It’s decision time for clients who want to take advantage of the $5.12 million gift tax exemption that expires at the end of this year. While cash is the most direct way to pass wealth to heirs, your clients might need that money at some point. If they’ve already given it away, it’s not very… Read More »
Posts Categorized: Estate Planning
Advance Directives Could Have Saved ‘Legally Blonde’ Actress a Day in Court
Guardianship over a relative is much more difficult to obtain after a loved one has already become legally incompetent due to physical or mental illness. Lengthy, costly and heartbreaking court proceedings can be avoided with advance directives. As advisors, we have an obligation to ensure that clients understand the importance of having these documents in… Read More »
Now or Never to Take Advantage of Gift-Tax Exemption Limits
At the end of the year, the federal gift-tax exemption will fall from $5.12 million to $1 million, making this the perfect time for advisors to remind clients that now is the time to take advantage of the higher limits and avoid future estate taxes for beneficiaries. The Wall Street Journal (http://tinyurl.com/cy3xval) recently listed several… Read More »
Death Preceded Fame—’Girl with the Dragon Tattoo’ Author Had Invalid Will
Unless you don’t own a TV or use the internet, you’ve no doubt heard about “The Girl with the Dragon Tattoo” movie or read the book. If not, you’re missing some thrilling stuff. The author, Stieg Larsson, was a Swedish journalist who died in 2004 of a heart attack. He was not famous or rich… Read More »
George Clooney’s New Movie Offers Informative, Entertaining Look at Trusts
George Clooney is starring in a movie about a family trust. Yes, you read correctly. “The Descendants,” which opened in select theaters last month, offers a great depiction of what the Trust industry is all about. The film comes from the creators of “Sideways” and “About Schmidt.” It tells a humorous and tragic story of… Read More »
Deadline Nears for Reporting Option That Applies to Many Large Estates
For once, it seems that the IRS did something to be helpful for families that want to preserve wealth. The Internal Revenue Service issued guidance back in August on the treatment of basis for certain estates of decedents who died in 2010. This guidance assists executors who are making the choice to opt out of… Read More »
Consider Not Only HOW to Protect Your Assets, But Also WHY
I write a lot on my blog about how to protect your assets, but just as important as the question of how to protect your assets is the question of why? At some point every person asks themselves “what (or who) am I doing this for?” British fashion designer Alexander McQueen certainly knew the answer… Read More »
Take Advantage of New Tax Act Opportunities
In December of last year President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “Act”), which encompasses far more than its name would imply. For the past few months our office has been diligently researching the many ways this act might impact our clients, and what we’ve found… Read More »
Contemplations on Advanced Planning After the Recent Tucson Tragedy
Ever since the tragic shooting in Tucson earlier this month I’ve been thinking about Gabrielle Giffords and her family, as well as the other victims of the shooting. Thankfully, Ms. Giffords survived and by all accounts is making an amazing recovery. The most recent news reports that her condition has been updated from “serious” to… Read More »
Omission of Husband in Elizabeth Edwards’ Will is Not the Whole Story
Elizabeth Edwards was a thoughtful woman who always seemed sure of what she wanted, so when it was revealed earlier this month that her will left everything to her children, with no mention of her husband John Edwards, nobody doubted she knew exactly what she was doing. There has been no end of speculation in… Read More »