Friday, November 12, 2010

Press Coverage of Estate Planning this Week (November 12, 2010)

Teresa McUsic writes in the Star-Telegram (Dallas) about how the holidays are an opportune time to discuss finances with elderly parents, many of whom appreciate assistance with finances from people they know and trust. Questions to consider include: who is the parent’s advisor, where are their assets invested, and is the advisor willing to have the client’s children take part in financial discussions and decision-making? McUsic lists other questions that you may want to address. See Holiday Can Be An Ideal Time To Talk to Your Parents About Their Finances (Nov. 11, 2010).

Asher Rubinstein of Forbes reviews estate planning strategies to consider before the end of 2010. His list includes considering a dynasty trust or a Charitable Remainder Trusts (CRT), and making gifts while gift tax rates are historically low. See Estate Planning Moves To Consider Before 2010 is Done (Nov. 10, 2010).

Paul Sullivan of the New York Times reviews the basics of special needs trusts, which are designed to protect the inheritance of a disabled person who is receiving, or expected to receive, government assistance for basic living expenses. One primary challenge, Sullivan states, is administering them correctly, because money cannot go directly to the disabled person, and cannot be spent on certain living expenses. See Exploring Trusts For The Disabled (Nov. 5, 2010).