Are you in the process of seeking the advice of a nursing home lawyer? Do you need to hire this type of legal professional to help with a serious situation? If so, you don’t want to make just any decision. Instead, you need to get the right attorney on your side. With so many nursing home lawyers to choose from, it can be difficult to find the person that best suits your situation. Fortunately, when you know which steps to take, it won’t be long before the right legal professional is … [Read more...] about Top Tips for Hiring a Nursing Home Lawyer
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
Anna Nicole Smith seemed to go from one estate planning mess to another. First, she was the wife of billionaire J. Howard Marshall. For many years, she was involved in litigation over his estate because J. Howard never included her in his Will. But, even after experiencing first-hand the emotional, financial, and time costs of J. Howard’s poor estate planning, Anna Nicole left behind her own mess. On July 31, 2001, Anna Nicole Smith signed a Will leaving all of her estate to … [Read more...] about Learn from Anna Nicole’s Mistakes
An outdated estate plan is almost as bad as no estate plan. Either way, it means that things may not play out as expected in the future. Here are some reasons an outdated estate plan could cause you and/or your loved one's trouble: The wrong executor: You must be able to trust that the executor of your will has your best interests in mind. The same holds true if you have a trust and trustee. If you need to make a change, don’t wait. The wrong guardian: There’s nothing more important … [Read more...] about An Outdated Estate Plan Can Welcome Trouble
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences. Read on to learn more. … [Read more...] about Application of the Transfer for Value Rule to the Sale of Life Insurance
Many people think that estate planning is simple: You just press a button on a word processor and out comes a Will or other document that does just what you want. However, it’s just not that simple. There are many reasons that it takes someone with years of education and practical experience to advise you and prepare documents to accomplish your wishes. Typically, you have not even thought of all the questions, much less the answers and why they are important. For … [Read more...] about Estate Planning is Simple….Right?
It’s not the ideal situation, but it’s reality. There will come a time when you need to update your will. This can result from many circumstances, including but not limited to marriage, divorce, bringing a child into your family, receiving an inheritance, or the simple passage of time. Just the same as creating a will, updating this legal document requires your immediate attention. Waiting to take action puts you, your assets, and your loved ones at risk — and that’s not something you want … [Read more...] about How Long Does it Take to Update a Will?
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
An estate plan is one of the most important parts of your life. This may not be something you think about every day of the week, but it’s imperative that you are confident in all its details. Many people create an estate plan, just to assume that they don’t have to revisit it again in the future. While you don’t have to review and change your plan regularly, there are times when this may be necessary. Tip: if your estate plan is in need of a change, don’t put this off another day. You … [Read more...] about Time to Review and Change Your Estate Plan
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. Read on to learn more. … [Read more...] about What Everyone Should Know about the New FDIC Regulations