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Estate Planning: It's About More Than Taxes

In 2010, contrary to a lot of people's expectations, Congress allowed the one-year repeal of the estate tax. Despite all the fuss, the estate tax repeal didn't eliminate the need for estate planning. Why? Estate planning is about so much more than just taxes. This article discusses the many non-tax related reasons why it's important to have an estate plan in place.

Calculating Your Financial Wealth

There are many financial and non-financial reasons to know your net worth. Estate planning is one of those important times when knowing your net worth is essential. When you plan your estate, your attorney needs to have an idea of your financial assets in order to design a plan that achieves your goals and preserves your assets for your family and loved ones. This article provides 3 simple steps to assist you with calculating the financial value of your assets.

Caring for Your Spouse....Even After You're Gone

Do you worry about caring and providing for your ailing spouse and making sure their needs are met, after you are gone? This article describes how a Testamentary Special Needs Trust is one estate planning strategy that can help you do exactly that. Learn how you can plan now to help your spouse qualify for financial assistance for their future medical and nursing home costs, while preserving your assets for other expenses or "luxuries" that your spouse may need, which are not covered by government benefits.

Real Security

During these unsettling times everyone is searching for ways to feel more secure. This article provides details on how different components of a complete estate plan can provide real security for you and your loved ones, while building a solid foundation that can bring peace of mind during these unsettling times and in the future.

New Year Brings Resolutions... and More

The coming of the New Year presents an opportunity to reflect on the past year, and reorganize our priorities and goals. One important resolution is protecting our assets and our families through estate planning. The process to achieve this goal is discussed in this article.

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.

Unique Planning for Unique Families

The article examines how Legacy Wealth Planning can be used effectively with a blended family.

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.

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.

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.

Protect Your Children Now and in the Future

The article examines how you can use a Family Access Trust or a Family Sentry Trust to protect the inheritance you will leave to your children.

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.

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.

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.

Protecting Your Children from Their Nightmares... and Yours

The article examines statistics regarding divorce in America and how to protect your children from divorce. It examines setting up a divorce protection trust for them as well as using a marital trust for second marriages for your own assets.

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.

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.

Is a Power of Appointment the Same as a Power of Attorney?

The article examines a few legal terms that can be confused, like Power of Attorney, Attorney in Fact, and Power of Appointment. The article examines the terms and specifically, how Powers of Appointment can add flexibility to a plan.

Planning With Retirement Assets

The article looks at retirement planning and looks at a few strategies such as ROTH conversion, paying the tax, giving to charity, etc.

Preserving the Ranch for the Next Generation

The article examines a typical ranch family, the problems they face, and solutions. It touches on problems of joint tenancy, incapacity, and succession. It offers an RLT, a second to die ILIT, and a buy-sell as solutions.

Dealing with Aging Parents

The article examines how the parents took care of the kids and how the kids then take care of the parents. It looks at the need to plan in advance for wealthy parents (estate tax reduction), not so wealthy parents (Medicaid planning), and any parents (powers of attorney, etc.).

Could Deficit Reduction Take Your Life Savings?

This article discusses how long-term care costs can be a major financial drain. It looks at how the changes in Medicaid law could make it much more difficult to plan. It stresses the need for pre-planning. It briefly looks at Income Only trusts as a potential planning option.

Privacy in Life and Death

The article examines many ways in which privacy can be obtained including: using donor advised funds to keep the name of the charity private, RLT to keep things private at death, and the do not call registry and decedent do not contact registry to avoid nuisance calls.

I Just Inherited Money! Now What Do I Do?

This article examines what a beneficiary should consider when they find out they are receiving an inheritance. It touches on basis step-up, disclaimer, non-inclusion in income, etc.

As Time Draws Near

This provides an overview of planning strategies when someone is approaching death.

10 Tips in Planning for Taxes

The article examines several strategies for minimizing income taxation, through timing of expenses and income, etc. It includes items to consider at year-end.

