One important component to a living trust – centered estate plan is an advanced health care directive (formerly known as “living wills”). This 2010 article from the Los Angeles Times cites a study that says that over the past 15 years or so, the number of people with health care directives has risen from 20% to 67%. More importantly, the New
This article from the Wall Street Journal and Smart Money magazine briefly discusses the benefits of creating a Letter of Last Instruction. This is a document that you would prepare along with your estate plan to give your children or other loved ones guidance on how to help if you pass away or become incapacitated. The Letter would contain things that
This article entitled “Top 5 Reasons To Beware Of Joint Ownership Between Generations” was in the September 13, 2011 online edition of Forbes magazine. It describes some good reasons to be wary of co-ownership between generations. When I am presenting educational seminars regarding estate planning to the public or continuing education presentations to attorneys, I am often asked if holding assets
This below article titled “Create a Plan to Pass On the Family Cottage” was in the September 6, 2011 edition of the Wall Street Journal. It describes a number of approaches that families and estate planners can use to keep homes in the family. Some highlights are below… Helen Tanner’s lakeside cottage in Beulah, Mich., was built by her father on a
This article titled “Taking Care of Disabled Heirs” was in the September 6, 2011 online edition of the Wall Street Journal. Those of you who have loved ones with special needs might click on the link to this article to get an idea of the considerations and issues you and your estate planning attorney might need to think through. When Loved Ones
This article titled “How Volatility Eases Estate Planning” was in the September 06, 2011 online edition of the Wall Street Journal. Families with taxable or potentially taxable estates (think $5M and up…) should consider reviewing this article in considering advanced planning ideas while asset values and interest rates are low and estate and gift tax laws are favorable. Estate and gift
How to Avoid Taxes on Life and Disability Insurance (Smart Money Magazine) The above article from Smart Money magazine is a simple and concise synopsis of why some individuals and families with taxable estates or large life insurance policies may want to consider establishing Irrevocable Life Insurance Trusts (“ILITs”). While life insurance proceeds are generally free from income tax, they remain
Is Now the Time to Give Away the Business? This Wall Street Journal article from the excellent “You’re the Boss” blog describes how the new 2010 tax laws concerning estate and gift taxes have created an excellent opportunity for some business owners to transfer large chunks of their businesses to family members without incurring estate or gift taxes. The previous lifetime