Posts tagged with: "estate+planning"
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9 May 2013, 10:26 am
New state laws allowing same-sex marriage and two pending Supreme Court rulings on the subject have brought to mind the special estate planning issues faced by same-sex and other unmarried couples. Marriage comes with important legal rights and benefits that are not automatically provided to all romantic partners.
For example, the state of Florida has a default estate plan for every resident who dies without a will or trust. If you get married, this default plan is automatically… [read post]
25 Jul 2011, 10:04 am
This blog series will go through questions that are often asked by our clients when discussing life insurance trusts and estate taxes.
1. What does a life insurance trust do?
An irrevocable life insurance trust lets you reduce or even eliminate estate taxes, so more of your estate can go to your loved ones. It also gives you more control over your insurance policies and the money that is paid from them.
[read post]
9 May 2013, 10:26 am
New state laws allowing same-sex marriage and two pending Supreme Court rulings on the subject have brought to mind the special estate planning issues faced by same-sex and other unmarried couples. Marriage comes with important legal rights and benefits that are not automatically provided to all romantic partners.
For example, the state of Florida has a default estate plan for every resident who dies without a will or trust. If you get married, this default plan is automatically… [read post]
17 Oct 2012, 7:00 am
Will the Bush-era tax laws
expire after December 31, 2012? To expire or not to expire, that is the
question.
When it comes to the “default”
2013 estate tax, some 12.5% of U.S. households may come under the estate tax
axe, according to new analysis by LIMRA. These numbers were picked up and
reported by LifeHealthPRO and
reported in its article titled, “LIMRA: More than 1 in 8 U.S. households may
owe estate tax in 2013.”
This change in the estate tax
exemption limit scoops up a huge new… [read post]
13 Jun 2011, 7:40 am
The busy beavers in the Florida Legislature have passed several bills this year which affect our clients in the estate planning and asset protection areas. This newsletter will be our first report on new legislation and focuses on two new bills which were passed to either overturn or clarify recent decisions of the appellate courts. Both of these new laws became effective on May 31, 2011 and contain good news. First is an act relating to individual retirement accounts (IRAs), amending Florida… [read post]
22 Jul 2010, 6:03 am
On July 22, 2010, David Shulman posted Are Do-it-yourself Wills Ever Ok? on South Florida Estate Planning Law. Shulman writes, “I'm here to tell you that in certain circumstances, and for certain people they may be okay.” He elaborates on these circumstances: if you have children, or more significant assets, or real estate, then I do not recommend a do-it-yourself estate planning solution. But, if you are single, childless and broke, you don't need me, and you certainly don't need a revocable… [read post]
1 Dec 2010, 12:30 pm
"The estate tax is a cash cow for the life insurance industry - and the industry's lobbyists guard it zealously," write Tim Carney and Dick Patten in the American Family Business Foundation's (AFBF) latest issue brief, Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying. According to the Carney and Patten, "[t]he life insurance industry spends more than $50 million dollars a year on lobbying, and contributes tens of millions annually to congressional and presidential… [read post]
12 May 2011, 1:46 pm
I am sure by now everyone is familiar with the idea that the Mayan Calendar ends in 2012, and, according to the History Channel and other news media, so do we! What if this theory is incorrect?! What if, there still is life on earth after 2012? Will you wish you had planned for the future to protect yourself and your family from disability, an untimely death or paying unnecessary taxes? Or, will you just assume the future will take care of itself?
