Posts tagged with: "estate+planning"
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26 Nov 2010, 1:01 pm by Hani Sarji
Scott R. Zucker (attorney licensed in Virginia, Maryland and Pennsylvania) astutely observed that recent posts and articles on Forbes.com have been discussing estate planning fees. Zucker continues this conversation in his recent post, Estate Planning Fees: The 6 Levels of Service (Thoughts on Wills & Estate Planning, 11/24/2010). Zucker sets out 6 levels of estate planning service and the fees people can expect to pay at each level. The following table provides a summary. Level Estimated Fee*… [read post]
29 Mar 2012, 8:06 am by Jeffrey A. Cramer
If you are savvy enough to be online reading this blog, you most likely have a Facebook profile. Also, you are probably wondering what on earth Facebook has to do with probate. In most states, the answer to that question is still "nothing," but that is no longer the case in Oklahoma. In 2010, Oklahoma legislators passed a law that gives executors (called Personal Representatives in Florida) control over accounts on social media sites like Facebook and Twitter that were registered to the decedent.… [read post]
25 Feb 2011, 10:45 am by Maggie Green
On December 17, 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853).  This legislation dramatically changed the laws that would have come into effect on January 1, 2011; however, they only extend the existing legislation for two more years.  So although we have some certainty, it is [...]Estate and Gift Tax Laws 2011 is a post from: Epilawg [read post]
The election spawns a lot of speculation on poll results, etc., so its probably time I throw some numbers out there. If you are single, the odds are 50 percent that you will need long-term care. If you are age 65 and married, the odds are 75 percent that you or your spouse will need long-term care. These statistics reveal that most people will be faced with long-term nursing home care issues and challenges at some point in their lives – whether for themselves or a loved one. [read post]
13 Aug 2013, 11:38 am by Christopher J. Berry
By Marc Wander Until six month ago, it appeared that Welsh-born Charles family was one of the hundred of thousands of other rapidly aging members of the nation’s farm families facing the daunting challenges of federal estate and gift tax laws. Scheduled to snap back to 2001 levels this year, federal estate and gift tax laws had become more lenient through the first decade of the 2000s when land prices quadrupled in some parts of farming country. This would have potentially lead to estate tax… [read post]
Simply defined, a charitable remainder trust allows you to transfer cash or assets to the trust — from which you may receive income for life or, if you prefer, a fixed term not to exceed 20 years. The income can be paid over your life, your spouse’s life and even the lives of your children and grandchildren. (The guidelines are outlined in IRS code section 664.) In essence, the trust takes advantage of the tax-exempt status of the nonprofit it benefits. [read post]
15 Mar 2010, 6:20 am by Janet L. Brewer
A GRAT is a tax-efficient vehicle for transferring wealth to your family, but the benefits are lost if you don’t survive the trust term. An innovative new technique, the guaranteed GRAT, is designed to eliminate this “mortality risk.” Guaranteed GRATs have considerable appeal, but they have not yet been allowed by the IRS or the courts. [read post]
23 Feb 2012, 2:14 pm by Jeffrey A. Cramer
No, we are not referring to the Mayan calendar-end of the world hysteria! Instead, we are referring to the end of the "Tax Relief Unemployment Insurance Reauthorization Job Creation Act", which dies on December 31, 2012. That law provides unprecedented gift tax, estate tax, and generation-skipping transfer tax exemption amounts of $5,000,000 per person. (Indexed for inflation so that it is $5,120,000 this year.) If Congress fails to act to extend this law, then these $5,000,000 exemption amounts… [read post]
As of July 1, it’s official: Ohio has repealed its state estate tax, as reported through Forbes. Of course, it’s not quite dead yet as the estate tax provision of the new law doesn’t go into effect until Jan 1, 2013. Once it kicks in, though, the Ohio estate tax repeal is meant to be permanent. [read post]
15 Jan 2010, 5:36 pm by Salcido
Utah Trust Attorney A trust is a legal relationship in which property is transferred from one party, the trustor, to a trustee. The trustee holds the property the beneficiaries, who ultimately reap the benefit from the creation of the trust. Generally speaking there are two kinds of trusts: Testamentary Trusts are incorporated directly into a will and are subject to probate. Living Trusts take effect while the trustor is still alive. Living trusts are not bound by probate, giving them a distinct… [read post]
