains Taxes

So, what are capital gains anyway? Capital gains are the profits from the sale of capital assets such as stocks, bonds or real estate. Your wages or other regular income (i.e. interest, dividends) are considered "ordinary" income and subject to different tax rates.

Protect Your Children: Choose a Guardian

Many parents suddenly find themselves considering estate planning because they want to ensure the care of their children. John and Anna Perry, a couple from Albuquerque, New Mexico recently adopted a newborn baby. Even though they are in their late twenties, they're concerned about who would care for their son if something happened to them. As a result, they have begun to look into estate planning and evaluate their current financial plans. They have a retirement plan (IRAs, pensions and 401(k) benefits), life insurance and other investments, but they recognize that those plans may not meet their new needs as parents. So, what should parents know about guardianship and conservatorship or "guardian of the estate?" And, how do you go about choosing the best person to care for your children's physical, mental and financial needs?

Do You Need Long-Term Care Insurance?

Purchasing Long-Term Care Insurance (LTC) is probably one of the most complex decisions facing aging Americans today. Most people don't know what it is, much less what to look for when buying it. Currently, an unprotected retired couple has a 75 percent chance of suffering a substantial long-term care loss according to the Long-Term Care Insurance National Advisory Council.

"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.

The Family Limited Partnership's Missing Piece

Sometimes, creating a Living Trust can make you feel like a million - or even $1,819,000. That's the amount heirs lost in last month's Adams v. U.S. Tax Court decision, simply because there was no Living Trust in place to preserve tax-saving benefits once the business partnership dissolved.

Gifts of Interest in the Family Business -- The Wrong Way

One of the most important estate planning techniques is to have parents make gifts of interests in the family business to children, or trusts for their benefit, whether it be a corporation, partnership, or limited liability company. Gifts of interests in the family business reduce the estate taxes on the parents' estates using the $10,000 annual gift tax exclusion.

Flexibility Is Key in Life Insurance Trust Planning

Life insurance is frequently an indispensable part of a successful estate plan. Unlike other estate and financial planning tools, insurance will create an estate at the decedent's death, so long as the decedent was making the premium payments. This is particularly valuable for those in the accumulation stage of estate planning. The accumulation stage is when one is young and working and saving to have a nest egg for retirement, and eventually, to benefit children or other heirs. During this period, life insurance is recommended to ensure that ones family is protected if an unexpected death occurs. However, without proper planning, life insurance can cause estate planning problems of its own.

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.

Foreign Spouses and the QDOT

Today the international scope of business, education and travel brings more and more foreign nationals to American soil, where they take up residency, marry and raise families. Although foreign nationals enjoy many of the same benefits as citizens, there are distinct differences. One is the inablility to use the Unlimited Marital Deduction to reduce estate taxes. How to use a QDOT to protect the financial well-being of a resident foreign national is the focus of this article.

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.

Protecting Your Assets with the Family Limited Partnership

In today's litigious society, families need creative strategies for protecting their wealth from predators. This article explains the actions that put people at risk of lawsuits and shows how the Family Limited Partnership can help them protect their wealth.

How to Avoid the Nightmare of Living Probate

For clients who need yet more proof that the Living Trust is the estate planning tool of choice, here's an exploration of the trauma that living probatre wrecks on those who must endure it. It runs approximately 1,475 words, but can easily cut to a shorter length if necessary.

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