Insurance: A Major Estate Planning Tool

he article looks at various types of insurance from life insurance to homeowner's insurance. It explains how minimizing risk is part of estate planning.

When Disaster Strikes

This article examines how tragedies can strike in any of our lives but how planning can lessen the impact. Estate planning can let you rest easier and make sure others have the legal right to help you when you need it.

Is Estate Planning for Me?

This article examines various reasons people think estate planning is not for them, such as they aren't married or don't have money. It explains why they need estate planning.

Estate Planning is Life Planning

It seems like there is always some discussion in Congress about changing the estate tax. There even have been proposals to eliminate the tax permanently. If Congress ever eliminates the tax, does this mean that there will no longer be a need for estate planning? No, it does not.

Should I Leave Everything to My Spouse?

The article examines the tension between leaving assets outright to a spouse and leaving them in trust. It discusses creditor and divorce protection. The article also discusses allowing the surviving spouse to appoint the assets in the trust.

Could Your Hospital Kill You?

The article examines the case of a Florida man whose hospital went to court to enforce his living will. His wife / health care agent wanted him kept alive. The court allowed the hospital to disconnect the man, causing his death. The article examines the importance of establishing whether the Living Will or health care agent should have the last word.

Let Your Voice Be Heard

The article examines the case of Terri Schiavo and how a clear expression of her wishes could have avoided problems.

How to Handle a Windfall

This article examines the financial and estate planning steps for clients to take when they come into a financial windfall.

Why is My Trust so Long?

Examines why a trust document must be long in order to be clear. Gives examples of issues requiring clarification.

Preserving Harmony with Blended Families

Second marriages and blended families raise unique concerns. The article examines marital trusts and unitrusts as a way to take care of both spouse and children and preserve family harmony.

Win a FREE Estate Plan!

Trust mills mislead seniors and bilk them out of their retirement. The article compares practices of trust mills and those of legitimate, quality estate planning attorneys, and how to tell the difference.

Honest Discussion About Funerals

Pre-planned funerals may be the best way to go. It reduces friction and makes sure things happen the way you want. Further, it provides Medicaid planning opportunities.

Domestic Partnerships: First, Know the Facts

Domestic partnerships vary dramatically. Examines differences and federal tax issues.

Asset Protection Planning in Litigious Times

In our ever increasingly litigious society it is essential to protect yourself from potential creditors. The article examines asset protection techniques in maintaining insurance to the use of asset protection trust.

SuperBowl Champ's Final Pass Incomplete

This article examines the life and death of Jack Kent Cooke and his $1.3 billion estate. It tells the tale of his expensive, drawn out probate and what could have been done to achieve a better result.

Home Sweet Home

This article looks at the various tax and asset protection aspects of a home, such as gain exclusion, bankruptcy exemption, QPRTs, etc.

Medicaid Planning: There's a Right Way and a Wrong Way

You can plan for Medicaid the wrong way (through fraud) or the right way. GWA gives true fraud story and a brief Medicaid qualification overview.

Planning for the Unthinkable

None of us wants to contemplate that we might become ill or incapacitated. But illness or disability can strike us without warning. Illnesses, injury, and tragedies occur to countless Americans each day. Some are caused by completely unexpected events, like the collapse of a bridge or a house fire. Others are caused by the ravages of time which remind us of our own mortality. While these events may be unavoidable, the impact can be lessened somewhat if we take steps now to plan ahead.

Gay Marriage - An Estate Planning Perspective

There are many ways in which rights of same-sex couples differ from those of heterosexual couples. Perhaps top of this list is that heterosexual couples can legally marry in every state and that marriage is legally recognized in every state and by the federal government.

Save Taxes and Money, Too

Americans are always looking for new ways to save taxes. Beginning in 2004, there is another way to save taxes when you save money-Health Savings Accounts ("HSAs"). With an HSA, you can save for medical emergencies on a tax-free basis.

