Posts tagged with: "estate+planning"
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25 Dec 1906, 5:00 am by Janet L. Brewer
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]
19 Apr 2014, 9:19 am by Jan Morrison
Many couples in California, married or not, hold title of their real property as joint tenants. I find this is mainly the result of not consulting a legal professional when purchasing the property. The property sales paperwork they receive from escrow has a question which asks how the buyers would like their property to vest or how they would like to take title. And not completely understanding the question or repercussions, they often ask and take the advice of someone from the escrow company,… [read post]
18 Apr 2014, 4:00 pm by Gerry W. Beyer
The American Law Institute Continuing Legal Education (ALI CLE) is presenting a CLE entitled, Representing Estate and Trust Beneficiaries and Fiduciaries, on Thursday-Friday, July 24-25, 2014. Here’s why you should attend: Join nationally-recognized experts in their exploration of developments in... [read post]
18 Apr 2014, 2:01 pm by Author
By Anna E. Meddin, Esq.www.meddinlaw.com Pet estate planning has come a long way since Leona Helmsley decided to leave her fortune to her dog. You can find retirement home for pets and almost all states allow Pet Trusts. A Pet Trust is an agreement that specifies how an owner wants a pet cared for, who will be responsible, how it will be financed, and how the trustee will use the money left behind by the loving pet owner. To learn more about Pet Trusts, consider reading “Who Will Care When… [read post]
18 Apr 2014, 2:00 pm by Gerry W. Beyer
Barry Cushman (Notre Dame Law School) recently published an article entitled, Tax Recognition, St. Louis University Law Journal, Vol. 58, p. 825, 2014. Provided below is the abstract from SSRN: This article was prepared for the St. Louis University Law... [read post]
We currently have a $5.25 million unified exclusion that applies to your estate and the taxable gifts that you have given throughout your life. The maximum rate of the estate tax and the gift tax at the present time is 40%. These parameters were supposedly “permanently” put into place after the passing of the American Taxpayer Relief Act of 2012 at the end of last year. However, estate planning attorneys cautioned people to keep a close eye on the matter because nothing is really… [read post]
18 Apr 2014, 11:00 am by Marsha Tesar
Whichever way you pass on your retirement account assets, leaving an IRA can provide a grandchild with a significant financial foundation. Think of an IRA as a potentially powerful estate planning tool. Properly structured, an IRA may transfer wealth to younger generations. In fact, the younger, the better. Kiplinger raised this point in its January edition with an article titled “Pass an IRA to Young Grandkids With Care.”  You see, an IRA is an asset that can swiftly and easily… [read post]
18 Apr 2014, 8:28 am by Idaho Estate Planning
Traditional trusts are a great tool for transferring assets to one's heirs. But for those who find themselves in precarious situations regarding paramours or secret children, there are also some unusual trusts that might be included in the estate plan. Forbes recently published an article, "Six Trusts For The Person Who Has Everything Else," that highlights the Totten Trust as an easy step to take that can save your beneficiaries time and money by avoiding probate court. To create a Totten trust/POD… [read post]
18 Apr 2014, 8:26 am by Jeffrey A. Cramer
Our Relationships Series previously has covered the unique estate planning challenges faced by blended families and by same-sex and other unmarried couples.  Today we will address another group that is in dire need of proper planning: families with children under the age of 18. In Florida, as in other states, the law recognizes children as vulnerable members of society and therefore limits their legal rights and responsibilities until they reach the age of “majority,” or adulthood,… [read post]
18 Apr 2014, 8:26 am by Jeffrey A. Cramer
Our Relationships Series previously has covered the unique estate planning challenges faced by blended families and by same-sex and other unmarried couples.  Today we will address another group that is in dire need of proper planning: families with children under the age of 18. In Florida, as in other states, the law recognizes children as vulnerable members of society and therefore limits their legal rights and responsibilities until they reach the age of “majority,” or adulthood,… [read post]
18 Apr 2014, 8:00 am by Gerry W. Beyer
