Estate Planning News + Trends
Commonly asked questions and trending topics of discussion. Search previous topics of discussion below.
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...
Flaws in Drafting Can Be Very Expensive—Herbert’s Story
This is the story of a man named Herbert who made one crucial mistake in his estate planning.1 Although Herbert is the main character of the story, it is his surviving family members who are left to clean up the mess. POWER POINTS + Loose ends and unclear provisions...
Resolve to Plan Like Joan Rivers
POWER POINTS + Though her death was unexpected, Joan Rivers was prepared and took the responsible step of having a current estate plan. + Your estate plan can include your wishes for your health, assets, funeral or burial, loved ones and even your pets. + Starting a...
The Empty Trust
POWER POINTS + The end of the year presents a great opportunity to review your estate plan, your newly acquired assets and the funding of your Trust. + An unfunded Trust fails to take advantage of one of the greatest benefits of a Trust…the avoidance of probate. +...
Your Estate Planning Goals
POWER POINTS + Estate planning is about much more than just who will receive your assets after death. + Proper estate planning can reduce the cost, time and likelihood of conflict when your assets are to be transferred to your loved ones. + Planning for specific...
Mind Your Business Interests
POWER POINTS Whether you run your own business or own a share of a family business, failing to mind your business interests can result in unnecessary, expensive probate proceedings and conflicts amongst your loved ones. How your business interest will pass at your...
Robin Williams Understood the Importance of Estate Planning
POWER POINTS + Your estate plan can remain private and avoid court involvement when drafted and maintained properly. + Have an ongoing relationship with your advisor; a proper estate plan is not something you should stick in the closet and forget about. + It is...
Choosing the Right Trustee for You and Your Family
POWER POINTS + Your choice of trustee can be the most important factor in efficient administration, conflict avoidance and asset protection. + It is important to understand the powers and responsibilities of the trustee, particularly as they relate to unexpected...
Powers of Attorney: Underrated Estate Planning Documents
POWER POINTS: 1. Powers of attorney are an integral part of any proper estate plan. 2. The costs and consequences of not having powers of attorney in place far exceed the cost of having the documents prepared. 3. Every adult who is responsible for his or her own...