Trusts Can Help Protect from Bank Failure

If you walk into almost any savings institution in the United States, you see a little seal on the door that says "Member FDIC." The Federal Deposit Insurance Corporation ("FDIC") was founded in 1933 as a response to the run on banks in the Great Depression. It provides each person with up to $100,000 of insurance for funds in that bank. That sounds simple enough. And, for individuals, it is.

Health Care Directives Make a Difference

We have all been sick before. Whether it is from the flu or from a more chronic ailment, we have all experienced, to some degree, the feeling of vulnerability illness brings. While we cannot always avoid illness, we can mitigate the vulnerability by expressing wishes ahead of time.

Five Reasons To Plan Your Estate Now

We can all come up with reasons to procrastinate and avoid doing what we should. However, there are many reasons to avoid procrastination when it comes to estate planning. Here are five of them:

Irrevocable Trusts Need Not Be Scary

Irrevocable trusts are used frequently in estate planning for a wide variety of purposes. Irrevocable trusts can be used to make a completed gift of assets, while restricting access to the assets or retaining indirect control. Irrevocable trusts can be used in order to help protect assets from creditors of the trust beneficiaries. Such trusts even can be used as part of planning to qualify for Medicaid benefits.

To Roth, or Not to Roth: That is the Question for Estate Planning

A few years ago Congress enacted a new type of retirement savings plan, a "Roth" IRA, named after the Senator sponsoring the legislation. With a traditional IRA or 401k plan, contributions are tax deductible, earnings are tax deferred, and withdrawals are fully taxable. With a Roth IRA, contributions are not tax deductible, but earnings and withdrawals are not taxable. From an estate planning perspective, this creates a huge advantage for a Roth IRA.

Estate Planning: Not Just For the Rich

Do you think estate planning is just for the rich? Think again. Few Americans are super wealthy. You do not have to be a billionaire to make Forbes Magazines list of the 400 Richest People in America. $600 million puts you on the list, like Aubrey Chernick. While Aubrey has $600 million, he is otherwise like many of the rest of us. Hes middle-aged (54), married, and has three children.

Five Common Estate Planning Mistakes and How to Avoid Them

Estate planning is a complex weave of legal and personal objectives. Issues of taxation, family law, and business entities combine with the most personal of family concerns. Attorneys that focus on estate planning face this challenge and have experience in meeting their clients needs in planning to achieve personal and financial objectives. Here are some common mistakes made by attorneys that do not focus their practices in estate planning.

Privacy Protections: Don't Be Overprotected

Recent federal laws and regulations have created new privacy protections for your medical information. These laws are known as "HIPAA" (Health Insurance Portability and Accountability Act). Now physicians, hospitals, health insurers, and other "covered entities" must comply with strict rules or face fines and potential criminal penalties. An innocent mistake would incur a fine of $100. More serious breaches of privacy, such as releasing information for malicious harm, could result in fines of up to $250,000 and 10 years in prison. Understandably, health care providers are being extremely careful about the release of medical information in the face of such penalties.

Do-it-yourself Estate Planning: You Get What You Pay For

Self-help books are an ever-increasing segment of the American publishing market. There are books and software on everything from gardening to health care. There are even books and software out there that purport to allow an individual to draft his or her own estate planning documents. Some of these items are promoted by media personalities and others by purported experts

Planning in a Down Economy

A poor economy puts a different spin on planning. It is likely many of your assets have decreased in value. Interest rates are low. The size of your overall estate may be less than it once was. All of these factors should be considered as you evaluate or re-evaluate planning options.

Sometimes It's Better to "Just Say No"

When we receive an inheritance, few of us consider that there may be a choice to consider. We are still mourning the passing of someone dear to us when we learn about the inheritance. We just try to continue our daily lives, numb from our emotional loss. The estate or trust administration continues and eventually we receive our inheritance, either outright or in a trust for our benefit.

