As dawn breaks over the ranch, you think of the chores that await you: tending the cattle; repairing the equipment; buying feed and supplies. The life of a rancher is not easy, but it has its rewards: a life close to family and nature. But, as you age and nature takes its course, how will … Read more
Someone once said “when all is said and done, more gets said than gets done,” and this mentality is at the root of that thing called procrastination. Most people live very busy lives these days and you do have to prioritize the way that you spend your time. However there is a great deal of … Read more
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of an irrevocable trust could defeat the intended tax consequences. This article explores what powers a trustor should avoid serving as a trustee of an irrevocable trust.
Each of us faces illness from time to time. We can and should do what we can to prevent illness. However, we also can prepare for when illness does occur. Preparation for illness has two components: 1) financial preparation for the costs, and 2) legal preparation for decision making authority. The preparation for the costs … Read more
If you choose to use a last will as your primary vehicle of asset transfer your estate is going to have to be probated. Many people are under the impression that the will is something that is only seen by family members, but the reality is that it is going to be examined by the … Read more
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This article examines the various considerations that should be made when naming a trustee.
March 31st, marks the anniversary of Terri Schiavo’s death. More than any other story, Ms. Schiavo’s situation brought the need for living wills and other advance directives to the forefront of everyone’s attention. In the past year, an unprecedented number of people have explored their personal health care desires and made plans for their end-of-life wishes. … Read more
There are now 13.61 million American households with assets over $1 million, excluding their homes and retirement funds. Dr. Larry Samuel of the consulting group Culture Planning breaks them down into five basic groups: Thrillionaires. These millionaires live on the edge, consuming conspicuously. They’re more likely to be found rolling the dice in Las Vegas … Read more
Many individuals mistakenly believe that they need a large estate before concerning themselves with taxes at their death. While the Federal government does not impose taxes until an estate exceeds the Applicable Exclusion Amount, it’s important to the role that state estate and inheritance tax play, as well as a beneficiary’s own financial picture. Without careful consideration regarding the source of payment, disastrous consequences result.
Your parents were there when you took the first wobbly steps of being a toddler. They were there when you faced life’s challenges and the scary obstacles life put in your path. Now, you watch your parents take their own unsteady steps. You want to be there to comfort them as they face the obstacles … Read more