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Friday, June 24, 2011 Recent Press Coverage of Estate Planning (June 24, 2011)
Bob Carlson of Investing Daily reviews common estate planning goals and methods used for various categories of clients. Types of clients include the wealthy, moderately wealthy, blended families, couples without children, couples with special needs children, and unmarried couples. While there are common elements to every estate plan, each situation has unique requirements. See Finding Your Classic Estate Plan (June 21, 2011).
Rob Clarfeld of Forbes discusses Qualified Personal Residence Trusts (QPRT) and Intentionally Defective Grantor Trusts (IDGT) in the context of the recently changed gift tax laws. Between now and the end of 2012, it’s possible for a couple to give away up to $10 million during their lifetime, which makes both QPRTs and IDGTs attractive. QPRTs, however, are less favored because of the low interest rate environment, making this a good time to investigate IDGTs for large lifetime gifts. See Your Smartest Estate Planning Move Ever: Give Away Your House – Now! (June 22, 2011).
Friday, June 17, 2011 Recent Press Coverage of Estate Planning (June 17, 2011)
Bob Carlson of Investing Daily suggests the December 2011 changes in the federal estate tax laws should change the way many people view estate planning. Specifically, it will free many families from focusing on estate taxes and allow them to focus more on the non-tax aspects of estate planning, which Carlson reviews in detail. See The New Focus of Estate Planning (May 31, 2011).
Kelly Greene of the Wall Street Journal reports on recent cases where elder care workers have secretly married their elderly client, then start transferring funds or claiming a chunk of the inheritance. State laws have been largely ineffective in these situations, but some states are now severing the usual property rights given to spouses where fraud is apparent. Greene offers some advice on what to do if you suspect undue influence or coercion by a caregiver who married your family member. See Unholy Matrimony: How to Fight Back (June 11, 2011). Friday, May 20, 2011 Recent Press Coverage of Estate Planning (May 20, 2011)
Kelley Greene and Jessica Silver-Greenberg of the Wall Street Journal report that as baby boomers enter retirement, abuse of documents known as financial powers of attorney is increasing. According to the article, it takes careful planning to bulletproof these legal documents and improve the chances that banks and other financial institutions will honor them. See Power Grab! (May 14, 2011).
Deborah L. Jacobs of Forbes writes that estate planning affects women more profoundly than men, in large part because they usually outlive their spouses and have lower lifetime earnings. Without proper estate planning, women are far more likely to see their living standards compromised in retirement. For these reasons, Jacobs offers a list of estate planning questions every woman should be able to answer. See Estate Planning for Women (And the Men Who Love Them) (May 19, 2011).
Rob Clarfeld of Forbes provides several reasons why do-it-yourself estate planning is a bad idea, pointing out, for example, that legal requirements for a valid will vary from state to state. He notes that people who do their own legal planning may think everything is fine, but after their death their family and loved ones have to deal with the consequences of an inadequate estate plan. See Do It Yourself Estate Planning – A Uniquely Bad Idea! (May 17, 2011).
Paul Sullivan of the New York Times reports that the wealthy are hesitant to take advantage of unusually high gift tax exemptions, in part because they don’t want to give their money away in case they need it later, and in part because they don’t want to take away their children’s incentive to work. Some are building incentive provisions into trusts, such as income-matching distributions, but those have potential downsides too. See Wealthy Hesitate to Take a Break on Estate Taxes (May 13, 2011). Friday, May 13, 2011 Recent Press Coverage of Estate Planning (May 13, 2011)
Hani Sarji of Forbes reviews a book by author and columnist Deborah Jacobs on estate planning, with particular attention paid to why estate planning is important for women. The book covers basic documents everyone should have, naming a guardian for young children, and planning for education expenses, among many others. See Estate Planning Smarts for New Moms (May 8, 2011).
Lewis Saret of Forbes discusses the importance of making Irrevocable Life Insurance Trusts (ILIT) flexible to account for possible increases in the federal estate tax applicable exclusion amount, or possible repeal of the federal estate tax. See The Necessity of Flexibility: ILITs and Estate Tax Uncertainty (May 6, 2011). | |
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Welcome to NorthEast Estates and Trusts, PLLC (NEET). NEET assists clients with Estate Planning, Probate and Estate Administration, Special Needs Planning and Advanced Estate Planning matters in Shelburne, Vermont as well as Charlotte, South Burlington, Burlington), Hinesburg, Essex, Essex Junction, Colchester, Winooski , Cambridge, Huntington, Richmond, Williston, Jericho , Underhill , Underhill Center and Fairfax. NEET also serves clients in Chittenden County, Addison County, Washington County, Lamoille County, Franklin County and Grand Isle County.
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