Get an Estate Plan - Not an Estate Scam

Estate planning is an important part of life. In fact, it is central to who we are as people. In planning for our future, we must analyze who we are, what our goals are, and whom we wish to help in this world. It makes us aware of our own mortality, but also the impact we can make in the world. A qualified estate planning attorney can help you with this important and intimate process — accomplishing your goals in the best, most tax efficient manner.

The Hottest Trick in Estate Planning, Thanks Wal-Mart!

There is a little known estate planning technique that wealthy clients are lining up to hear about. It works well in a low interest rate environment, especially when stocks are down in value. It is called a Grantor Retained Annuity Trust or "GRAT."

Choosing Beneficiaries Is Not Enough

Determining who should inherit your assets is a surprisingly difficult task for many of us. However, with time and due consideration, an answer comes. Now you are ready to tell the world who should inherit your assets and who should not get anything. This seems relatively straightforward. However, things often are not as simple as they superficially appear.

Preserving the Family Home from Medicaid Recovery

Many of us fear that as we age we will need medical assistance. We strive throughout life to maintain insurance to pay for medical expenses while trying to save. Many of us also want to leave something for our children, so that they have an easier time in life than we did starting out. Perhaps the most meaningful asset to leave is the family home, for emotional as well as economic reasons.

Planning for the Future Without a Crystal Ball

hen planning for the future, none of us has a crystal ball. So, we must plan our affairs based on current circumstances while trying to anticipate a whole range of possible future events.

IRA and 401k Beneficiary Designations: Not to Be Taken Lightly

If you are like most Americans, you have money taken out of each paycheck for your IRA, 401k, or other retirement plan. Those deductions add up over time. Over the past twenty years, IRAs and 401k plans have become an increasingly important part of our lives. According to statistics from the Investment Company Institute and the Federal Reserve Board, retirement plans account for nearly $11 trillion in American wealth. For many Americans, this becomes their largest asset.

Planning for Vacation

You and your spouse have dreamt of this vacation for months. You have saved for it. And now, finally, the sand and surf beckon for a second honeymoon. You have gone over your checklist several times. You packed your favorite swimsuit and your good walking shoes. You even made sure to hide that Hawaiian shirt you would rather your spouse not bring. You made sure the kids are ready to go to your parents house – or as ready as possible. Is the thermostat set? Whos taking care of the mail? You know the routine; we have all done this many times before. But, as we prepare for a long vacation, inevitably we wonder "what if". What if something happens at the house; I better have someone check on it and water the plants. What if something happens at the office; I better give them my cell phone number. What would happen to the kids if we were in an accident?

Sound Too Good To Be True? It Probably Is.

e all want to find the hidden gem, the easy solution, and the get rich quick scheme. Investors bought shares of Enron Corp. and WorldCom, not fully understanding the businesses or the risks. Investors thought, “what’s to understand – stocks are going up rapidly.” Then the corporate shell game came to an end, and Enron and WorldCom became two of the largest bankruptcies in United States history

Common Asset Protection Mistakes in Estate Planning

We all know that estate planning includes decisions about what should happen to our assets upon our death or disability. However, people often overlook asset protection issues and strategies in the estate planning process. Asset protection is the shielding of assets from potential creditors and others.

How to Help [Insert Charity Name]

There are many ways each of us can help [charity]. However, some ways are better suited to certain donors while other methods make more sense for other donors. Following just a few of the many ways that you can use to help [charity] thrive.

Choosing a Trustee

The centerpiece of most estate plans is a living trust, which provides flexibility disposing of assets, management of assets during incapacity, and avoidance of probate. While there are many options to consider structuring a trust, perhaps the most important issue is the identity of the trustee.

I'm a Trustee, Now What Do I Do?

We've all heard of trusts. Trusts are used as an estate planning tool to avoid probate and to provide flexible planning to accomplish personal and tax goals. But where does a trustee fit into the picture?

I Have Some Property Overseas, What Do I Do?

