Living Trusts

Friday, December 10, 2010

Press Coverage of Estate Planning this Week (December 10, 2010)

Stephen J. Dunn of Forbes provides an overview of estate planning basics, including what a will accomplishes and why it is essential to have one, a way to avoid probate through living trusts, and some advantages of irrevocable trusts. See Estate Planning Overview and Objectives (Dec. 10, 2010).

Maria Baler of Wicked Local Dedham discusses reasons why a revocable living trust makes sense for specific situations, such as ensuring children don’t inherit a cash windfall at age 18, minimizing time and expenses related to settling an estate, and minimizing federal and state estate taxes. See 5 Reasons to Create a Revocable Living Trust As Part of Your Estate Plan (Dec. 5, 2010).

Friday, September 10, 2010

Press Coverage of Estate Planning this Week (September 10, 2010)

Deborah L. Jacobs of Forbes lists some of the many problems that can go wrong with do-it-yourself estate planning, including ambiguity leading to court battles, forfeiture of estate tax breaks costing millions of dollars, and the wrong people inheriting your assets because of missing language. See The Case Against Do-It-Yourself Wills (Sept. 7, 2010).

Gary Brooks writes in The News Tribune (Tacoma, Wash.) that small business owners should have an exit plan that follows one of three strategies: identifying and grooming a successor; preparing for acquisition by a third party; or engaging in a managed wind down of the business. Too often, however, small business owners don’t plan ahead and a default fourth approach is required: closure and liquidation of business assets. See Exit Plan a Crucial Aspect to Small Business Ownership (Sept. 3, 2010).

Friday, January 29, 2010

Press Coverage of Estate Planning this Week (Jan. 29, 2010)

Liza Horvath of The Herald of Monterey County discusses including incentives in trusts to encourage good behavior, such as a bonus upon the attainment of a college degree or gainful employment. Disincentives can also be used, for example prohibiting distributions if a beneficiary exhibits self-destructive behavior such as gambling, substance abuse or criminal activity. See Using Trusts as Incentives for Success (Jan. 25, 2010).

Tom Stemmy writes in The Capital (Annapolis, Md.) about filing gift tax returns even if no gift tax is due. He includes some examples of where things can go wrong, and tips on making gifts within the IRS guidelines. See Gift Transfers – Is Reporting to the IRS Really Necessary? (Jan. 24, 2010).

Eileen Ambrose of the Baltimore Sun recounts how the federal estate tax lapse occurred, and some of the problems it may cause for existing estate plans. See Look Out for Confusion Over End of Estate Tax (Jan. 26, 2010).

Friday, August 28, 2009

Press Coverage of Estate Planning This Week (August 28, 2009)

Kelvin Collins of the Better Business Bureau of Central Georgia writes in the Augusta Chronicle that the Better Business Bureau advises consumers that if they own something of value that they would like to pass on to loved ones at their death, they should create an estate plan. He provides and overview of the basic estate planning documents and provides tips on communicating with family members about the plan. See Estate Planning Assures Control of Your Assets (Aug. 24, 2009).

LaTina Emerson of the Augusta Chronicle recounts how procrastinating on an estate plan can lead to problems in families of all types. She states that parents should start planning as soon as they have children to determine who would raise the children and manage the family's money in a worst case scenario. See Estate Planning Can Prevent Family Feuds (Aug. 23, 2009).

Kevin Reardon of BizTimes (Milwaukee, Wis.) suggests that business owners ensure they have a business exit plan if retirement is near, and review it regularly in light of the current economy. He recommends key questions every exit plan should address and questions that business owners should be discussing with their family. See Business Exit Plan Should Be Reset in Tough Economy (Aug. 21, 2009).

Friday, July 24, 2009

Press Coverage of Estate Planning This Week (July 24, 2009)

John Eligon of the New York Times recounts that estate plan amendments late in life often lead to bitter fueds due to questions of capacity and overbearing caregivers, among others.  See Battle Over Estates, Small or Astor-Size, Can Be Bitter (July 20, 2009).

Andrea Coombes of the Wall Street Journal discusses the troubles that arise in trying to access a decedent's online accounts, and suggests ways to safely share online access information so that it's available to your survivors after you die.  See You Need an Online Estate Plan (July 19, 2009).

Eileen Ambrose of Tribune Media Services reviews the benefits of having a will, naming a guardian, and picking a sensible executor.  See When There Is a Will, Things Are More Likely To Go Your Way (July 19, 2009).

Candice Choi of the Associated Press offers tips on three issues related to children and estate planning: guardianship, inheritance and trusts.  See Safeguards Vital for Kids After Parents Are Gone (July 21, 2009).

Rick Bloom writes in Hometownlife.com about the benefits of living trusts, even for small estates.  See Living Trust Great Vehicle, No Matter Estate Size (July 23, 2009).

Friday, July 10, 2009

Press Coverage of Estate Planning This Week (July 10, 2009)

Kevin Bourke writes in the Santa Barbara (Calif.) Independent that failure to update your beneficiary designations on financial accounts such as IRAs can lead to surprise endings, like long-divorced ex-wives receiving sizable retirement plans while the children get nothing.  See Accidentally Disinherited (July 7, 2009).

Harriet Johnson Brackey of the South Florida Sun-Sentinal discusses arranging for guardianship of minor children in complex family arrangements, as well as providing some tips to strengthen the chances a court will abide by your wishes.  See Got a Will?  Better Make Sure Who Gets the Kids (July 10, 2009).

Jane Bennet Clark of Kiplinger's Magazine contends Michael Jackson had his estate plan in order, at least more so than most Americans.  She offers some general advice on what should be included in an estate plan.  See 4 Estate-Planning Lessons From Michael Jackson (July 2009).

Karin Grablin writes in the Bradenton (Fla.) Herald that soon after divorce it is important to review your estate and financial planning.  Issues include planning for blended families if you remarry, and guardianship of minor children, among others.  See Make Estate and Financial Planning First Step After Divorce (July 7, 2009).

Candice Choi of BusinessWeek provides a brief overview of the differences between wills and trusts, and some of the advantages of choosing one over the other.  See Will or Trust? Understanding the Differences (July 3, 2009).

Sarah Arnquist of the New York Times discusses planning for funeral arrangements and the options available to avoid the expense of a full-fledged funeral, including cremation and home funerals.  See The Caregiver's Last Expense (July 8, 2009).

Friday, June 05, 2009

Press Coverage of Estate Planning This Week (June 5, 2009)

Tyra Pacheco of the Cape Cod Times (Hyannis, Mass.) finds that many people spend more time planning for a vacation than they do planning their estate.  Although the reasons are numerous, she lists why drafting at least a will makes sense.  See Why You Need a Will (May 31, 2009).

Stacey L. Bradford adapted a portion of her recent book "The Wall Street Journal Financial Guidebook for New Parents" to address whether you should consider setting up a trust for your children.  In a Q&A format, she addresses many of the most important questions facing parents.  See Deciding if Your Kid is Trust-Worthy (June 3, 2009).

Janet Morrissey of Fortune Magazine covers some basics in reducing the size of your estate to avoid estate taxes.  See How to Avoid the "Death Tax" (June 4, 2009).

William Edy, Esq. writes in the News-Press.com about how to leave an IRA to children to achieve tax deferred savings and protect children from taking the money out too soon for imprudent purchases.  See Elder Law: IRA Can Be Stretched to Pay Out Over Lifetime (May 31, 2009).