Posts tagged with: "estate+planning"
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9 Apr 2014, 1:50 pm by Mike Hower
San Francisco resident Sarah Burns first opened her beauty shop in the city’s Lower Pacific Heights neighborhood in 1980. Driven by a passion for improving lives and working with innovative companies within the beauty industry, Sarah grew her business into what is now a global beauty consulting and boutique salon — Ms. Sarah’s Creations of Beauty. After three decades of building her business, Sarah wanted to make sure her life’s work could stand the test of time. “While… [read post]
The Powerball lottery is quite a phenomenon in the United States. Ordinary people have the opportunity to win extraordinary sums of money, even though the odds are extremely slim. Many of us have imagined winning this type of jackpot. We formulate all kinds of plans regarding what we would do if we were to come into this kind of money. One thing that few people would think about would be the estate planning implications. Recently a record-setting Powerball jackpot of over $590 million was won. This… [read post]
9 Apr 2014, 11:00 am by Marsha Tesar
The fear that the government could one day seize their homes is deterring some people from signing up [for Medicaid]. Medicaid comes with a lot of give and take. It is a safety net for those who need it, but it does come with its drawbacks. One drawback many are now discovering is “Medicaid Estate Recovery.” So, what is “Medicaid Estate Recovery”? In layman’s terms: after you pass away the government can recoup the benefits you received from Medicaid by taking from your… [read post]
9 Apr 2014, 10:16 am by mjsoss
Last minute retirement benefits that you should utilize: Contribute For Your Spouse: If you’re married and at least one spouse is employed (and you’re not earning above the IRS income thresholds), the working spouse can contribute to an IRA and one for their spouse. Last Years Contribution: If you missed making an IRA contribution last year you have until April 15 to make a contribution for that year. You can effectively make 2 years worth of IRA contributions (both for the previous… [read post]
9 Apr 2014, 10:00 am by Gerry W. Beyer
The American Law Institute Continuing Legal Education (ALI CLE) and the University of Wisconsin Law School are cosponsoring a CLE entitled, Estate Planning in Depth, on Sunday-Friday, June 22-27, 2014. Provided below is why you should attend this event: An... [read post]
9 Apr 2014, 8:00 am by Rania Combs
I have written before about the risks of do-it-yourself estate planning and explained how people who use do-it-yourself solutions end up with a false sense of security. They create documents that they believe will address their needs but wind up being ineffective and ultimately more costly than what an attorney would have charged to draft a simple Will. Unfortunately, people who use do-it-yourself solutions are unlikely to discover their mistakes because the mistakes will not become evident until… [read post]
9 Apr 2014, 7:14 am by Idaho Estate Planning
Estate planning goes way beyond your tangible assets. In the technological world, you also have to plan for your digital assets. How would one access your bank accounts, credit cards, investments, and the like when you are no longer here to provide the password? Fox Business discussed the preparations you should be undertaking now in a recent article entitled "Tips for Planning Your Estate for the Digital Age". "Planning your digital afterlife," as Fox Business calls it, can prevent numerous… [read post]
Estate planning attorneys emphasize the fact that planning your estate is a dynamic process.  It is not a “one and done” affair.  You should create an ongoing relationship with your estate planning lawyer and be prepared to make changes to your plan over the years as things change. Changes to the tax code could render your existing estate plan obsolete.  With this in mind, you should be aware of some of the changes to the estate tax parameters that have been proposed… [read post]
9 Apr 2014, 6:30 am by Kyle Krull
Planning for your estate and the good of your family is often a game of give and take. In additions, it can be a question of how much and when. Namely, you want to give away your assets ... but not just yet. As is so often the case, where there is a need there is a tool. A particularly powerful tool in this case is the Family Limited Partnership (FLP). An FLP can do double duty as a tool for asset protection as well as for estate planning. Limited Family Partnerships have long been a useful tool for… [read post]
