The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the conference. … [Read more...] about Spring Summit 2022: Celebrating Friendship in the Lone Star State
Let's look at a history of Duke University. Doris Duke was born into wealth. Her grandfather, George Washington Duke, and then her father, James Buchanon Duke, built what became a dominant player in the tobacco industry. By the dawn of the 20th century, the American Tobacco Company was so successful, it was one of the twelve original companies comprising the Dow Jones Industrial average when it originated in 1896. It’s dominance in the tobacco industry was so great that … [Read more...] about Do it the Right Way
What will you do if you cannot care for yourself? You’ve worked all your life and you’ve saved what you could. You’ve paid into Social Security for years. So, when you retire, you’ll get some money back from the government for a change. And, you’ll have Medicare to pay your medical expenses, right? Wrong. While Medicare pays some medical costs, it typically does not pay for “custodial” care. Custodial care is helping you with the tasks of … [Read more...] about Keep Your Cake – And Eat It, Too!
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You
You may not know where your biggest assets will go. It’s true. Of course, you know who the beneficiaries under your Will are. You know who the beneficiaries of your Trust are. But, do you know whom you designated as beneficiary on your IRA, 401(k), or other retirement plan? You may not. You may have made that designation decades ago. Guess what….normally, that designation continues unless you affirmatively change it. Do you have a copy of your … [Read more...] about What’s the Worst That Can Happen?
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great … [Read more...] about The Toll of Serving as Fiduciary
You may not know where your biggest assets will go. It’s true. Of course, you know who the beneficiaries under your Will are. You know who the beneficiaries of your Trust are. But, do you know whom you designated as beneficiary on your IRA, 401(k), or other retirement plan? You may not. You may have made that designation decades ago. Guess what….normally, that designation continues unless you affirmatively change it. Do you have a copy of your … [Read more...] about Do You Want Your Spouse to Lose Your Biggest Asset?
Many times, clients name someone they trust as the agent in their power of attorney. It’s often a new role for some people; they’re unsure of what’s expected of them and what it means for them and their relationship with our client. If you have recently been named as an agent under a power of attorney, here are a few important truths about this new role. Of course, the first thing you should do is read the document so that you understand the duties associated with managing the principal’s … [Read more...] about Your Role as Agent in Power of Attorney
Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning attorneys a way to add flexibility to a plan without complication. When creating powers of appointment, it’s important to consider not only the reason for including the power but also the way it needs to be exercised. Read on to learn more … [Read more...] about The Power in Powers of Appointment
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think