Many Americans have assets outside the United States. In fact, according to a study by the U.S. Department of Commerce, Bureau of Economic Analysis, direct investment abroad by Americans in 1999 exceeded $1.13 trillion. Whether it is a tract of land in the ancestral homeland or a vacation property in a tropical climate, great care must be exercised in planning for these assets.

Dying Isn't Necessarily the Worst Thing That Could Happen

When we think of estate planning, we ask ourselves: What happens if I die? Certainly, this is a very important question. While failing to plan for death can cause terrible consequences, failing to plan for disability could be even worse.

Estate Planning in a Low Interest Rate Environment

When interest rates are low, everyone knows it may be a good time to take out a loan or refinance their home. But, low interest rates also affect some techniques in estate planning. The basic elements of an estate plan remain the same: A Revocable Living Trust, a Pourover Will, a General Durable Power of Attorney, and a Health Care Power of Attorney. But, some of the advanced techniques in estate planning become more or less desirable when interest rates are low. Let's take a look at some of the techniques and how interest rates impact their utility.

Corporate Trustees: Why and How Should You Select One?

There are many reasons for using a corporate trustee to administer a trust. One reason might be for continuity of management, such as with a "dynasty" trust which is designed to last many generations. Another reason might be for administrative convenience - dealing with one institution for the management and investment of the trust assets, making distributions to beneficiaries as provided under the terms of the trust, and preparing annual accountings and tax filings for the trust and its beneficiaries. A third reason might be for family harmony and the minimization of family conflicts, such as where both a new spouse and children from a previous marriage are beneficiaries of the same trust. A final reason might be the inability of the beneficiaries to manage the trust assets for themselves - such as where the beneficiaries are minors, spendthrifts or persons with "special needs".

Providing for Your Children in Your Revocable Living Trust: Don't Overlook Special Needs Planning

If you're a parent who has taken the time and energy to create a Revocable Living Trust ("RLT") you should be commended for your initiative and perseverance for ensuring your children and grandchildren are properly cared for when you are gone. If you have not yet created an estate plan, doing so could be one of the most important actions you can take on behalf of your children's future well being. A properly drafted estate plan designates who will care for your minor children upon your death, as well as providing for the smooth transfer of wealth to your children. Many parents assume that making sure a child is financially secure after they are gone means leaving the assets outright to the children. For many reasons, such as a child's inability to manage finances, outright distribution of your assets to your children may not be the most prudent option. This becomes especially true if any of the beneficiaries of your trust estate have, or develop in the future, special needs and require the assistance of government aid.

Medicaid and Life Insurance: Can Your Past Financial Planning Jeopardize Your Eligibility?

Most people are aware that, in order to qualify for Medicaid benefits an applicant must meet strict state-imposed income and resource restrictions. Luckily, when determining which resources are available, many assets are exempt from counting towards the Medicaid resource limit. Some examples include:
1. Principal place of residence, lot, and sale proceeds if another residence is purchased within 3 months of the sale;
2. Household goods and personal effects up to a specified amount;
3. Engagement and wedding rings;
4. Automobile used for necessary transportation, such as for transportation to employment or medical treatments;
5. Automobile not used for above purposes, up to a specified value;
6. Business property; and
7. Life insurance policies up to a specified amount.

Lowering Your Chances at Qualifying for Medicaid? Know the Law before Transferring an Asset

Estate Planning is often a necessary task. It is most commonly known as a way to direct your assets to those you wish to provide for after your death. But, did you know that part of the estate planning process could also help with providing for your care or the care of a loved one upon disability? A well thought out estate plan can prove especially useful where a beneficiary may need government assistance, such as SSI or Medicaid. A hasty transfer of assets can mean the difference between receiving the government's help or being on your own.

Government Assistance for Those with Disabilities

Living life with a disability can often be tough. But if you or a loved one is afflicted with a disability, know that you don't have to struggle on your own to make ends meet. The government provides aid to those with disabilities in various ways. The four largest and most common forms of government aid are Social Security, Supplemental Security Income, Medicare and Medicaid.

