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Preserving Grandma's Legacy
You find your grandma's estate planning documents when you're helping her organize her attic. The documents were dated two decades ago, just before grandpa died. After grandma dies, the assets will have to be split among her three kids. However, since the estate plan was drafted, the family's circumstances have changed considerably and things aren't quite that simple anymore. Leaving her assets outright to her 3 children would mean that their inheritance would be lost to creditors and medical expenses. This article discusses the importance of having an up-to-date estate plan to preserve your legacy and family history as well as having a conversation with family members about their own planning.
MOREHow to Avoid Estate Planning Minefields: You Don't Know What You Don't Know
Some things seem like they should be easy--and they are easy. However, the problem with some complex responsibilities is that they may seem simple on the surface, yet they may be very difficult in reality. This is equally true for estate planning. However, experts can spot the hidden problems which the ordinary person may not. This article looks at the problems one couple had when they opted to use do-it-yourself estate planning software instead of consulting with an attorney. There was a hidden minefield that caused everything the family had worked for to be lost to an ex-spouse. Something that could easily have been avoided had they consulted with an experienced estate planning attorney. Find out what some of the most common estate planning minefields are and how you can avoid them.
Estate Planning in the Electronic Age
In today's electronic age, it seems that things are changing at an ever increasing rate. Every time we turn around, there's a new technology and more and more information to keep in mind. With the electronic storage of sensitive financial and emotionally valuable information, a new concern people have is what to do with "electronic assets" after their death or disability. This article discusses four possible options for the transfer of these potentially valuable assets.
Don't Trust Your Legacy to Just Anyone
When we plan our estates, we must take into account the potential life changes that may arise for our surviving family members and ensure that we provide inheritance protection from the many real world dangers that may come up in today's times. However, not all estate plans are created equal. The knowledge and experience of the attorney you retain could make a significant difference in the lives of your surviving family members. Learn what to look for in the attorney you work with and the importance of including divorce, remarriage and lawsuit protection in your estate plan.
Estate Planning: It's Not Just About the Documents
An estate plan passes your assets to whom you want and in the manner you want after your death. However, some of your assets may not be controlled by your Will or Living Trust. This article discusses the various problems that can result when a thorough review of assets and ownership titles doesnt happen and how working with an experienced estate planning attorney can ensure that you avoid any planning pitfalls.
What Do Estate Planning and Shoes have in Common?
Surprisingly, estate planning and shoes share many similarities. However, selecting and implementing an estate plan is a bit more complex than choosing a pair of shoes. This article discusses the many similarities between shoes and estate planning, while providing a list and explanation of the various important components in a complete and integrated estate plan
Scams, Swindles, and Fraud, Oh my!
With more and more financial swindles making the news, it is not unreasonable to be worried about where you are investing. But scams are not limited to the investment field. There are plenty of scams to go around, even in estate planning. Seeking the counsel of a qualified estate planning attorney can help ensure you will not be the victim of an estate planning scam. This article explains what to look for in a qualified estate planning attorney.
Your Team is on Your Side
Estate Planning is like a team sport. Your team should be made of qualified professionals, which you have selected. This article examines your team members and describes the role they should play in achieving your goals. Working with your team, you will be able to build a game plan to get you to the finish line.
Planning Opportunities in a Down Market
Every dark cloud has a silver lining, including uncertain economic times. This article examines unique estate planning opportunities that are available during a down economy. Tax savings by converting an IRA to a Roth IRA at a lower value, and transferring shares in a family business at diminished asset values are two strategies reviewed.
A Trust Can Help Protect You from a Financial Crisis
This article examines how a trust can help expand the protection on your financial accounts, including those at banks, savings and loans, credit unions, and brokerages.
The Top 10 Things to Know About Estate Planning
Many people are often confused by Estate Planning. Here is a list of the top things to know about Estate Planning.
Joint Tenancy - Joint Problems
Joint tenancy avoids probate and seems like a simple solution. Howver, adding a joint tenant adds all sorts of unforeseen problems.
