One common way to try to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. While the best way would be to set up a revocable trust and fund the trust with the property, it can be accomplished…
Entrepreneurs often want to know what type of business entity they should set up for their companies. Limited liability companies (LLC) offer several surprising advantages, whether you’re expanding a brick and mortar retail operation or scaling an online business. Traditional corporations, also called C corporations, pay taxes on profits, while shareholders pay taxes on dividends,…
The latest news released by the Social Security Administration has not been well-received by the 65 million retirees, disabled workers and their families who rely on Social Security benefits for their day-to-day living expenses: For the third time in seven years, Social Security recipients will not see a cost of living increase to their…
When you hear the term “estate planning,” you might envision an older couple arguing over how to divide their copious assets, properties and business holdings among numerous relatives – not someone closer to your age waylaid by student debt and uncertain job prospects. All that said, now is the time to start thinking about the…
As Thanksgiving, Christmas, New Year’s and the winter holidays approach, you might be daydreaming about a skiing trip to Mammoth or a Hawaiian vacation to escape the cold. Or you might be savoring (or, perhaps, less then eagerly anticipating) the thought of reconnecting with your extended family, who’s typically scattered across the country. Whether you’re…
Now is the ideal time to start year-end tax planning. Below you will find a variety of tax-saving strategies you should consider using immediately so that you can get your 2015 tax house in order well in advance of the fast-approaching holiday season. Plan Now for a Bountiful Fall Harvest The last thing…
More than 10,000 people turn 65 in the U.S. every day according to Aging.gov (http://www.hhs.gov/aging/), a new website recently launched by the Obama administration. The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care,…
In a previous post, we explored three key ideas about living trusts. Here are four more fascinating insights into how to make the most of these instruments to plan for your future. What a Living Trust Can and Can’t Do for You A living trust can prevent your estate from going through probate court, delaying…
While most Baby Boomers have wills in place, millions of soon-to-be-retired Americans haven’t yet established estate plans and made critical decisions about future care. Many also don’t appreciate the sheer diversity of planning instruments available to ensure their wishes, protect their assets and prevent fighting among beneficiaries. A living trust, for instance, provides a slate…
The Veteran’s Administration (VA) offers a pension benefit to low-income veterans (or their spouses) who are in nursing homes or who need help at home with everyday tasks like dressing or bathing. The pension, called Aid and Attendance, is currently underused, but impending regulations will soon make it available to even fewer veterans. The new regulations will for the first time specify asset limits for qualification and impose a look-back period and transfer penalties similar to Medicaid’s. The looming changes mean that those considering applying for Aid and Attendance should act quickly.
Actor Robin Williams’ widow and three children recently settled a dispute over his estate that began just months after his death at age 63. At the heart of the matter was a question over the meaning of specific words in the trust paperwork – including which personal items should be considered “memorabilia” and “jewelry.” Questions…
In 2008 the National Association of Estate Planners & Councils (NAEPC), in conjunction with Rep. Mike Thompson (D-CA) and 49 of his colleagues, helped pass a law which declared the third week in October “National Estate Planning Awareness Week.” This year National Estate Planning Awareness Week falls on October 19 through 25.
Millions of fans mourned the 2014 death of actor Robin Williams – no one more so, perhaps, than his wife and his three children. Just a few months after his passing, however, the family he left behind became locked in a new and heated struggle: a dispute over how to interpret specific instructions in the actor’s estate plan.
To celebrate my birthday each year, I’ve started going to Key West, FL, on Columbus Day weekend to run(and by run, I mean jog-walk-shuffle-cry-hobble) in the Southernmost Marathon*. Now, most people think I’m crazy-bananas for wanting to spend my vacation pounding the pavement in the sweltering humidity of the Keys…and to those people, I say “You…
As of July 1, 2015, Connecticut probate courts earned the dubious distinction of charging the highest probate fees in the U.S. Amazingly, the Connecticut legislature voted to completely cut general fund support for the state’s probate courts for the next two fiscal years, thereby creating a $32 million deficit. In order to cover the shortfall,…
Perhaps you and your spouse worry about succession of your farm – whether you’ll be able to keep it in your family or you’ll need to sell it. Or maybe you’re facing an imminent medical problem in the family. In either case, you’re understandably concerned that so-called “creditors and predators” might undo all your…
(Note: I am not a vampire; I’m not even a legal eagle; however, as a mere mortal who happens to work in the best estate planning law firm in this non-supernatural realm, even I know it’s important to plan ahead!)
Yes, even the undead need an estate plan. After you stop laughing you need to hear me out. As we’ve learned from the likes of The Vampire Chronicles, the Twilight saga, and HBO’s True Blood, vampires aren’t immortal. They do die, and it’s usually unexpected and messy.
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust. The Basics of Creating a Lifetime QTIP Trust In the estate planning…
Perhaps you first obtained life insurance 10 or more years ago, but you haven’t updated your insurance plan (or thought about it much) since. You should consider reviewing your policies. A re-assessment has the potential to pay off significantly. The insurance industry has come to understand that we are all living longer than they originally…
You and your spouse have worked hard and saved. You’ve enjoyed the good fortune of having assets that have appreciated over time. At the same time, you’re confused about which estate planning solutions can help you preserve your assets and allow you to pass on your wealth without your having to pay exorbitant state or…
One common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. This is accomplished by adding the names of the children and certain legal terms to a new deed for the property and…
I’ve been doing some business out in Las Cruces, New Mexico recently. This was my first time to visit this part of the United States, and I have to say I’m glad I discovered this part of the world. I had always thought of Southern New Mexico as a desert, and the White Sands National…
Whether you’re an entrepreneur searching for ways to reduce risk associated with a venture, or you’re a professional curious about novel ways to protect your family and build equity, captive insurance might be a useful solution to explore. This exciting approach to insurance (yes, there can be such a thing) can help with both…