Are Your Interests Being Looked After? Consider Using a Trust Protector

Many people are well aware of the benefits of using trusts. Revocable trusts allow you to avoid probate and provide relatively uninterrupted management of trust assets in the event of your disability. Irrevocable trusts supply you with a means of removing assets from your taxable estate and allow you to provide for a loved one while limiting his or her access to the trust assets as you have provided under the terms of the trust agreement. However, some people are apprehensive about transferring assets to an irrevocable trust because of the finality of the transfer and thereby lack of control over the assets by the creator. What happens if the creator's intent for creating the trust is not being fulfilled? What if the tax laws change, as they quite often do, leaving the purpose for creating the trust no longer necessary? A Trust Protector may be just what the doctor ordered.

Don't Throw Your Estate Plan Out Just Yet - The Estate Tax Won't Be Repealed For At Least Ten Years

For the third year in a row, the House of Representatives and the Senate have passed bills repealing the Estate and Gift Tax. Although all details and provisions of the final version of the bill ultimately presented to the President for his signature are not currently known, if enacted in its current form, H.R. 8, the "Death Tax Elimination Act of 2001", would provide only moderate tax relief over the next ten years.

MRD for 2001 from IRAs and Qualified Retirement Plans: Act Fast!

If you own an Individual Retirement Account ("IRA") or participate in a qualified retirement plan and are required to take a Minimum Required Distribution ("MRD") this year, this is an article you cannot afford to ignore. You may already be aware that the Department of Treasury recently changed the rules concerning mandatory distributions from IRAs and qualified retirement plans.

An Executor's Duty: Valuing the Estate's Assets

The responsibilities of an Executor (also called a Personal Representative in some states) can be very time consuming and potentially difficult. Besides having to locate all of the decedent's assets, the executor has the responsibility of determining the value of all of the decedent's assets. This determination serves two valuable purposes. First, it establishes the amount that will be taxed by the state and federal governments upon the decedent's death. Second, it establishes the basis of the assets in the hands of the beneficiaries of the estate.

Home Sale Gain Exclusion: Do You Qualify if Your Home is in Your Revocable Living Trust?

Many real estate markets around the country have experienced a dramatic rise in home values in recent years. If you are fortunate to be someone who has ridden the wave upwards, you may be wondering what will happen when you decide to sell your home and cash-in on the appreciation of its value. A first inclination may be to cringe at the thought of the government taking its share of such gains. But do not worry, as the government offers homeowners a valuable tax break for which many taxpayers qualify. However, do you qualify if your home is titled in the name of your Revocable Living Trust?

New Rules Regarding IRAs and Qualified Retirement Plans: There's a Good Chance They Affect You

If you're like much of the adult population and you own an Individual Retirement Account ("IRA") or participate in a qualified retirement plan, take note. The Department of Treasury has changed the longstanding rules dealing with Minimum Required Distributions ("MRDs") from IRAs and qualified retirement plans. MRD refers to the amount which you are required to withdraw from your IRA or qualified plan annually once you reach your RBD (defined below). The failure to withdraw your MRD results in a hefty 50% penalty by the IRS on the shortfall. After almost fourteen years of inaction, the government has finally simplified the MRD rules that have been in place since 1987! The new rules are retroactive to January 1, 2001.

The Family Limited Partnership: Is it Right for You?

Whether you own a business or have read articles on estate planning, you inevitably have heard of the Family Limited Partnership ("FLP"). This 40-year old creature has become extremely popular within the last decade. However, an FLP is a complex estate planning tool and should not be formed without consulting an attorney who is knowledgeable in their proper structure, as well as the potential income, gift and estate tax consequences of its creation and existence.

Ya'll Come Back Now, Ya Hear? The Importance of Having Your Estate Plan Reviewed

To many, the charm of the South has always been their delicious home-cooked meals and good old-fashioned southern hospitality. Southerners treat you like family and then invite you back for more. But whether you're from the South or another part of the country, someone else is always looking forward to seeing you again - your Estate Planning Attorney.