Preparing for the Unthinkable
This article recites statistics regarding unexpected tragedies in the United States including heart attack, stroke, and auto accidents. It calls on the reader to establish a Legacy Wealth Plan to be prepared.
The Prime of Life
This article recites the tragic story of Heath Ledger and how he omitted his daughter from his Will.
A Plan by Design or by Telephone?
The article looks at the game of "Telephone" and how transmitting your legacy in this manner is likely to result in error.
Death and Tragedy
The article looks at the tragedy of family disputes and how to avoid them.
The Passing of a Loved One
The article examines the seven elements which may be included in an estate plan: Health Care Power of Attorney, HIPAA Power, General Durable Power of Attorney, Revocable Living Trust, Pour Over Will, Funeral Trust, and Legacy Plan.
Special Needs Trusts and Autism
Autism is on the rise. You want to leave assets to your child without jeopardizing the availability of public benefits. A Special Needs Trust can help. This article explains how.
What's Important in Your Life?
This article looks at what's important in life: family, friends, and values. The article looks at tragedies in our lives and how we always come back to what's important in life. The article then transitions to a discussion of Legacy Planning. The article discusses the Family Wealth Trust, the Family Access Trust, and how they may be used as part of Legacy Planning to protect the children after you are gone.
Legacy Planning: A Holistic Approach
This article looks at the latest developments in estate planning: "Legacy Planning." Legacy Planning focuses on the values and guidance to be relayed to future generations, not just wealth. The article discusses The Family Wealth Trust and its two subtrusts, the Family Access Trust and the Family Sentry Trust and how they can protect the beneficiaries from divorce and creditors.
What's Probate and Should I Care?
The article examines what probate is and why it is best avoided, and how. The article also examines the holistic concept of "legacy planning."
What's the Worst That Can Happen?
We often think that estate planning only deals with our assets at our death. This article debunks that myth and shows how a lack of planning can have negative consequences even during your life and not just on your assets.
Planning for Unforeseen Circumstances
The article examines the importance of drafting flexibility into your estate plan to adjust for changes in values, circumstances, and interests.
Do You Know Who Your Beneficiaries Are?
The article looks at several types of items that pass outside a Will or Trust. In particular, it examines retirement beneficiary designations and new rules by Vanguard Group which might have disastrous results for the unaware.
Decisions, Decisions, Decisions...
This article looks at the factors people consider when making estate planning decisions.
Three Myths Women Have About Estate Planning
This article looks at several myths women have about estate planning. It includes some statistics that show why estate planning has more impact on women.
To My Dog, Lucky, I Leave $10,000
The article examines the use of "pet trusts" and a few examples of how pets were provided for in the past.
Strategies for Business Succession Planning
The article looks at methods for business succession, including using life insurance to provide liquidity and family limited partnerships for discounting.
Gifting to Children
This article examines gifting strategies for transfers in trust to minors. Specifically, it looks at Crummey trusts and 2503(c) trusts and the advantages and disadvantages of each.
What are the Odds
This article examines the need to plan for the unexpected. It gives statistics for the odds of disability and of death from various likely and unlikely causes. It shows the importance to plan for the one certainty in life, i.e., death.
Learn from Anna Nicole's Mistakes
The article examines Anna Nicole's Will and that she did not update it upon major changes in her life: death of a son, birth of a daughter, commitment ceremony to Howard K. Stern. It suggests that the reader learn from these mistakes and be sure to update their plan periodically.
Waiting to Roth: Hidden Loophole for High-income Earners
The article explains a few different types of retirement plans and then looks at a loophole for high-income earners to make contributions to a non-deductible IRA now and then convert it to a Roth IRA in 2010, when income limits for such conversion are lifted.
Your 401k or IRA: A Problem Asset?
The article looks at IRAs and 401ks and how we need to save for retirement. Then it looks at the tax problems these plans create. It examines the stretch out available with the FRPT. It also examines using distributions to fund life insurance.
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