Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in July, 2013

  • Why not just create your own estate plan using fill-in-the-blanks documents that you can find on the Internet? There are a number of answers to this question, but the thing that we would like to point out here is the need for a custom crafted estate plan.

    You have to be careful that you don’t do more harm than good when you are planning your estate. If you are not aware of all the relevant facts you may provide assets to loved ones in a way that is less than ideal, and they may ultimately pay a significant price. The above principle applies in a number of different situations, but we would like to look at the matter of special needs planning here. ...
    Continue Reading
  • THE CUSTOM CRAFTED ESTATE PLAN

    Why not just create your own estate plan using fill-in-the-blanks documents that you can find on the Internet? There are a number of answers to this question, but the thing that we would like to point out here is the need for a custom crafted estate plan. Do you know what legal devices are best for your specific family dynamic, your financial standing, and your intentions? If you assume that you ...
    Continue Reading
  • "POOR MAN'S ESTATE PLAN" CAN MAKE YOU POORER

    People sometimes take on do-it-yourself projects to save money. Unfortunately, in some cases these efforts wind up costing more money in the long run. This certainly comes into play when you’re talking about estate planning . There are certain simple steps that you can take to arrange for the transfer of assets to others. Joint ownership is one of them. Sometimes called the “poor man’s estate ...
    Continue Reading
  • PLANNING DISCUSSIONS: ROLE REVERSAL

    Parents are used to caring for their children when they are young and then subsequently providing them with advice and guidance when they grow up. Along the way your parents may have found it to be inappropriate and unnecessary to share the details of their financial situation with you. You may have a general idea about their earnings and make certain assumptions. However, you have no way of ...
    Continue Reading
  • RETIREMENT CAN BE ELUSIVE FOR BOOMERS

    Surveys that have been conducted over the last few years are consistently indicating that many members of the baby boomer generation are not financially confident as their preferred retirement dates approach. A lot of people who are feeling as though they may not be able to retire soon as they would like to and cite the economic crisis that came to a head in 2008 as the primary reason why they ...
    Continue Reading
  • THE TAXMAN COMETH FOR GANDOLFINI ESTATE

    Nobody likes to pay taxes, but it is especially troubling when you have to pay taxes on top of taxes. This is something that the family of the recently deceased actor James Gandolfini is facing. Throughout his life the departed star of The Sopranos paid taxes on his income, which was considerable, so the taxes were certainly no drop in the bucket. Now estate taxes are being imposed due to the ...
    Continue Reading
  • CLARITY REGARDING COMMON ESTATE PLANNING DEVICES

    There are a lot of different legal devices that are used in estate planning. People sometimes harbor misconceptions about them based on assumptions. We would like to shed some light on three common estate planning instruments here. The most common estate planning device is the simple last will. This document is typically used to arrange for future asset transfers and to name a guardian for minor ...
    Continue Reading
  • A MUST-READ REPORT ON RISKY DIY WILLS & TRUSTS

    If you go online you can find instructions on how to do various things. In many cases you have to pay a premium price to obtain this information, and who knows how accurate or useful it may be? That having been stated there are websites out there that sell do-it-yourself estate planning documents like living trusts and simple wills. Is it wise to arrange for the transfer of everything you have ...
    Continue Reading
  • SCOTUS: DOMA PROVISION IS UNCONSTITUTIONAL

    The Supreme Court recently ruled on a case that centered around an estate planning matter. Regardless of how you feel about the subject of same-sex marriage this is a ruling that is certainly of interest to people in the estate planning community because it has practical implications. A New York woman named Edith Windsor was presented with an estate tax bill after she inherited assets from her ...
    Continue Reading
Page 1 of 1