It just makes sense to take care of yourself… [read post]
29 Jun 2010, 2:10 pm
On June 29, 2010, U.S. News & World Report published The Dangers of DIY Estate Planning, by Kimberly Palmer. Palmer points out that people disagree on whether estate planning should be done without a practitioner's help: Almost everyone agrees that for people with complicated family or legal situations involving children from multiple spouses or great wealth, professional help is the way to go. But for people with relatively straightforward needs—a will for a single person without much money, for… [read post]
19 Nov 2010, 9:00 am
If you have loaned money to a child or cosigned with a child, make sure it is addressed in your estate plan to avoid future family contention. [read post]
7 Jun 2011, 7:48 pm
“Estate Planning” is somewhat of a misnomer. For example, let’s check out The Free Dictionary’s definition of “estate”. You’ll find that the majority of the 8 provided definitions associate the term either with land or with some kind wealth, social position, or political power. So when many hear the term “estate planning”, they naturally imagine giant mansions on rolling hills with exquisite landscaping and gardens, mile-long driveways and exclusivity, and immediately think… [read post]
21 Oct 2011, 11:25 am
Across the board, valuation matters. Contemporaneous appraisals can be worth a lot. Retrospective appraisals — done after the fact and purporting to express value as of a date in the past — are never as persuasive as appraisals done contemporaneously. [read post]
6 Apr 2012, 10:34 am
The statistics speak volumes: • More than 100,000 men, women and children currently require life-saving transplants • Every 10 minutes, another name is added to the National Organ Transplant Waiting List • On average, 18 people die each day due to the lack of organs available for transplant National Donate Life Month was instituted by Donate Life America and its members in 2003 to help address this tragic situation. As estate planning attorneys, we are well aware of the stress families endure… [read post]
28 Oct 2011, 12:30 pm
Many of us have elderly parents or grandparents who may be susceptible to abuse. Here are some warning signs to consider:
(1) Deliberate isolation of an older adult which results in the caregiver having total control.
(2) Sudden appearance of previously uninvolved relatives claiming their rights to an elder’s affairs and possessions.
(3) Power of Attorney given or recent changes of Will when the person is incapable of making such decision.
(4) Sudden changes in bank accounts or… [read post]
9 May 2010, 6:43 am
Are you “giving up” control of your life, or “delegating” it? Who will be in control when you can’t be?
When you don’t have even the most basic Will or Living Trust, Durable Power of Attorney and Health Care Directive, you are “giving up” control to the Probate Court system. When you take the time to put your written estate plan in place, you are “delegating” control to those in the best position to carry out your wishes. And remember, your Health Care Directive allows… [read post]
19 Oct 2010, 10:40 am
The IRS published the applicable federal rates for November 2010 in Rev. Rul. 2010-26. The rates are quite low:
Section 7520 Interest Rate: 2.0%
120% of the Applicable Federal Midterm Rate: 1.91%
The Section 7520 Interest Rate is the same as it was for October. The 120% Applicable Federal Midterm Rate dropped from 2.07% for October.
Talk to your trusted estate planning advisor about the following estate planning strategies, which are attractive in a low-interest rate environment:
loans… [read post]
4 Feb 2013, 4:27 am
Last week, I was lucky enough to see the cliff up close. Not the fiscal cliff that kept us all riveted (or not) for the month of December, but a beautiful snow covered cliff. And [...]Much Ado About Nothing? is a post from: Epilawg [read post]
13 Mar 2012, 10:10 am
As estate planning and elder law attorneys, one of our primary goals is to educate our clients and community about how they can protect themselves and their assets. This newsletter will share and expand upon a recent article about con artists who target senior citizens. The Associated Press reports that "elder financial abuse" has become an "industry" that brings in billions of dollars each year. This form of elder abuse includes fraud perpetrated by relatives and acquaintances as well as scams run… [read post]
1 Oct 2010, 1:12 pm
On October 21, 2010, the American Bar Association Section of Real Property, Trust & Estate Law will have a CLE on DIY estate planning: Do It Yourself Estate Planning: Why It Costs More Than It Saves: The panelists will discuss: The benefits of using a qualified estate planning attorney to draft estate planning documents; Problems encountered in trying to fix a do-it-yourself estate plan during the client’s life; The costs and problems of dying with a do-it-yourself estate plan; What lawyers can do… [read post]
22 Aug 2011, 11:04 am
Estate planning is the personal responsibility of every adult American. Of course, that doesn’t mean that certain groups don’t have special concerns, especially women. Not surprisingly, Deborah L. Jacobs has written in Forbes aboutthe case for women to come to grips with estate planning.
Estate planning tends to have a disproportionate effect on women. They tend to longer* than their mates, tend to marry older men and tend to have lower lifetime earnings. As a result, women are… [read post]