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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.
MORE4 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 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.
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
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.
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.
Trustee: an Honor and a Responsibility
Being named a Successor Trustee in your loved one's Trust is both an honor and a responsibility. It is the Successor Trustee's responsibility to administer the Trust and make many important decisions. In this article, we learn that some of those decisions may seem deceptively simple, however, the consequences of any hasty decisions could cause increased taxes and lost opportunities. Learn why it is important to consult a qualified estate planning attorney in order to prevent costly errors.
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.
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.
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.
Planning Opportunities in a Down Market
Every dark cloud has a silver lining, including uncertain economic times. This article examines unique estate planning opportunities that are available during a down economy. Tax savings by converting an IRA to a Roth IRA at a lower value, and transferring shares in a family business at diminished asset values are two strategies reviewed.
Everyone Needs a Periodic Checkup
This article examines how legal and life changes may make it a good idea to consult with your estate planning attorney to ensure that your estate plan continues to achieve your financial and estate planning goals.
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.
The Silver Lining in Tough Economic Times
This article examines the current difficult economic times and how one estate planning strategy works better now than in better economic times.
Split Things Fairly - Not Exactly
This article examines the difficulty of giving an asset that makes up the bulk of the estate to one beneficiary, while treating the other beneficiaries fairly.
Grandma and Grandpa--You're the Best!
The article examines ways to give to grandchildren, both during life and after you are gone.
Unique Planning for Unique Families
The article examines how Legacy Wealth Planning can be used effectively with a blended family.
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.
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 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.
The Prime of Life
This article recites the tragic story of Heath Ledger and how he omitted his daughter from his Will.
The Debate Continues and the Future of the Estate Tax Remains Uncertain
This article discusses the uncertainty created by EGTRRA and the likelihood (or lack thereof) of a fix from Congress in 2008. The article discusses the arguments for and against the complete repeal of the estate tax and the likelihood that Congress will not act until after a new President is elected. The article closes by encouraging consumers to see an experienced estate planning attorney for their needs.
Death and Tragedy
The article looks at the tragedy of family disputes and how to avoid them.
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 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."
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.
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.
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.
Three Myths Women Have About Estate Planning
This article looks at several myths women have about estate planning. It includes some statistics that show why estate planning has more impact on women.
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.
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.
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.
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.
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.
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.
To Roth or Not to Roth, That is the Question
The article examines the Roth IRA and recent developments that have expanded the concept, such as the Roth 401(k) and the ability to convert from a regular IRA in 2010.
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.
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.
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).
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.
Asset Protection Planning in Litigious Times
In our ever increasingly litigious society it is essential to protect yourself from potential creditors. The article examines asset protection techniques in maintaining insurance to the use of asset protection trust.
Joint Tenancy: Simple But Problematic
With joint tenancy, two or more individuals hold title together. At the death of a joint tenant, the property automatically re-vests in the remaining joint tenants. Many people think they can avoid seeing a lawyer to do estate planning by titling all of their assets in joint tenancy, thus avoiding probate. This is a simple solution, but it invites many problems.
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