The Many Faces of Life Insurance

Life insurance is a unique asset. Because of its tax-favored benefits, it can be used to solve some of life's perplexing financial problems. Most people regard life insurance as a "protective" asset, and it is indeed one of the very best assets to protect against potential losses. But life insurance is also a major planning asset to develop and implement your financial and estate plan.

Planning After the Fact: The Benefits of Using Disclaimers

People are constantly being told to plan for the future. We experience this beginning at a very young age when our parents try to teach us to save money for a car or a trip. Throughout adulthood we are told to plan for our retirement. The same is true with your estate. Prudence suggests planning for your death so that your heirs experience minimal complications in settling your affairs.

The Death of the Estate Tax Will Not Spell the Doom of Estate Planning

With all the speculation caused by the passage of HR-8, the Death Tax Elimination Act of 2000, and its recent veto by President Clinton, many have wondered whether there will be a need for estate planning in the future. Thomas Stanley, author of estimates that Baby Boomers stand to inherit an aggregate $20 trillion in wealth over the next 20 years. This will be the greatest inter-generational transfer of wealth in history. Irrespective of whether the estate tax is repealed or not, the World War II generation will seek ways to protect and preserve this wealth for their children and future generations to come.

Common Myths about Estate Planning

A great deal of confusion remains over what constitutes a proper Estate Plan. Rumors, statements taken out of context, gossip, some bad characters that have bilked the innocent, and even turf battles over business interests have created widely held beliefs that just aren't correct. These stories have become myths. They can be harmful to you and your loved ones.

Medicare: Not the Complete Answer for Long Term Care

Long Term Care produces the most out-of-pocket health care costs for the elderly. It can have a devastating effect on your retirement if you are not prepared. While government programs can help, they are not the complete solution. Long Term Care is a prospect we all must consider.

Insurance and Estate Taxes: Two Sides of the Coin

Life Insurance can be an integral part of proper estate planning in several ways.
An effective Estate Plan maximizes the value of the estate. Transferring life insurance policies from an estate may assist in reaching that goal. Life Insurance also can be used to pay the estate taxes that cannot otherwise be avoided. Life insurance becomes a two-sided coin in estate planning.

After the Fact: Easing the Financial Burden After A Spouse's Death

A Living Trust can be a great way to fulfill your estate planning goals, including minimizing taxes on that estate. But sometimes, an unexpected death can occur before a Living Trust is established. Or, sometimes after a spouse has died, it is discovered that he or she did not properly fund a living trust.

But Wait, There's More: The Importance of Trust Administration

Many people probably think that once they have an estate plan in place their needs have been met. They are ready to move on, and feel secure in the knowledge that when they die their estate will be handled according to their wishes. To some extent this is true. Your wishes will be carried out and you will save your family time and money, but setting up the plan is only the beginning of the estate planning process. It is imperative that you review your plan regularly with your estate planning attorney. Buying or selling property, getting divorced, significant changes in income, and many other life-changing circumstances can impact your estate plan. In addition to regularly updating your plan while you are living, someone must be selected to manage the plan after you die. Trust administration is a vitally important and often misunderstood (or ignored) aspect of an estate plan that includes a trust. Trust administration allows for the orderly settling of the decedent's legal and financial affairs, including the disbursement of assets to the trust beneficiaries.

Use a Special Needs Trust to Protect Your Loved One with a Disability

Nearly one in ten people in the United States copes with special needs that exist as a result of a disability. In other words, approximately 25,000,000 people suffer from or care for someone suffering from a wide range of disabilities including Autism, Down syndrome, traumatic brain injury, and a variety of mental illnesses. All families should create estate plans to protect their loved ones from the expensive and often long process of probate, but for families dealing with special needs, it is even more important. Individuals who receive government and other restricted benefits and services may lose those benefits if they receive an inheritance. For this reason, proper planning is essential.

