Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
Year-End Estate Planning To-Do List
> Familiarity with the terms of your documents is an essential part of having an up-to-date estate plan. > If you do not have an estate plan in place, the end of the year is an ideal time to begin planning. > Proper planning can help avoid unintended...
Lamar, Khloe & the Urgency of Estate Planning
> Estate planning documents should be reviewed or prepared immediately upon consideration of divorce or any other significant life event. > Divorce does not affect estate planning documents upon filing, only when the divorce is final. > With proper planning,...
Structuring Your Trust for Success
Trusts are not just for wealthy families who need tax planning; they can also provide great flexibility for you and significant protection to your loved ones. When it comes to asset protection, threats to an inheritance come in many forms—from the individual’s own...
Spectrum of Withdrawal Limitations
> Trusts allow for withdrawal limitations ranging from common to creative. > Overly-specific requirements may burden the family and trustee and be struck down if they violate public policy. > Understanding and anticipating the practical administration of the...
The Death of Whitney’s Daughter
> Outdated estate planning documents can be as dangerous as not having an estate plan at all. > A proper estate plan should provide significant asset protection and oversight for your beneficiaries. > A change in your family or financial situation should...
The Value of Proper Estate Planning
> Reducing the estate tax and administration burden on your family during a difficult time is an invaluable benefit of proper estate planning. > An incomplete estate plan can lead to extensive legal costs and permanently strained relationships. > The burdens...
Yes, Single People Need Estate Planning Too
> Every legal adult should ensure that his or her wishes are clearly stated in proper estate planning documents. > Safety nets available to married individuals with children are not as certain for single individuals. > Failing to plan can burden loved ones to...
Small but Significant Change Proposed to Special Needs Trust Law
The addition of two words to the Social Security Act could have a significant effect on the law governing special needs trusts. A special (or supplemental) needs trust is established for the benefit of a disabled individual to provide for his needs beyond those...
White House Continues to Target Transfer Taxes
It was expected—perhaps foolishly—that the American Taxpayer Relief Act of 2012 (the “ATRA”), signed into law on January 2, 2013, would end the fluctuating estate and gift tax exemptions by setting the unified exemption at $5 million per individual, indexed for...
Mr. Cub’s Family and Caregiver Battle Over Estate
Chicago Cubs legend, Ernie Banks (“Mr. Cub”), passed away on January 23, 2015, at age 83. His death certificate indicates that he suffered not only from cardiac arrest but also dementia. It appears that Banks’ friend and caregiver, Regina Rice, and his estranged wife...