Friday, March 26, 2010

Press Coverage of Estate Planning this Week (Mar. 26, 2010)

Paul Sullivan of the New York Times discusses high priority estate plan documents everyone should have up to date, including a will or trust, updated beneficiary designations on insurance and retirement accounts, and advance directives, among others. See Assemble a Paper Trail, and Make Sure Your Heirs Can Follow It (Mar. 24, 2010).

Anthony J. Medico, Esq., writes in the Greenwich Citizen how to avoid common estate planning mistakes, such as a disorganized and complex probate process, failing to plan with asset protection in mind, and leaving too much to young beneficiaries who are likely to spend their entire inheritance within two years. See 10 Problems That Can Be Avoided Through Proper Estate Planning (Mar. 26, 2010).

Ashlea Eberling of Forbes updates readers on the status of Grantor Retained Annuity Trusts (GRAT), and how the law may be changing soon. Proposed legislation would require 10-year minimum terms and disallow zeroed-out GRATs. See Goodbye GRATs? (Mar. 24, 2010).

Ruth Mantell of MarketWatch writes about the importance of having a will if you have young children. The most important, and difficult, decision is who would be the children’s guardian, the person who would raise your children if something happens to both parents. Parents can make that decision, or leave it to someone else. See If You’ve Got Kids, It’s Time to Make a Will (Mar. 23, 2010).