In our Aug. 8th article, we addressed the financial and tax issues of clients in same sex marriages that would be affected by the Supreme Court’s summer ruling striking down the 1996 Defense of Marriage. The IRS recently announced its interpretation of that ruling. This is a major topic for financial advisors, accountants and attorneys… Read More »
Posts Categorized: Estate Planning
Key to Stopping Family Fights on End of Life Issues: Be as Specific as Possible
One of the biggest challenges we have as advisors is making sure our client’s wishes are honored at the end of life issues. While simple on its face, there are two complexities we face in advising families. First, medical breakthroughs may provide tougher decisions for families to make. For example, will a new drug or… Read More »
Advance Directives Could Have Saved ‘Legally Blonde’ Actress a Day in Court
Guardianship over a relative is much more difficult to obtain after a loved one has already become legally incompetent due to physical or mental illness. Lengthy, costly and heartbreaking court proceedings can be avoided with advance directives. As advisors, we have an obligation to ensure that clients understand the importance of having these documents in… Read More »
Now or Never to Take Advantage of Gift-Tax Exemption Limits
At the end of the year, the federal gift-tax exemption will fall from $5.12 million to $1 million, making this the perfect time for advisors to remind clients that now is the time to take advantage of the higher limits and avoid future estate taxes for beneficiaries. The Wall Street Journal (http://tinyurl.com/cy3xval) recently listed several… Read More »
Proposed Laws Could Force Social Networks to Grant Access to a Deceased User’s Account to Grieving Family Members
Many of us have received precious, tangible mementoes from our loved ones who passed on. We treasure photo albums containing pictures of weddings, babies and family vacations. We keep safe shoeboxes filled with love notes between our grandparents when they were young and letters written by a soldier uncle who died in battle. Nobody can… Read More »
Divorced Couples Can Still Benefit from Joint Estate Planning
Creating an estate plan to protect your minor children is one of the most difficult—and most important—things you will ever do; this is especially true if you and your child’s other parent are separated or divorced. Relationships don’t always end amicably, but if you do have children it is definitely worthwhile to put aside your… Read More »
Don’t Forget the Final (And Crucial) Step to Setting Up Your Trust
I write frequently on my blog about the importance of having a top-notch estate plan, but just as important as having an estate plan is maintaining your estate plan. Once we’ve worked to create the perfect trust to protect your family, you’ll need to re-title any assets you’d like to be protected into name of… Read More »
The Family Vacation Home: A Place to Make Memories or Enemies?
A family vacation home—whether it’s a summer house on the beach or a winter skiing bungalow in the mountains—can be just the thing that brings a family together. Unfortunately, it can also be just the thing that tears a family apart when parents pass away and the time comes to decide what to do with… Read More »
Who Will Be Making Your Difficult Healthcare Decisions?
A recent article in the LA Times reminds us of just how important it is to have some kind of living will or advanced healthcare directive, and that it is absolutely necessary to talk about these things with your loved ones. If you have not done these things it is your loved ones who will… Read More »
The Smart Way to Leave an Inheritance to Unprepared Children
Most parents (even parents of adult children) want to provide for their children—but not necessarily right away, and maybe not all at once. According to a recent article in Barron’s, “A growing number of parents are shunning the time-honored practice of handing big inheritances to their children when they turn 21. Instead, they’re waiting until… Read More »