An estate plan considers many important aspects. We wrap up our six part series with a critical aspect to consider -- the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan. 6 Important Estate Planning Considerations – Part 6: Taxes … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
In June, we covered Part 1 (Long-Term Care) and Part 2 (Incapacity) in a six part series covering important estate planning considerations. Another point deserving some thought is how an estate plan can direct not just to whom assets should go, but also how. Each beneficiary is unique and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids
Speaking of health care…. We have to talk about this. Caution: some may be offended by the following. So, before you go forward, be aware that the content is strong. Some may not like it. If you’re open minded, want some facts and new ideas, tune in. Health care costs are spiraling out of control. We know there are problems with our current system. We’re told if they are left untended, the current system will bankrupt us. We hear there are 40 million uninsured people in the U.S. By the … [Read more...] about The “Health Care” Debate
While attending a meeting of the American Academy of Estate Planning Attorneys, one of the presenters discussed the status of legislative proposals concerning estate tax. In a nutshell…. Today the estate tax exclusion is $3.5 million. As written, current law says the estate tax will be repealed in 2010 and revert back to a $1 million exemption in 2011. With 58 seats in the Senate (plus two Independents), a clear majority of 255 in the House and their party occupying the White House, no one in … [Read more...] about How Sensible and Relief-Oriented ARE the Federal Estate Tax Legislative Proposals?
My clients tire of me telling them this. Yet, too often it seems a well designed estate plan goes awry. Here’s an example I picked up from a post by Lou Ann Anderson in a report she wrote. Pay attention to this. This concerns a large estate. That’s not the point. It happens to estates of all sizes. In New York City a trial is underway in which Anthony Marshall, son of New York socialite and philanthropist Brooke Astor, and estate planning attorney Francis Morrissey, Jr., face charges of using … [Read more...] about Bad Behavior Can Ruin A Good Plan!