Friday, August 21, 2009

Pres Coverage of Estate Planning This Week (August 21, 2009)

Melinda Beck of the Wall Street Journal discusses health care advance directives, including how to get them, what you can specify in them, what to do with the forms when completed, and how to have a discussion about health care issues with your family and chosen agent.  See Preparing for the Final Hours (Aug. 18, 2009).

The Wall Street Journal blog, The Juggle, notes that fewer than one-third of Americans have an advance directive and urges readers to take time to get this important document prepared.  See Make Time to Create an Advance Medical Directive (Aug. 20, 2009).

Bob Carlson, editor of Retirement Watch, cautions estate planning clients to expand their focus beyond merely tax planning to include legacy planning, addressing topics such as ensuring financial security, management of one's estate, protecting the estate and managing tax issues. Too often, Carlson says, estate planning is viewed as merely tax planning.  See The Four Goals of Legacy Planning (Aug. 20, 2009).

Timothy O'Sullivan, Esq., writes in the Wichita Eagle that family harmony should be as large a goal as tax reduction when engaging in estate planning.  He includes a few areas where planning more often leads to disharmony.  See Think of Family Harmony as Well as Assets During Estate Planning (Aug. 20, 2009).

Tim Grant of the Pittsburgh Post-Gazette provides an overview of special needs trusts and how creation of a special needs trust for a child with a disability can take a major emotional weight off your shoulders.  See Special-Needs Trusts Can  Provide for Disabled Children (Aug. 18, 2009).