Wealth Strategies: “Many family business owners struggle with business succession planning because they cannot envision a suitable way to divide their ownership and control among a diverse group of beneficiaries, some of whom are active in the business and some of whom are not. However, by recognizing that ownership and control actually [...]
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Calgary Sun: “the expenses involved in setting up a trust will probably be worthwhile for anyone with an estate worth more than $150,000.” Forbes: “For those who dare to think ahead, today’s down market and low interest rates offer great tax saving opportunities.” Forbes: “Congress seems likely to clamp down on this wealth transfer technique. Here’s how you can still use GRATs [grantor retained annuity trust]. . . . Here’s how a GRAT works“ Forbes: “Any Momma who would ride the rails . . . probably isn’t worth shoving to a grisly demise. It’s the Mommas flying on their private jets who need to pack parachutes or watch their backs. Without a doubt, the one- year lapse in the federal estate is a boon to heirs [...] Forbes: “There’s no estate tax this year, but tangled new income tax rules apply. Here’s how to thread your way through the morass. . . . But behind the scenes, lawyers and accountants are wrestling with a far more practical problem that affects all inheritors this year: the tangled new income tax [...] Morningstar: “Not doing so can have unintended consequences. But improper titling–or failing to change asset titles when your life situation changes–can lead to unintended consequences. For one thing, the way your assets are titled will trump anything that’s in your will. So if you pass away and you’ve titled your assets in [...] Dayton Daily News: “There are many reasons people cite for not filling out important documents like a will or papers dealing with medical decisions. First, there’s the fear of death . . . . Then there’s good old-fashioned procrastination . . . . None are good reasons . . . . Getting [...] Contractor Mag: “From a tax-planning viewpoint, once the first (could be second, third, etc.) marriage ends, the ex-husband falls into one of three distinct categories [looking for the next spouse, next marriage, significant other]. Each category requires different economic and tax strategies. Let’s take them one at a time.” Forbes: “Don’t trust the courts to follow your wishes–plan the distribution of your own assets. Many people believe that when they die, their personal belongings and all of their worldly possessions will automatically go to their next of kin–even if they don’t have a will. Unfortunately, they’re wrong. In fact, if an [...] Wealth Strategies just published the first of a six part series on lesser known trusts written by attorney Wendy Goffe. She says, “Part I of the article provides a brief outline and introduction. Part II discusses unusual trusts that still conform to the usual trust model. Part III discusses commercial trusts, or [...] Forbes: “Check your estate plan now. A common trust arrangement could leave a surviving spouse with too little. . . . Since the estate tax has been eliminated for persons dying in 2010, a decedent’s trust created by the traditional language–’the largest taxable estate on which no federal estate tax is payable’–will [...] The Wall St. Journal has a timely article on the consequences arising from the death of people during 2010 when the stepped up basis rules applicable to inherited property is replaced by a carry over basis rule. The article states, Under current law, heirs of 2010 estates who sell assets [...] New York Times: “Family limited partnerships are primarily used to reduce the size of an estate for tax purposes. What makes them so attractive is that the value of whatever is in the partnership . . . can be discounted . . . . But now, with continued scrutiny by the Internal [...] What is a domestic asset protection trust and how does it protect assets of the trust maker? The pros and cons of DAPTs. Wall St. Journal: “Less than 10 days before [my brother] died, he made me promise that I would write about him again, when his time was up, again because his story would help others. See earlier story. . . . people need to know that they can’t wait to take care of [...] The State of Washington settled a lawsuit it filed against The Preservation Group, LLC, of Chandler, Arizona, Kevin D. Boterman and Robert J. Feinholz alleging that they violated Washington’s Estate Distribution Documents Act found in RCW 19.295.020, which provides: “(1) Except as provided in subsection (2) of this [...] New York Times: “In recent years there has been a surge in the number of people dying alone intestate — without a will — leaving the government to deal with what has been left behind. . . . ‘Baby boomers don’t think they’re going to die until they are 90,’ said Ms. [...] The Herald: “Having a revocable living trust as the centerpiece of an estate plan is the best choice for many. If properly funded, a trust will avoid probate and conserve the confidentiality of estate assets and distribution. . . . Properly funding a new living trust is an extremely important step in [...] Fort Worth Business Press: “study after study shows that only 30 percent of Americans have wills. . . . When a property owner dies intestate (without a will), any number of unfortunate results can come about. Here are just six of them.” ProducersWeb: “Beginning in January and through the end of December of 2010, there is no Generation Skipping Transfer (GST) Tax, unless Congress changes the law in the meantime. The GST tax was part of the temporary repeal (one year) of the estate tax, which automatically expires at the end of 2010. Starting [...] Business & Finance: Part 1, “Leave Your Estate in the Right Hands.” Part 2, “Make Sure Your Plan Fits Your Unique Needs.” “The most important product of estate planning isn’t avoiding probate or reducing estate tax exposure, it’s achieving family harmony. As a result, we must watch out for personal [...] RGJ.com: “You need not be wealthy to benefit from estate planning. Many people dole out financial gifts in life but give little attention to how their assets will be divided when they die. A well-conceived estate plan can help ensure you and your heirs will enjoy the security of your assets. Yet [...] Toledo Free Press: “One of the biggest things that most of us procrastinate on is the dreaded task of creating a will or some other kind of estate plan. After all, we are all going to live forever right? . . . f you really think about it, should one really consider a do-it-yourself [...] Estate planning attorney Mark Cornwall article called “Planning Pays Off When Leaving Money to Children” discusses the common problem of sibling disputes after their parents are gone and how proper planning by the parents before death can go along way to preventing disputes from arising. He says: “when it comes [...] Thestarpress: “In the course of working with individuals on life insurance, retirement and estate planning, I routinely ask to review their personal legal documents to make sure that their wishes are accurately expressed in these documents. By personal legal documents, I am referring to their most recent Last Will and Testament, Living [...] Contractor Mag: “Theodore Roosevelt, the 26th president of the United States, said it: ‘In any moment of decision, the best thing you can do is the right thing. The next best thing is the wrong thing. And the worst thing you can do is nothing.’ This is the story of [...] New York Times: “there is no denying children and their often relentless follow-ups. Children ask tough questions — whether their families are rich, why they can’t have an iPod Touch like their friends do. So below you’ll find an introduction to five of the most difficult questions.” Wall St. Journal: “The estate tax is set to come roaring back in January. That sets the stage for a perverse calculus: End it all—or leave a massive bill for your heirs to deal with. It has come to this: Congress, quite by accident, is incentivizing death. When the Senate allowed the [...] Wealth Strategies: “When an estate has firearms, the executor must be careful to avoid violating federal (and state and local) firearms laws. These laws strictly regulate possession of, and access to, certain weapons, the transfer of permissible weapons, and bar certain persons from owning or having any access to firearms. Failure to [...] |
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