Posts tagged with: "estate+planning"
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14 May 2013, 8:00 am
Nearly 2.5 million Americans died last year, many without signing a will. One of them was apparently Roman Blum, a Holocaust survivor and New York real estate developer who was worth almost $40 million when he passed away in January 2012 at the age of 97 … If, after three... [read post]
14 May 2013, 7:41 am
Estate planning attorneys frequently urge residents to be careful about creating long-term plans to avoid family feuding. Careful consideration of inheritances, open communication between families, and prudent use of tools like trusts are usually the best way to ensure that families are not torn apart after a passing.
Some seniors appreciate certain inherent conflicts within the family and work to counter those risks. However, many others assume that such feuding only affects "others" and their… [read post]
14 May 2013, 7:08 am
One thing you should never
forget about your IRA – even though you make contributions with pre-tax
dollars, and once inside these accounts your money grows tax-free, the
government is counting on getting their share of tax revenue from you at some
point. Which is why only those over age 70-1/2 are eligible to make tax-free
transfers (of no more than $100,000) from IRA funds directly to charity. By
limiting eligibility and capping the transfer amount, the government limits
their exposure to… [read post]
14 May 2013, 6:50 am
Probate can have the reputation of being a nightmare, and many hate the idea of going through this process. If the idea of transferring your assets through probate daunts you, then you will be happy to know that living trusts can avoid probate. The probate process is usually more expensive and time consuming than having a living trust set up to transfer assets. Moreover, a living trust has many more advantages than skipping probate. An estate-planning attorney can discuss with you the specific… [read post]
14 May 2013, 6:00 am
As I have previously discussed, the widow of the founder of the National Enquirer Generoso Pope, filed a protection order against her son Paul Pope. In the document, she claimed that her son "'maliciously and repeatedly harassed (her) with cruel... [read post]
14 May 2013, 3:00 am
Practicing proper estate
planning is not that hard, especially the basics. The biggest mistake is have
no estate plan. Why? Your life’s work may escheat
to your state treasury by default.
At the very least, a proper will
can avoid legal craters like the escheat
rule in Overland Park and elsewhere.
Escheat is the principle that
there is no such thing as estate-limbo. Basically, an estate can sit in limbo
for only so long before it gets swallowed up by the state where the decedent
last resided.… [read post]
14 May 2013, 1:59 am
While being asked to stand as a bridesmaid or groomsman is considered an honor, you should seriously consider all that goes into the role before saying "yes". I recommend potential executors and attorneys take the same approach. [read post]
13 May 2013, 7:12 pm
Recently, Consumer Reports did a survey about the common financial mistakes people make. Below are the seven most common pitfalls.
Not revising your Last Will and Testament, Revocable Trust; or updating the beneficiaries on your insurance policies or retirement accounts.
Not informing your family about where they can find your financial information, tax returns, accounting details and information about your finances.
Not reviewing your 401(k)s by missing out on employee… [read post]
13 May 2013, 3:49 pm
As La Quinta probate attorneys, we have many clients with children in high school or college. In the wake of graduation season, it is important to note that even 18 year olds needs some type of estate planning. We recommend the unconventional graduation gift this year: a durable power of attorney and an advance health care directive.
The minute your child turns 18 he is considered an adult in the eyes of the laws of California. The problem for parents is that this means they no longer have… [read post]
13 May 2013, 2:24 pm
It’s fairly common for someone to come into an estate planning attorney’s office and ask about creating a will. Some of these people have created a will in the past but have, for whatever reason, decided to write a new one. While you can update or renew the terms of your will whenever you like, one thing you do not have to worry about is an old will becoming too old.
