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New York Times: “Business owners who do not form a succession plan create a time bomb that can not only destroy their companies but tear apart their families. ‘A lot of families fight and fight until the business is gone . . . It eats up everyone’s inheritances.’ Here are some suggestions to [...] Law Practice Today has an article by Attorney Dennis Kennedy called “Estate Planning for Your Digital Assets.” He says, “We are gradually, and grudgingly, learning that our online presence can outlive our physical presence and possibly even take on a life of its own. As we begin to move more of our activities—financial, [...] The Trust Advisor Blog: “With bank failures running at their highest level in nearly two decades, those holding fiduciary accounts may cause problems for advisors who recommend them should the bank fail. Experts recommend wealth managers conduct due diligence before sending a client to a bank’s trust dept. . . . But until [...] The Washington Post has a story called “A Patient’s Death Prompts a Doctor to Assess ‘Do Not Resuscitate’ Orders,” in which a doctor whose patient died comments about patients and an important estate planning document called a “Do Not Resuscitate” or DNR. The article is especially important for estate planning lawyers because it [...] thespectrum.com: “Discussions with parents or other family members regarding estate planning can at times be difficult, emotional and stressful. This discomfort, however, cannot compare to the financial pain felt by family members whose parents die without having implemented estate planning strategies. Relying upon state governments to decide the management and distribution of our [...] Investopedia: “Estate planning is more than simply having a will. It is a continuous planning process done to alleviate the financial impact of your death on those you leave behind. By spending just a few hours and dollars now, you can save your loved ones or beneficiaries from paying as much as a [...] The failure of Congress to deal with the repeal of the federal estate tax before 2010 and the impact of new estate taxes and generation-skipping taxes beginning January 1, 2011, has created great uncertainty and confusion for wealthy Americans and their tax advisers. A 51 page article entitled “Estate Planning In Uncertain Times: [...] Forbes has a great article called “Americans Lack Basic Estate Plans.” The story claims that despite the national attention given to the Terry Schiavo situation, most people do not have a living will, which is instructions to the healthcare providers that you do not want to be kept alive by artificial means if [...] Yahoo Finance: “Given the relatively low interest rates and transfer tax values, and some Uncle Sam-sanctioned planning techniques, there is a window of golden opportunity, according to Steve Leimberg, the publisher of Leimberg Information Services Inc. and author of “Tools and Techniques of Estate Planning.” The article discusses three estate planning concepts called tax basis [...] New York Times: “For many people, estate planning is both a private matter and a morbid topic — not something that parents and their adult children want to discuss. While having these conversations takes a lot of courage, they can help avoid surprises, lead to better financial planning and promote family harmony.” As an estate planning attorney, I often wonder and am asked what percentage of Americans have an estate plan? Law.com conducted a national survey that answers the question. Here are some of the findings of the survey: 35% have a will, down from 45% in 2007 Financial Planning: “When it comes to estate planning many advisors forget to talk about a client’s cars. . . . ‘This is an area people forget about when it comes to estate planning,’ says Kevin Transue, a certified financial planner with Heacock Financial, . . . . ‘The collectors don’t even tell their [...] mndnet: “Your estate plan can make your heirs’ lives easier. But it is your parents’ estate planning that will make your life easier. You or your siblings will probably have to settle the estate and potentially have to go to court to resolve matters. Good intentions don’t count if they aren’t documented legally. Coshocton Tribune: “Think of this as a legal bucket list to help your loved ones after you die. Here are 10 things to get done before you pass on to the hereafter. . . . [Funeral directors] will tell you that too often grieving families are faced with tough choices because their loved [...] New York Times: “TURNING down an inheritance may seem to be an alien concept. But with the estate tax in flux, this process, called disclaiming, can provide needed flexibility. People who disclaim are generally treated as if they had died before the person from whom they are inheriting. The assets then go to [...] Morningstar: “There’s a lot about the estate tax that’s up for grabs right now . . . . many aspects of estate planning are crucial . . . such as creating a living will, naming individuals to act on your behalf if you die or become disabled, and choosing beneficiaries of your investment [...] naplesnews.com: “It is time again to face year-end chores, including gathering income tax information and estate and gift tax plans. In previous years, a good start would be to first review assets: what is owned, how much is it worth, how is it owned and who gets it when you die? This year, [...] Minyanville: “You may have been naive about money during your first marriage. Not this time. Embarking on a second (or even a third) marriage? Financial experts are in unison on this one: Love may be lovelier the second time around, but don’t try to marry again without professional counsel. And keep your feet [...] Outlook Money: “t’s paramount that your wealth and assets reach your kids smoothly after you’re gone. Here’s how to ensure it.” Fox Business: “The Obama administration’s proposed budget calls for lots of changes that could affect your estate plans, and ignorance isn’t bliss — it’s foolhardy. Some of the proposals might become reality, some might get modified, and some may never see the light of day. Still, many experts have been sounding the alarm [...] Fox 4: “At age 67, Robert decided to draw up his will. But he worried his diagnosis of Alzheimer’s might later create legal problems. So he hired an elder law attorney to help him write it. Today older adults face more legal issues than before. Plus, laws covering Medicare, elder care and disability [...] Professor Paul L. Caron of the University of Cincinnati – College of Law has written a article entitled “Estate and Gift Tax Problems of Principals and Agents Under Durable Powers of Attorney.” “The combination of advances in life expectancies and improvements in medical technologies has made it increasingly important to plan for a [...] The Trust Advisor Blog: “After a month of death tax confusion, The Trust Advisor checked in with key providers to see if business slacked off. Between the threat that Congress will retroactively de-repeal the currently repealed federal estate tax and the ongoing questions about what happens to the tax in 2011 and beyond, [...] Wall St. Journal: “Mention ‘pets’ and ‘estate planning’ in the same sentence, and many people think of the late Leona Helmsley, the Manhattan hotelier and convicted tax cheat who left $12 million to Trouble, her Maltese pooch, and also specified that her trust of more than $5 billion be used to benefit dogs. A judge [...] San Franciso Chronicle: “Karin Prangley, an estate-planning attorney in Chicago, became an expert on post-mortem online assets after experiencing first-hand such complications. When her father-in-law had a stroke in 2008, his building supplies business lost between $10,000 and $15,000 because packages continued to arrive at his warehouse and no one had any idea [...] Yuma Sun: “What would you want to leave behind for your family? If your choices were A) a contentious mess, or B) a well-coordinated estate plan, you would choose option B, right? All too many of us end up with option A. In fact, a recent national survey discovered that only 44 percent [...] Forbes: “Putting affairs in order before it’s too late is important. Celebrity stories can help spring clients into action. As professionals, one of the challenges that we have is motivating our clients to do their estate planning. You can educate clients about the proper estate planning and how it can help them, their [...] Daily Finance: “At first blush, Casey Johnson and Ruth Lilly, who died within days of each other around the new year, could hardly have been more different. Johnson . . ., who died at 30, was a party animal who lived her life in the public eye, most recently as the fiancée of [...] naplesnews.com: “If your net worth is high enough to be subject to the evil estate tax, chances are you worked your tail off all or most of your adult life to accumulate your wealth. But draw your last breath and the estate tax monster wants to devour about half your wealth. Not a [...] New York Times: “I am utterly spent by the time my father lands in the emergency room, shortly after 1 a.m. on a cold January night. We have been through the drill so many times that when the nursing home calls to tell me the ambulance just left, I do not even bother [...] |
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