KEYTLaw » Estate Planning

Business Succession Planning With the Four Levels of Ownership and Control

On the Net — Thu, 02 Sep 2010 14:24:35 +0000

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 consist of four separate component levels that can be divided differently among the beneficiaries, a family business owner can more easily conceive of a succession plan that rationally assigns leadership and management powers while equitably allocating the economic benefits of the business.”

Put Faith in Trusts: Estate Planners

On the Net — Tue, 31 Aug 2010 13:50:15 +0000

Calgary Sun: “the expenses involved in setting up a trust will probably be worthwhile for anyone with an estate worth more than $150,000.”

Related posts:What to Know About Setting Up a Special Needs Trust With No Estate Tax This Year, Do Estate Planners Still Have a Job? Michael Jackson Rich But Illiquid

Five Ways To Freeze Out Uncle Sam

On the Net — Tue, 31 Aug 2010 13:47:07 +0000

Forbes: “For those who dare to think ahead, today’s down market and low interest rates offer great tax saving opportunities.”

Related posts:23 Things Beginners Absolutely Must Know About Saving for Retirement Six Ways To Leave Less For Uncle Sam Loans at 0.57% to Family Members Could Save Millions on Taxes

The Great GRAT Debate

On the Net — Mon, 30 Aug 2010 15:21:42 +0000

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“

2010 is the Year to Throw Momma From Her Private Jet–Not From the Train

On the Net — Thu, 26 Aug 2010 14:15:41 +0000

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 of the superrich. . . . But for ordinary families, it is creating all sorts of grief and unintended consequences and might even cost some of them extra federal tax, to say nothing of lawyers’ bills.”

Seven Steps For 2010 Heirs

On the Net — Wed, 25 Aug 2010 13:56:31 +0000

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 rules that apply to assets inherited in 2010. “

Give Asset Titling Due Care

On the Net — Wed, 18 Aug 2010 22:40:06 +0000

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 a way that doesn’t reflect your current situation and true wishes, the work you’ve put into estate planning may be for naught.”

Planning for the Worst

On the Net — Wed, 18 Aug 2010 15:36:06 +0000

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 your important documents in order can offer peace of mind and can avoid future costs.”

Estate Planning for Second, Third Marriages, etc.

On the Net — Tue, 17 Aug 2010 13:50:47 +0000

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.”

Related posts:Is Property Acquired During an Arizona Divorce Community Property or Separate Property? Why 2010 is Important for Estate Planning Using Life Insurance for Estate Planning

Why You Should Draft A Will

On the Net — Sun, 15 Aug 2010 15:49:23 +0000

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 individual dies intestate (without a will) the probate courts will determine how to distribute that person’s assets.”