Wednesday, March 09, 2011 NEET Tips
NEET Tips answers questions posed online to the NEET website
What is estate planning?
Estate planning provides tools for conserving and distributing an individual’s assets in a coherent and tax-efficient manner. A complete plan allows you to control your property while you are alive, take care of you and your loved ones if you become incapacitated, and when the time comes, distribute what you have to whom you want, when you want. In addition, it allows you to save every tax dollar, professional fee and court cost legally possible. Friday, October 16, 2009 Press Coverage of Estate Planning This Week (October 16, 2009)Laura Saunders of the Wall Street Journal recommends checking your will or trust to determine if the provision funding the “bypass” or “credit shelter” trust requires the full federal exemption amount be placed in that trust. While sensible planning a couple of years ago, because the exemption amount is much higher now, such provisions may leave the surviving spouse little or nothing. See Is There a Trap Lurking in the Language of Your Will? (Oct. 16, 2009).
Ashlea Ebeling of Forbes cautions about what can go wrong with a power of attorney for finances, and suggests seven tips to protect against the misuse of a power of attorney. See Protect Your Assets: Write a Safe Power of Attorney (Oct. 15, 2009).
Van Sievers writes in the Montgomery Advertisor reasons people give for not doing an estate plan, including being too busy and not wanting to think about death. He adds that he has never had a client say they were glad their parents did not do any estate planning. See 7 Reasons Given for Not Doing An Estate Plan (Oct. 13, 2009). Wednesday, July 15, 2009 Planning for the Elderly, the Ill, and the UnexpectedEstate planning is most common in the context of old age and illness, but the unexpected death can leave the most profound impression on your survivors. Learn how estate planning is shaped in each of these areas in the article Planning for the Elderly, the Ill, and the Unexpected, available on the Articles page. 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, July 03, 2009 Press Coverage of Estate Planning This Week (July 3, 2009)H. Michael Okby writes in The Saratogian (Saratoga Springs, N.Y.) about the importance of married couples preserving both estate tax exemptions through use of a credit shelter trust. While passing all of your assets to your spouse may sound reasonable, this approach could result in unnecessary estate taxes of up to 45 percent later. See Protect Assets with Credit Shelter Trust (June 28, 2009).
Martin Shenkman, Esq. writes in Financial Planning that estate planning for special needs children is complicated and subject to dangerous misunderstandings. He lists three common misperceptions and offers some advice and planning tips, including discussing the role of special needs trusts and insurance. See A Special Plan (July 1, 2009). Friday, June 26, 2009 Press Coverage of Estate Planning This Week (June 26, 2009)Matthew M. Wallace, Esq., writes in the TimesHerald.com (Port Huron, Mich.) about one's responsibilities when taking over as trustee of a trust. See I've Been Named a Trustee -- What Do I Do Now? (June 21, 2009).
Warren Pena writes in The Hour (Norwalk, Conn.) about planning considerations, including special needs trusts, for children with special needs. See Planning for Your Child with Special Needs (June 22, 2009).
Christopher Yugo, Esq., writes in the Northwest Indiana Times (Munster, Ind.) about the importance of meeting and working with an estate planning attorney directly, not just having your financial planner arrange everything. See Make Sure You Know Your Estate Plan (June 21, 2009).
Ashlea Ebeling of Forbes.com provides advice on estate planning for those with chronic illnesses. See More Planning Prescriptions (June 25, 2009).
Victoria Knight of Dow Jones Newswires discusses how naming a relative or close friend the successor trustee of your trust can lead to abuses, and that naming an institutional trustee is sometimes a better approach. See Elderly Need to Pick Trustees Carefully (June 22, 2009).
Lew Sichelman of the Los Angeles Times recounts the various ways to hold title to a home, including tenancy by the entireties, tenants in common, joint tenancy and sole ownership, with the pros and cons of each approach. See Homeowners Should Be Careful About How They Hold Title to Properties (June 21, 2009). Friday, April 24, 2009 Press Coverage of Estate Planning This Week (April 24, 2009)Jeff McKenna, Esq., writes in TheSpectrum.com about the basics of probate: why probate exists, what it accomplishes, and why having a will does not avoid probate. See Probate -- What is It? (Apr. 2, 2009)
Phyllis Furman of the New York Daily News discusses estate planning for blended families, with some tips on what to do before meeting an estate planning attorney. See Remarried and Have Kids? You Need a Detailed Plan for After You're Gone (Apr. 20, 2009).
Jane M. Kim of the Wall Street Journal discusses how Barack and Michelle Obama have used an often overlooked feature of a college savings plan to front load five years worth of annual exclusions into a fund to pay for college. Aside from funding the savings plan, the technique is an excellent way to get assets, and their future appreciation, out of your taxable estate. See Obamas Pump Up College Savings (Apr. 18, 2009). Thursday, March 05, 2009 Factors to Consider in Choosing an Estate PlanWhat factors should go into choosing a will or a living trust? And when do you need advanced estate planning? A few things to think about are contained in Factors to Consider in Choosing an Estate Plan, located on the Articles page. |