Valid Wills
As long as you create a will in Florida that contains all the legally required elements, a probate court will… [read post]
13 May 2013, 12:45 pm
In 1990, in Lawrence Brody’s estate planning seminar in the LL.M. program at Washington University in St. Louis School of Law, Professor Brody mentioned a husband and wife retaining separate estate planning counsel. At the time separate estate planning counsel for spouses struck me as a bit much. I have... [read post]
13 May 2013, 11:00 am
Although the new law has been hailed as a
welcome relief from the old rules, it still can be deep water. Consider
consulting a reliable estate-tax pro.
With budget uncertainty over our
heads, it’s nice to know there are some laws that are (supposedly) set in
stone. The American Taxpayer Relief Act of 2012 (ATRA) has allowed us to
breathe a bit easier; however, many people still don’t trust any tax law
claimed to be “set in stone” by the Government.
When it comes to making… [read post]
13 May 2013, 10:00 am
Clair Wolf was sentenced to life in prison and given a $10,000 fine after he was found guilty of solicitation of capital murder. Specifically, Wolf was convicted of attempting "to hire a hit man to kill [Vennie Wolf] and her... [read post]
13 May 2013, 8:15 am
Whenever I work with a client on estate planning issues, my tendency is to keep things as simple as possible. If the client doesn't need any complex planning, then we don't do it. And, in my practice, rarely does a client actually have such a need. The result is a more streamlined planning process that is easier on the client, and the client's wallet.
It seems that Sandra Block from Kiplinger's magazine (June 2013) just might agree with me. In her article, Why You Don't Need a… [read post]
13 May 2013, 7:34 am
Hi there,
I’ve been playing hooky, and my colleague Andrea Dunbar has stepped up to complete her series on points to consider in gray divorces.
Best,
Nancy
______________
DIVIDING RETIREMENT ACCOUNTS
There are important differences associated with dividing retirement plans that are already in pay status and those that are not. Some people divorcing later in life are already retired, and thus are most likely already collecting from a retirement plan. This limits the options… [read post]
13 May 2013, 7:17 am
It is a good idea to be aware of the perils that you may face as you age, and elder financial abuse is one of them.
People sometimes dance around difficult topics, and this is understandable. However, the fact is a significant percentage of elder Americans are abused financially in some way. The damages add up to about $2.9 billion per year according to the MetLife Mature Market Institute.
This is a very complicated situation because not all cases of abuse are perpetrated by professional criminals.… [read post]
13 May 2013, 7:04 am
Estate planning is not a
do-it-yourself endeavor; there are plenty of opportunities to make costly
mistakes. The biggest mistake is having no estate plan. Why? Because your
life’s work may escheat to your state’s
treasury by default.
At the very least, a proper will
can avoid legal landmines like the escheat
rule.
Escheat is the principle that
there is no such thing as estate-limbo. Basically, an estate can sit in limbo
for only so long before it gets swallowed up by the state where the… [read post]
13 May 2013, 7:04 am
What image pops into your head when you think “Last Will and Testament”? For most of us, it is an image cloaked in formality, a thick stack of paper full of detailed directions clearly establishing our wishes. For others, scribbles on the back of a napkin may come to mind. Good idea? Not so much. This handwritten type of will is referred to as a “holographic” will, and although it’s hard to believe, a holographic will could, in fact, be… [read post]
13 May 2013, 6:00 am
I recently attended the Academy’s 20th Anniversary Summit in our home base of Philadelphia.
First-off, it was wonderful to finally have the Academy in our own backyard. This is the first time in 20 years that a Summit has been held here, and I’ve been waiting for this for almost that long! And judging from the reaction of the attendees, I think it’s fair to say “what took you so long?” In a shameless plug for my City of Brotherly Love, I’m happy to report… [read post]
13 May 2013, 5:00 am
New York may receive an estate worth $40 million – the largest in New York history – if heirs to the estate are not located soon. The decedent’s story reminds all of us why estate planning is necessary.
New York resident Roman Blum died last year at the age of 97, leaving behind an estate worth approximately $40 million. To date, a Last Will and Testament has not been found. When no Will is produced, an estate is probated according to the state’s intestate succession laws,… [read post]