Monthly Archives: February 2011

Leaving a Legacy

The article Heiring Grievances was posted by Ruth Mantell on December 12 on the online edition of The Wall Street Journal. It encourages parents with multiple heirs to think about the emotional legacy they will leave behind when making decisions about inheritances. It notes two key considerations during the planning process – how parents want to

2017-02-23T01:54:33-07:00February 26th, 2011|Tags: , , , , , , |

How to Handle an Inheritance Windfall

The challenges and consequences of inheritance Leaving money or assets to beneficiaries such as your children is a wonderful gift.  It's important to plan that gift thoughtfully so that the gift can be used as you intend without causing needless conflict between your beneficiaries or lost opportunities for beneficiaries who aren't ready to handle the assets.

2017-02-23T01:50:41-07:00February 24th, 2011|Tags: , , , , |

Advance Health Care Directives

One important component to a living trust - centered estate plan is an advanced health care directive (formerly known as "living wills").  This 2010 article from the Los Angeles Times cites a study that says that over the past 15 years or so, the number of people with health care directives has risen from 20% to

The Missing Link in Your Estate Plan

This article from the Wall Street Journal and Smart Money magazine briefly discusses the benefits of creating a Letter of Last Instruction.  This is a document that you would prepare along with your estate plan to give your children or other loved ones guidance on how to help if you pass away or become incapacitated.  The

2017-02-23T01:51:11-07:00February 20th, 2011|Tags: , , , , |

Top 5 Reasons To Beware Of Joint Ownership Between Generations

This article entitled "Top 5 Reasons To Beware Of Joint Ownership Between Generations" was in the September 13, 2011 online edition of Forbes magazine. It describes some good reasons to be wary of co-ownership between generations. When I am presenting educational seminars regarding estate planning to the public or continuing education presentations to attorneys, I am

Create a Plan to Pass On the Family Cottage

This below article titled "Create a Plan to Pass On the Family Cottage" was in the  September 6, 2011 edition of the Wall Street Journal.  It describes a number of approaches that families and estate planners can use to keep homes in the family.  Some highlights are below... Helen Tanner's lakeside cottage in Beulah, Mich., was built

2017-02-23T01:53:10-07:00February 6th, 2011|Tags: , , , , , , |

Taking Care of Disabled Heirs

This article titled "Taking Care of Disabled Heirs" was in the September 6, 2011 online edition of the Wall Street Journal.  Those of you who have loved ones with special needs might click on the link to this article to get an idea of the considerations and issues you and your estate planning attorney might need to

How Volatility Eases Estate Planning

This article titled "How Volatility Eases Estate Planning" was in the September 06, 2011 online edition of the Wall Street Journal.  Families with taxable or potentially taxable estates (think $5M and up...) should consider reviewing this article in considering advanced planning ideas while asset values and interest rates are low and estate and gift tax laws

2017-02-23T01:52:10-07:00February 6th, 2011|Tags: , , , , |

How to Avoid Taxes on Life Insurance

How to Avoid Taxes on Life and Disability Insurance (Smart Money Magazine) The above article from Smart Money magazine is a simple and concise synopsis of why some individuals and families with taxable estates or large life insurance policies may want to consider establishing Irrevocable Life Insurance Trusts ("ILITs"). While life insurance proceeds are generally free

2017-02-23T01:50:14-07:00February 3rd, 2011|Tags: , , , , , |

Is Now the Time to Start Giving Away the Family Business?

Is Now the Time to Give Away the Business? This Wall Street Journal article from the excellent "You're the Boss" blog describes how the new 2010 tax laws concerning estate and gift taxes have created an excellent opportunity for some business owners to transfer large chunks of their businesses to family members without incurring estate or