Posts tagged with: "estate+planning"
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25 Dec 1906, 5:00 am
If you read this blog I can guarantee that you’ll learn some new things, get some of your estate and planning questions answered and maybe even get some freebies.
Please stay tuned in for all of the upcoming changes. [read post]
20 May 2013, 4:00 pm
Family meetings are common after a medical crisis, but they can also be invaluable in resolving complicated financial issues as well as legal planning for elderly family members. Here are some tips on starting, and getting the most out of,... [read post]
20 May 2013, 12:18 pm
There is one individual in Florida who is going to need to revisit their estate plans, and it isn't because there is a problem. Who is this individual? We couldn't tell our readers even if we wanted to. The organizers of the Powerball lottery are still waiting to hear who has won the most recent record-setting jackpot. Powerball organizers confirmed that a winning ticket was sold in Florida and the holder has yet to come forward to claim their $590.5 million. If one of our readers has the numbers… [read post]
20 May 2013, 12:00 pm
Inspired by the illuminating PBS Frontline story The Retirement Gamble, here are some key points to consider for employers offering 401(k)s as well as employees investing in them. First, try to keep your investment fees below one percent. These fees... [read post]
20 May 2013, 11:00 am
In hospitals, nursing homes, doctors’
offices, pharmacies and insurance companies, professionals may cite Hipaa as a
reason to restrict information. Some patients even have trouble accessing their
own health records, supposedly because of the privacy law.
We tend to avoid the doctor or
hospitals unless we absolutely need one. Besides the germs and bad hospital
food, there’s all that confusing paperwork to deal with. But eventually you or
a loved one will need to visit the doctor or… [read post]
20 May 2013, 10:25 am
You may not think that estate planning has a place on a college campus outside of the university law school or the MBA program. You may wish to rethink that proposition. The vast majority of college students are adults and the remainder are on the cusp of adulthood. Keep in mind, not all estate planning is about protecting vast estates.
Realistically, your concerns in college will relate to getting into the classes you want at the least disruptive times. As a young, invincible college student,… [read post]
20 May 2013, 10:00 am
The American Bar Association will be hosting a Trust & Estate Webinar entitled, What’s the Encore: Correcting and/or Amplifying Family Wealth Transfers on June 6, 2013 from 12:00 PM – 1:30 PM CT. A description of the webinar is below:... [read post]
20 May 2013, 9:58 am
Some people who are in a position to give life-changing amounts of money to their loved ones may take pause. If you were to give a young person a significant gift or inheritance he or she may see no reason to get an education and make an individual mark on the world.
One thing you could do if you felt this way would be to convey assets into a 529 college savings plan for the benefit of a future college student. And, if it is an issue you may actually be able to gain some estate tax efficiency in the… [read post]
20 May 2013, 9:46 am
he new tax law that resolved the “fiscal cliff” issue in January allows employees with a 401(k) plan at work to roll over any or all of the assets in their current plan into a Roth 401(k) plan. This is a big change, and should at least be considered by anyone who is eligible.
In a traditional IRA or 401(k) plan, employees contribute pre-tax earnings to the plan. The assets grow tax-free until retirement age, at which point the employee can withdraw them and pay ordinary income tax on the… [read post]
20 May 2013, 7:58 am
“From Ink to Occupancy, A Game Plan for a Successful Real Estate Project,” the latest installation of the Gibbons Women’s Initiative Seminar Series, was held earlier last week and attracted a great crowd, including real estate professionals and in-house counsel. Nancy A. Lottinville, Jennifer M. Porter and Ivette P. Alvarado guided attendees through the nuts and bolts of a commercial real estate contract, due diligence and the land use approvals process, with a focus on… [read post]
20 May 2013, 7:47 am
The different ways you inherit
assets are just as varied as the assets themselves. Such is the case with an
inherited IRA. When is it “yours” and how do you avoid tax issues?
The Slott Report recently addressed the consequences of when a
surviving spouse inherits the IRA of their deceased spouse and both have
reached age 70 ½, the age for Required Minimum Distributions (RMDs). The
article titled “Inherited IRA: When do You Own It?”
noted that one must be very careful.… [read post]
20 May 2013, 6:00 am
The new film The Great Gatsby, based on F. Scott Fitzgerald’s enduring 1925 novel, provides an opportunity to ponder estate planning lessons through the author’s own life story.
In his 1926 short story The Rich Boy, Fitzgerald wrote: “Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is… [read post]
20 May 2013, 5:00 am
As recently as fifty years ago in the United States, men traditionally made all major decisions in a marriage. This included decisions regarding investments, expenditures and estate planning. Although this has certainly changed in more recent years, there are still a number of women in their golden years who are accustomed to the concept that the man handles financial and legal affairs. The problem with that is that women typically live longer, meaning that regardless of tradition, estate planning… [read post]
20 May 2013, 4:53 am
Upon visiting an estate planning lawyer for the first time and learning about available options, many are surprised at the flexibility of different legal tools involved in the transfer of property. Far from simply doling out assets to specific friends and family members, one has immense control in deciding how those assets are used, when they are received, and what can trigger the loss of those assets. In this way, unique plans can be crafty which account for any number of family… [read post]
20 May 2013, 4:30 am
Estate planning has taken on a different flavor during the digital age. We obviously exist and interact in the physical world, but most of us do the same in the digital world.
As a result you must consider all of your online accounts when you are planning your estate.
When you are engaged in the process of estate planning, you would do well to take stock of all of your assets and liabilities. You may well conduct a lot of business online so you must inventory your online accounts, and… [read post]
20 May 2013, 4:18 am
Senior citizens face some emotional challenges as they lose loved ones over the years. Loneliness can decrease your quality of life, and it can even result in depression.
The good news is that there is a ready friend available to you as a senior citizen in the form of a dog. If your physical capabilities are a factor there are a number of smaller breeds that are recommended for seniors. These animals have good temperaments and they are quite manageable.
You tend to get outside more as you exercise… [read post]
20 May 2013, 4:05 am
A Last Will and Testament is the foundation of any estate plan. Exactly what you choose to include in your Will, however, is a very individual decision. For some, a Will contains very explicit instructions and details while for others it is essentially just a foundation document that leads to other estate planning documents. A personal property memorandum is one such document.
A personal property memorandum, or PPM, is essentially a detailed list of items owned by you along with instructions… [read post]
20 May 2013, 4:00 am
It doesn’t matter what age you are, if you don’t have a medical emergency plan in place you’re putting yourself and your loved ones at risk. Medical emergencies require you to have the right legal documents in order – especially if you have a spouse or children.
Documentation
There are two essential documents you need to have for medical emergencies: an Advanced Medical Directive and a Living Will.
Advanced Medical Directive – This legal document will select a person to… [read post]
20 May 2013, 4:00 am
Serving as a trustee is not to be taken lightly. This is because in the context of trusts and estates, a fiduciary relationship exists between the trustee (a/k/a fiduciary) who holds and keeps a property [...]5 Quick Tips for Trustees on Upholding Fiduciary Duties & Avoiding Conflicts is a post from: Epilawg [read post]
19 May 2013, 11:00 pm
Roman Blum died last year at the ripe old age of 97. A New York developer, Blum made a fortune over the years developing on what was, at the time, the virgin ground of Staten Island. When Blum died, he was worth upwards of $40 million, yet he apparently left behind no Last Will and Testament and no heirs, meaning that the State of New York may ultimately inherit his intestate estate.
Blum was born in Poland and moved to the United States with his wife after surviving the holocaust. After fifty years… [read post]