Posts tagged with: "estate+planning"
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17 May 2013, 4:45 am
So it’s officially here - the first long weekend of the season; the start of the cottage season. What does this mean? It’s the right time to start thinking about some of the considerations related to dealing with the family cottage. [read post]
17 May 2013, 4:30 am
Probate is a mystery to many people when they first start to look into the subject of estate planning. In an effort to clear the haze a bit we would like to answer three common questions about probate here.
1.) In a general sense, how would probate be defined?
Probate is a legal process. The probate court in the jurisdiction within which a deceased individual passes away supervises the administration of his or her estate.
2.) What does this administration entail?
This is a very… [read post]
17 May 2013, 4:18 am
The economic downturn that started in 2007 had some wide-ranging impact as we all know. However, one of the things that you may not think about is the effect that this debacle had on the inheritances that baby boomers will be receiving.
From June of 2006 to June of 2010 the amounts of the inheritances that were earmarked for members of the baby boomer generation went down by 13% according to research that has been conducted by the Center for Retirement Research at Boston College.
Even people who are… [read post]
17 May 2013, 4:00 am
While a lot of people take the time to create an estate plan, rarely do they consider all of the expenses associated with settling their estate. To help prevent expenses that reduce your loved ones’ inheritances, consider these tips for avoiding excess legal fees after your death.
Tip #1 – Create an Estate Plan
An estate plan saves your loved ones significantly on after death expenses. It can reduce the amount of probate issues, contests and guardianship payments your estate faces.… [read post]
16 May 2013, 11:00 pm
Trusts were once used only by wealthy families who wanted to pass down the family fortune from generation to generation. Today though, trusts have evolved to the point where even someone with a modest estate can benefit from including a trust in his or her estate plan. Understanding what changes can be made and how to effectuate a change is crucial if you have an existing trust or are considering creating a trust.
Trusts can be either testamentary or inter vivos (living). A testamentary trust is… [read post]
16 May 2013, 10:56 pm
Over half of all Americans have yet to create a thorough estate plan despite knowing how important one is. If you have taken the time to create one, you are to be commended; however, you still have one important step left to take – discussing the plan with your loved ones.
One reason that people often procrastinate when it comes to estate planning is that they don’t want to think about the subject matter. People often use essentially the same reasoning for failing to discuss the plan,… [read post]
16 May 2013, 5:15 pm
An unexpectedly huge
collection of inheritance taxes in Connecticut, along with a spike in income tax revenue, helped turn a budget deficit into a surplus. The simple reason, "a lot of wealthy people died this year,'' said Connecticut officials. The state's inheritance and gift taxes have been combined into
one category since 2005, and this year's total is more than double the level of
seven years ago. The numbers also increased because wealthy individuals made
huge transfers of wealth as… [read post]
16 May 2013, 3:56 pm
Starting August 1, 2013, same-sex couples may legally marry in Minnesota. Governor Mark Dayton signed the enabling legislation on Tuesday, May 14, 2013 after the bill easily passed the Minnesota House by a vote of 75-59. Minnesota is the 12th... [read post]
16 May 2013, 12:21 pm
One of the documents that helps to make up a proper estate plan is the power of attorney (“POA”). A POA is a document that authorizes a representative of your choosing to act on your behalf in private and business affairs. Although most people select one person to serve as their POA, this recent article discusses how a person can split the powers typically given to one person between several people.
The best way to split up POA powers is to have your attorney draft several limited POAs.… [read post]
16 May 2013, 12:08 pm
16 May 2013, 12:00 pm
The Cleveland kidnapper is legally required to pay child support after a paternity test revealed he fathered the daughter of one of his captives. Even if Castro had set up a domestic asset protection trust (DAPT), under Ohio’s new “family-friendly”... [read post]
16 May 2013, 7:47 am
I have recently noticed a trend among younger individuals – it’s just not the elderly that are beginning to think about protecting their assets. Whether the reason is education, economy or the overall increased high net worth in my geographic area, my estate planning client base seems to be trending younger in age. I love to see this increased awareness in financial responsibility. Another result of this trend is increased inquisitions about the laws regarding guardianships. My… [read post]
16 May 2013, 6:49 am
According to the U.S. Census
Bureau, the divorce rate of first marriage is around 50 percent; second
marriages are at 60 to 67 percent and third marriages are at 73 to 74 percent.
The fact is married couples frequently disagree … even when it comes to estate
planning.
Marriage counselors stay in
business because of marital disharmony. Commonly, they represent both spouses
and seek to find common ground in a team approach. When it comes to estate
planning, however, attorneys face a potential… [read post]
16 May 2013, 4:07 am
The New York Daily News reported this weekend on more developments in an estate feud case that we have previously touched on. It is yet another testament to the lengths that some are willing to go when significant sums of money are involved. It is also a reminder of how even the closest family bonds can be destroyed by fights over an inheritance.
Mother & Son At Odds
Generoso Pope was a highly successful publisher, creating the well-known tabloid still seen in many grocery store check out… [read post]
16 May 2013, 4:00 am
Ruth Sarah Lee (Harvard Law School, J.D. 2012) recently published an article entitled, Over My Dead Body: A New Approach to Testamentary Restraints on Marriage, 14 Marq. Elder's Advisor 55 (Fall 2012). below iProvided s the introduction to her article:... [read post]
15 May 2013, 6:00 pm
Lynne Marie Kohm (Regent University School of Law) recently published an article entitled, Why Marriage is Still the Best Default in Estate Planning Conflicts, Penn State Law Review, Volume 117, Number 1219 (2013). Provided below is the abstract from SSRN:... [read post]
15 May 2013, 4:06 pm
Estate planning involves confronting some sensitive matters. For many people considering marriage, one such issue is the decision to ask your spouse-to-be to enter into a premarital agreement. Those who are entering into a first marriage without a lot of assets and no children may not need a premarital agreement. However, if you’re getting remarried after you have enjoyed financial success throughout your life, the decision becomes more complex. This is amplified if you… [read post]
15 May 2013, 4:00 pm
Connecticut state officials estimated that they would collect about $150 million in inheritance taxes in 2012, but due to the death of an unprecedented amount of wealthy people, Connecticut will collect a staggering $428 million. This unexpected record amount is... [read post]
15 May 2013, 2:45 pm
The “kiddie tax” prevents high-net-worth individuals from avoiding taxes by shifting investment assets into their children’s names. In 2013, “children under age 20 and full time students living with the parents will pay income taxes at the parents highest marginal... [read post]
15 May 2013, 12:32 pm
On the Internet there are marketers that sell generic estate planning documents like wills and trusts.
Statistics tell us that most people don’t have a comprehensive estate plan in place. Some of these people finally decide to put the procrastination behind them and they start searching for solutions. They come upon one of the sites, and they see an easy answer because the marketing materials can be convincing.
It is important to recognize the things that you can do on your own with a little… [read post]