Don't Let Your Money Get Sucked into the Education Expense Black Hole

Many parents feel that they have a responsibility to help their children get through college. It's easy to see why when you consider that college graduates earn an income that's 50 percent more than those without a college degree. And, the unemployment rate for those with college degrees is half that of those who only have a high school diploma. But, the cost is staggering - more than $10,000 to $20,000 a year for private colleges. The cost of higher education has risen an average of 7 percent a year for the past several years, and it has outpaced inflation for over twenty years. Even with these exorbitant education costs, many parents feel it is important and worthwhile to invest in their children's future in this way. Today, paying for children's education is the second biggest expenditure behind buying a house.

Protect Your Children: Choose a Guardian

Many parents suddenly find themselves considering estate planning because they want to ensure the care of their children. John and Anna Perry, a couple from Albuquerque, New Mexico recently adopted a newborn baby. Even though they are in their late twenties, they're concerned about who would care for their son if something happened to them. As a result, they have begun to look into estate planning and evaluate their current financial plans. They have a retirement plan (IRAs, pensions and 401(k) benefits), life insurance and other investments, but they recognize that those plans may not meet their new needs as parents. So, what should parents know about guardianship and conservatorship or "guardian of the estate?" And, how do you go about choosing the best person to care for your children's physical, mental and financial needs?

You may already be a winner...Estate Planning for the Lottery Winner

Some attorneys consider estate planning to be one of the most complex areas of tax law. This concept may indeed be true-the estate planner must anticipate events that may occur many years into the client's future. The task of preparing an estate plan that will survive the client's future circumstances can be a daunting one. However, when the plan is first formulated, the experienced estate planner generally begins the process with a limited number of objectives.

Estate Planning for the Non-Citizen Spouse

Although the United States is commonly thought of as a melting pot of people from around the world, the law has devised a special set of estate tax planning rules for bequests to spouses who are residents but not citizens of the United States. The rules for resident, non-citizen spouses differ from those for citizen spouses in several respects. Lets first look at the rules for citizen spousal planning and then compare them to the non-citizen circumstance.

Basic Estate Planning for Unmarried Couples

The estate planning concerns of unmarried partners are very similar to the concerns of married partners. They are: (1) providing economic protection for the surviving partner; (2) providing for family members at the death of the surviving partner while paying as little as possible in estate taxes; (3) asset protection for the surviving partner, including protecting the surviving partner from creditors and lawsuits; (4) meeting the surviving partners future medical costs; and (5) protecting the property from the surviving partners inability or inexperience in managing money.

Foreign Spouses and the QDOT

Today the international scope of business, education and travel brings more and more foreign nationals to American soil, where they take up residency, marry and raise families. Although foreign nationals enjoy many of the same benefits as citizens, there are distinct differences. One is the inablility to use the Unlimited Marital Deduction to reduce estate taxes. How to use a QDOT to protect the financial well-being of a resident foreign national is the focus of this article.

Why Estate Planning is a Woman's Issue

Although estate planning is important to every American, the fact remains that women have an even greater stake in their families' wisely implemented estate plan. That's because women on average still outlive their mates, and often by several years. Why women should take an active role in assuring that this important task is completed - - and the consequences they face when it is not - - are clearly portrayed in this well-researched article. This download is a ZIP containing a long and a short version, in Word format.

Ending Well: Living Wills and Other Strategies for Controlling Your Own Destiny

A recent American Medical Association study reveals that American consumers aren't getting the control they think they've achieved with the Living Will. In fact, the AMA's study found that doctors often ignore patients' Living Wills and provide invasive medical procedures, even when they know this treatment is contrary to patients' wishes. The solution may well be the Health Care Power of Attorney. Timely, topical and of great interest to readers.

Keeping It All in the Family with the Family Limited Partnership

The Family Limited Partnership is a well-rounded estate planning strategy that helps families pass wealth from one generation to another in a highly advantageous way that gains tax breaks without sacrificing control. This article explains how.

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