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.
If you’ve ever read People, US, or Entertainment Weekly or watched any of the similar television shows, you might be interested to know how some famous celebrities left their assets upon their deaths. If they left a Will and not a Trust, you can find out: It’s public record. That’s right, you can go right to the courthouse and see … Read more
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.
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 … Read more
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 … Read more
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
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 … Read more
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 honor, the role comes with serious implications, including personal liability for failure to pay taxes
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 … Read more
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 … Read more