Many people believe that an estate plan centers on tax planning. As a result, people do not feel the need to have one. The problem is an estate plan involves much more than tax issues, and for most folks the... [read post]
18 Apr 2014, 6:30 am by Kyle Krull
New circumstances give rise to new alternatives (and opportunities) for estate planners. This, in turn, is creating some new and difficult choices. With the new ability to minimize estate taxation, known as “portability,” there is now a choice between the automatic portability plan and the old standby of the trust-based plan, notably the "credit shelter trust" plan. One important detail driving the choice is the “step up in basis,” as pointed out in a recent Forbes article… [read post]
18 Apr 2014, 6:14 am by admin
Much has been said about the growing “problem” of America’s income inequality. It’s been written that the top one percent of households account for 43 percent of business income and 75 percent of capital gains. This is a much higher percentage than what was true a generation ago. President Obama devoted a large portion of his 2014 State of the Union address to the “problem of income inequality”. Is income inequality therefore a problem? Back in 1979 I earned… [read post]
18 Apr 2014, 4:40 am
Families throughout New York who have children with disabilities are frequently questioning how to best provide for their children's needs--both now and in the future. It can be a complex issue, because relatives must balance their ability to provide help via their own private resources with available support through Medicaid and Supplemental Security Income (SSI). SSI is designed to help those with certain disabilities with basic needs and is funded through general tax revenues, not Social Security… [read post]
18 Apr 2014, 4:37 am by Hook Admin
A recent Reuters article highlights an identity security problem for U.S. seniors. Identification cards issued by Medicare contain instructions to carry the card with you at all times. But your card also contains your full social security number (SSN). Losing the card places you at risk of identity theft and fraudulent benefit claims. No government agencies track data on theft of Social Security numbers from Medicare cards, but it is clearly a problem. The Department of Health and Human Services… [read post]
18 Apr 2014, 4:00 am by Larry Parman, Attorney at Law
Just a reminder, we’re hosting a free seminar next Tuesday afternoon where you can learn how to avoid some of the most costly mistakes families make in their estate plans. This is a great opportunity to make sure your family and your assets are properly protected. The event begins at 2pm on Tuesday, April 22, at the Marriott in Overland Park. Click here for more details and to reserve your free seat. [read post]
Will Keith Kellogg (1860-1951) – Industrialist & Philanthropist W.K. Kellogg was an American industrialist in food manufacturing, best known as the founder of the Kellogg Company, which to this day produces a wide variety of popular breakfast cereals. He was a member of the Seventh-Day Adventist Church and practiced vegetarianism as a dietary principle taught by his church. Later, he founded the Kellogg Arabian Ranch and made it into a renowned establishment for breeding Arabian horses.… [read post]
17 Apr 2014, 11:18 pm by Dennis D. Duffy
When you plan your estate, you should cover all of your bases. Of course you want to facilitate the transfer of your monetary assets to your loved ones after you pass away. At the same time, you should also prepare for the period of time that will precede your death. During this interim, incapacity is very common. You account for this possibility through the execution of a durable power of attorney. Durable powers of attorney do remain in effect if the grantor becomes incapacitated. A power of… [read post]
17 Apr 2014, 5:27 pm by John Potter
A power of attorney is a document that is used to give someone else the ability to make legally binding decisions on your behalf. The document is meant to serve your needs, and you can shape it to do just that. Incapacity Planning The type of power of attorney that is used for incapacity planning purposes is the durable power of attorney. This type of POA will remain active if you become incapacitated. When you have a durable power of attorney in place, your hand-picked representative will be able… [read post]
17 Apr 2014, 4:00 pm by Gerry W. Beyer
Karen E. Boxx (University of Washington School of Law) recently published an article entitled, Teaching Shakespeare in the Classroom: How an Annual Student Production of King Lear Adds Dimension to Teaching Trusts and Estates, St. Louis University Law Journal, Vol.... [read post]