From the category archives:

Estate Planning

Estate Tax Hokey Pokey

September 24, 2009
Photo by goldberg

The future of the Federal Estate Tax remains clouded.
We have been keeping our ear to the ground (actually we have been calling people and searching the Web for clues) to help our advisors predict what will happen with the Estate Tax.
As most of you know, under the 2001 Economic Growth and Tax Reconciliation Act, the [...]

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Estate Planning for Your Other Children – Your Pets

August 28, 2009
Photo by digital_image_fan

When we die or become incapacitated, the strategic planning we’ve put in place to provide for loved ones goes to work. The important things will be taken care of.
Our bills continue to get paid, out investments continue to grow for future generations, and any minor children are cared for by loving guardians.
It seems like we’ve [...]

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Trust Terminology Part 3: Several Ways to Trust

August 21, 2009
istock_000005013722small

This year, I provided you with a kind of “cheat sheet” that explained some basic Trust terminology, followed by a second article that defined an Irrevocable Life Insurance Trust (ILIT), a Qualified Terminable Interest Trust (QTIP), and an Intentionally Defective Grantor Trust (IDGT).
This is the third installment in our series on basic trust terminology.
The goal [...]

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What Kind of Person Should be Your Trustee?

July 30, 2009
Photo by Joi

IIf you are a business owner, then you understand the importance of earning a client’s trust. They want a sense of your integrity and experience level. They want to know your motives are not just about making a buck and that you will look out for their best interests.
When you create a Revocable Living Trust, [...]

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Pre-Plan to Combat Rising Costs of Long-Term Care

June 15, 2009
Photo by DerrickT

One of the greatest challenges many of my clients face is how to protect their families from the rising cost of long term care – both for themselves when they reach retirement and for elderly parents.
For example, the average cost of staying in a Florida nursing home is between $5,000 to $6,500 per month, or [...]

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Are Your Charitable Annuities At Risk?

May 15, 2009
Photo by DavidDMuir

As the jagged ripple of our economic situation continues to influence every aspect of our lives, a recent Wall Street Journal article on Gift Annuities caught my eye.
The article, “Donors Find Gift Annuities Can Stop Giving,” reviews how the market’s turmoil has sapped some charities’ ability to pay out promised yields.
This is an issue that [...]

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Just Legalese for Tax Sheltering? Trust Terminology Part II

May 1, 2009
istock_000005013722small

On behalf of the nation’s community of lawyers, allow me to apologize for all the cryptic acronyms we’ve developed for various kinds of Trusts.
I recently provided you with a kind of “cheat sheet” that explained some basic Trust terminology. This entry is the second installment in that series.
The goal is for you to be able [...]

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What the Heck Does That Mean? — Basic Trust Terminology

April 16, 2009
trust-documents-sign-here

One of the most awkward things in life to admit is:  “I don’t know what that word means.”
This can be especially true when meeting with an attorney – a professional you are now paying to explain basic terms when you’d rather be paying him or her to accomplish important goals for your family.
Before you step [...]

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Defective Grantor Trusts Get More Attractive

April 9, 2009
Economic Recession

The Wall Street Journal has published an excellent analysis of the effectiveness of Intentionally Defective Grantor Trusts during an economic recession. Unusual Trusts Gain Appeal in Unusual Time – WSJ.com.
While these trusts carry risks and are often scrutinized by the IRS, estate planning lawyers are seeing an increased interest in them this year. With proper [...]

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What Parents Need to Know About Joint Tenancy

April 3, 2009
Joint Tenancy

When most of you bought your first home, you probably signed a deed as a joint tenant next to your spouse’s signature. That’s the way your parents and grandparents did it, and the real estate agent told you it would to protect the surviving spouse from probate court after one of you dies.
It’s not unusual [...]

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