17 Nov 2012, 9:06 pm by Randy Fisher
After months of bitter campaigning, Democrats and Republicans in Congress finally seem to agree on something: closing tax loopholes. The idea is appealing as a way to reduce the deficit and avoid the fiscal cliff by increasing revenue without actually increasing tax rates. What’s more, as the prospect of “closing tax loopholes” gains traction in [...] [read post]
14 Jun 2012, 9:58 am by Jeffrey A. Cramer
(Guardian Advocacy Series - Part Three) Guardian advocacy is a special form of guardianship for individuals with developmental disabilities. Like other forms of guardianship, guardian advocacy involves the court appointing one or more individuals ("guardian advocates") to help take care of the person with a developmental disability (the "ward"). Florida law does not specify when a guardian advocacy may be established. However, most of the guardian advocacies that we set up are for developmentally… [read post]
15 Feb 2011, 9:15 am by leephillips
One of the most popular estate planning tools is the family limited partnership. It allows a family to divide up family assets, while allowing Mom and Dad to maintain control. It allows a family to shift income from high tax bracket individuals to lower tax bracket individuals. It is a great asset protection tool. There are many family limited partnership estate planning strategies. Family Limited Partnership Estate Planning Strategy 1: Division of Family Assets Families with large pieces of… [read post]
As of July 1, it’s official: Ohio has repealed its state estate tax, as reported through Forbes. Of course, it’s not quite dead yet as the estate tax provision of the new law doesn’t go into effect until Jan 1, 2013. Once it kicks in, though, the Ohio estate tax repeal is meant to be permanent. [read post]
10 Jan 2012, 4:51 am by Michelle Vesole
It is a common misconception that estate planning is only necessary for the wealthy or those with a spouse and children. However, all individuals, no matter what their financial situation may be, can benefit from preparing for the future with estate planning tools, too. An estate plan includes more than creating a Will or trust [...]Young, Single, Childless and Broke? You Still Need an Estate Plan is a post from: Epilawg [read post]
19 May 2011, 3:05 pm by webreputationbuilders
Tax-Free Gifts This is easy and it doesn't cost anything. Each year, you can give up to $12,000 ($24,000 if married) to as many people as you wish. So if you give $12,000 to each of your two children and five grandchildren, you will reduce your estate by $84,000 (7 x $12,000) a year - $168,000 if your spouse joins you. (This amount is now tied to inflation and may increase every few years.) [read post]
16 Aug 2012, 4:28 pm by John A. Weber IV, ESQ.
Thomas Kinkade’s estate is being contested The importance of having a Last Will and Testament or more commonly referred to as a Will, cannot be overstated.  A simple Will is a document that has great importance to wealthy persons as well as those with not much to leave behind.  Generally, a Will is used as [...] [read post]
29 Mar 2012, 4:00 am by admin
Many people think that once they draft a Will, their estate plan is complete. The Will is simply one tool in the estate planning process. However, not all of your property will be transferred to your heirs according to your Will. There are other ways property passes on to your heirs upon your death: According To Law: If you own property with someone as joint tenants, the property will transfer to the other joint tenant upon your death – even if your Will directs all of your property to be… [read post]
The Tax Relief Act of 2010, passed in December, opens a number of new estate planning opportunities – some of which may be short-lived, since the law expires at the end of 2012. Of course, with the change in the law comes the possibility that your current estate planning may need some updates, both to reflect the new rules and perhaps to take advantage of opportunities that were not previously available to you. [read post]
The dying wish of William Payne, one of the state's earliest settlers, created the nation's oldest charitable trust and eventually led tenants to build 167 cottages — most of them used by summer vacationers — on the land he left for the seaside city of Ipswich. The rent money has generated some $2.4 million to help fund public schools over the last 25 years. [read post]