There are many legal terms that can be confusing to laymen. For example, people often wonder if their attorney, such as their estate planning attorney, is their “Power of Attorney.” A Power of Attorney is a document, rather than a person. A Power of Attorney is a document in which the “Principal” gives powers, duties, … Read more
Make sure your wishes are known with a health care directive. Most of us have heard of Terri Schiavo and her lack of a health care directive. Terri had a heart problem and slipped into a coma in Florida in her 20s. Terri had not expressed with great clarity what she wanted done in such … Read more
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that and instead require annual distributions for any beneficiary subject to the 10-year rule.
As we go through life, few of us plan to leave a mess to our heirs after we are gone. However, many of us, in fact, do leave behind a tangled mess, indeed. Here are a few typical messes and how to avoid them: Lifetime Transactions Without Legal Advice Problem: Often, people enter into lifetime … Read more
Your initial consultation with an estate planning attorney should be similar to your initial consultation with your physician. First, you will be asked to provide information about yourself and your family. Are you married? Do you have any children? Did you have previous marriages? Do you have any grandchildren? What are the ages of you and your … Read more
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year.
When people think about estate planning, they typically think of who will get their possessions. Upon further thought, they recognize that the most important decisions they make will be the identity of trusted decision makers like guardians, executors, trustees, and agents. If the individual has a Will, an executor or personal representative is named in … Read more
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 … Read more
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
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 … Read more