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.
Gifting to Children
This article examines gifting strategies for transfers in trust to minors. Specifically, it looks at Crummey trusts and 2503(c) trusts and the advantages and disadvantages of each.
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.
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.
What Happens in My Initial Estate Planning Consultation?
This article describes what happens in the initial estate planning consultation, including the questions asked, the discussion of goals, etc. The article also references a CNNfn segment that talked about the importance of stringent continuing education requirements, like those of the American Academy of Estate Planning Attorneys.
How to Leave a Mess to Your Heirs
This article examines several common mistakes that create a mess for heirs: Lifetime Transactions without counsel (such as adding people on title to realty), Failure to Plan, and Failure to Communicate. The article poses the problem and then offers a solution to each.
Estate Planning is Simple....Right?
This article examines clients' preconception that estate planning is simple and that it's just simple word processing. The article examines situations in which the estate planner's experience and technical knowledge comes into play.
Your Most Important Choice
The article discusses the importance of selecting appropriate agents and guardians. It specifically examines the different roles and focuses on guardians. It looks at a case in which the guardian nominated was not chosen by the court.
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.
New Flexibilities for Partners, Children, and Others
The article examines the new "non-spousal rollover" provisions of th 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.
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.
Celebrity Estate Planning
The article examines interesting provisions of the wills of many famous people. It explains how this information is public and that if you use a trust you can keep your affairs private.
Estate Planning: No Tattoo Necessary!
The article looks at how to make sure your final wishes are accomplished. It looks at the case of a woman who tatooed "do not resuscitate" across her chest. It deals primarily with health care powers / living wills, but also touches on trusts.
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.
My Attorney Does Not Practice Law Anymore: Now What?
The article instructs the reader what to do when their attorney does not practice anymore. It suggests finding a new attorney right away. It stresses finding someone with whom they feel comfortable and who gets lots of Continuing Legal Education.
Preserving the Ranch for the Next Generation
The article examines a typical ranch family, the problems they face, and solutions. It touches on problems of joint tenancy, incapacity, and succession. It offers an RLT, a second to die ILIT, and a buy-sell as solutions.
Dealing with Aging Parents
The article examines how the parents took care of the kids and how the kids then take care of the parents. It looks at the need to plan in advance for wealthy parents (estate tax reduction), not so wealthy parents (Medicaid planning), and any parents (powers of attorney, etc.).
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.
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.
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.
Handling Matters After the Death of a Loved One: Just Do It
The article examines the need to administer an estate or trust in a timely manner. It looks at several pitfalls resulting from inaction after someone's death, including not filing tax returns, not notifying creditors, etc.
Insurance: A Major Estate Planning Tool
he article looks at various types of insurance from life insurance to homeowner's insurance. It explains how minimizing risk is part of estate planning.
Preserve Your Wealth with Medicare Part D
The article provides a basic overview of Medicare Part D and why it is important from an estate planning perspective.
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.
Want a Nude Funeral? Have it Your Way
he article tells the story of a Midwestern nudist who wanted to be buried in the nude but was not. It examines what people can do to ensure their burial wishes are carried out.
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.
New State, New Estate Plan?
This article examines how moving from state to state may impact an estate plan.
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.
Could Your Hospital Kill You?
The article examines the case of a Florida man whose hospital went to court to enforce his living will. His wife / health care agent wanted him kept alive. The court allowed the hospital to disconnect the man, causing his death. The article examines the importance of establishing whether the Living Will or health care agent should have the last word.
Let Your Voice Be Heard
The article examines the case of Terri Schiavo and how a clear expression of her wishes could have avoided problems.
Open Communication Avoids Disputes
The article examines the need for clear and open communication with beneficiaries and fiduciaries. Study cites statistics indicating a higher incidence of disputes when beneficiaries are kept in the dark.
Charitable Bequests: You Better Review Them
This article examines the importance of periodic trust review and uses an example of charitable bequests and cy pres.
The Problems of Giving Everything Away
This article examines a case of a woman who titles everything in the name of the children. It examines why joint title and giving everything away may not be the best course of action.
How to Handle a Windfall
This article examines the financial and estate planning steps for clients to take when they come into a financial windfall.
Relax: Everything's Handled
Tells the story of a couple that is going on a second honeymoon and
is worry-free because they did their estate planning.
Why is My Trust so Long?
Examines why a trust document must be long in order to be clear. Gives
examples of issues requiring clarification.
What to Do after a Loved One Dies
Clients often have uncertainty regarding the process after death. The article looks at the typical roles, such as trustee and executor, and explains their duties. The article directs the reader to contact an estate planning / administration attorney. The article mentions a couple post-mortem steps such as gathering assets and cautions against retitling assets or making distributions until talking with the attorney.
Honest Discussion About Funerals
Pre-planned funerals may be the best way to go. It reduces friction and makes sure things happen the way you want. Further, it provides Medicaid planning opportunities.
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.
Your Grandkids Could Retire as Millionaires
You can set up an irrevocable trust for grandkids and with relatively small contributions make them millionaires by retirement.
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.
My Child is 18, Now What?
It seems like just yesterday your son or daughter was a toddler and you were beaming with pride as they took their first wobbly steps. You have been there for them as they had their first day of school. You were there when they skinned their knee sliding into first base in little league. You helped them learn how to ride a bicycle and watched as they teetered down the driveway, hoping they would not fall (or crash into your car that you had forgotten to move to the safety of the garage). You were there as they grew faster than you ever thought possible. Soon they were driving, as evidenced by a few extra gray hairs on your head. Now, they are reaching adulthood, their 18th birthday.
Gay Marriage – An Estate Planning Perspective
There are many ways in which rights of same-sex couples differ from those of heterosexual couples. Perhaps top of this list is that heterosexual couples can legally marry in every state and that marriage is legally recognized in every state and by the federal government.
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.
Too Much of a Good Thing
While each of us has different ideas about what we want to happen after our death, there is more that connects us than separates us. As President John F. Kennedy said, "Our most basic common link is that. . . . [w]e all cherish our children's future. And we are all mortal."
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.
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 Terri’s heart inexplicably stopped beating. She became comatose and unable to communicate.
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