9 Apr 2014, 6:00 am by Barton P. Levine, Esq.
Probating your Will before your death often makes practical sense. By pre-probating your Will, you can avoid confusion about your Will, including whether it is your most recent Will and if you actually died with a written Will. You do not have to keep track of your Will and do not have to provide multiple sets of instructions to your loved ones about where they should keep your Will. If you can probate your Will before your death, your county clerk’s office or county recorder can index and… [read post]
9 Apr 2014, 5:47 am by Laura West
I am writing this blog from Vancouver where I am attending the 21st annual conference of the Canadian Association of Gift Planners, which is attended by gift planners, advisors and others working in the field of charitable planned giving. I thought that given my location, it would make sense to write about a topic related to the charitable sector, and in this regard, I thought that I would highlight another charitable sector proposal that was introduced as part of the 2014 federal budget. [read post]
9 Apr 2014, 4:32 am
We often discuss the importance for local families to account for the New York estate tax. Far more media coverage is given to the federal tax, and some local residents are under the mistaken assumption that the state law mirrors the federal. It currently does not. Even families who do not have asset to trigger the federal tax may still need to plan appropriately for the New York tax on estates. However, if current plans are carried out, in a few years .there may be much more congruence between the… [read post]
Estate Planning attorneys often have to spend a lot of time dispelling the misconceptions of their clients. People often believe things about the law that are simply not true. I’m sure that attorneys in different fields have to do this too. There is one myth that many people believe that I would like to put to rest today. Many people believe that if you pass away without a Will that all of your property will be claimed by the government. It is easy to see where this myth comes from. In… [read post]
Beginning the estate plan can be a daunting prospect, especially if you don’t have any experience with lawsuits, courts, or the legal process in general. A lot of people come to the estate planning process with a lot of misperceptions about exactly what is involved. Some people, for example, are afraid that, after making a plan, the court will not approve it, or that you might run into trouble and have to spend a lot of time in a courtroom. While such fears are understandable, they are also… [read post]
8 Apr 2014, 2:00 pm by Gerry W. Beyer
Jerome Borison (University of Denver Sturm College of Law), Naomi Cahn (George Washington University - Law School), Susan N. Gary (University of Oregon - School of Law), and Paula A. Monopoli (University of Maryland Francis King Carey School of Law)... [read post]
8 Apr 2014, 11:00 am by pvwlaw
There are 2 different types of power of attorneys to consider when making that decision. The first type is a legal power of attorney. When you execute a legal power of attorney you are giving someone the ability to act…Read more › [read post]
8 Apr 2014, 10:14 am by Idaho Estate Planning
A recent study in Forbes sheds some light on late-in-life planning—if you want to live longer, you're going to have to work longer. So if you think you are going to live longer, can you defer your estate planning decisions? Not quite. This recent Forbes article, “Essential Number For Retirement Planning: Your Personal Life Expectancy,” encourages everyone to get their strategies and planning documents in place now, so that you can enjoy your retirement when it does arrive. Healthy… [read post]
8 Apr 2014, 6:30 am by Kyle Krull
Alzheimer’s is no ordinary condition. Understatement. What it means to the patient and to their mind is simply unique, just as it is uniquely meaningful to the family. Unfortunately, Alzheimer's is also a uniquely meaningful condition when it comes to estate planning and there are very important steps to take sooner rather than later. Planning for one’s estate and for one’s late-in-life plans requires more than a bit of wherewithal. This is not only an empirical fact but also a… [read post]
8 Apr 2014, 6:17 am by Nick Rosenbauer
There is a gift tax in the United States, but you may not have to pay it because of the annual gift tax exclusion. Each year you can give as much as $14,000 to any number of people tax-free. This $14,000 figure is accurate in 2014, but is subject to change to account for inflation. What would happen if you gave more than $14,000 to any one person in a calendar year? You could give the gift tax-free, but you would be using a portion of your lifetime unified gift and estate tax exclusion. Unified… [read post]
8 Apr 2014, 6:00 am by Barton P. Levine, Esq.
An estate plan can be an elaborate set of legal documents or it can be as simple as a Last Will and Testament. In all estate plans, however, a Will is where it all starts. Your Will provides the basic framework and guidance for the way in which you want your estate handled upon your death. For this reason, you must be certain that you have not included any ambiguous terms in your Will that will cause your entire estate plan to become the subject of a long, drawn out estate battle. Not only will this… [read post]