April 16, 2010 is Health Care Decisions Day, a national campaign to encourage Americans to complete their advance directives, living wills, and basically document their preferences regarding medical treatment at the end of life.
Researchers at the University of Michigan in Ann Arbor have discovered that almost a third of patients over the age of [...]
Apr
30
2010
30
2010
Making Your Wishes Known at the End of Life
Apr
9
2010
9
2010
Estate Planning Red Flag
If you’ve recently divorced and haven’t yet revisited your estate plan, or don’t have one, you may be in for some surprises. It is important to review your estate plan to be sure that it does not confer any unintended benefits or rights on your former spouse. Here are some questions to consider:
1. Does [...]
Apr
7
2010
7
2010
Is the Price Right ?
Buy/Sell Agreements and Estate Planning
Generally, for a buy/sell agreement to establish the value of a business interest for estate planning purposes it must:
1. Be a bona fide business arrangement;
2. Not be a device for transferring the [...]
Apr
5
2010
5
2010
2010 The Year of No Estate Tax
The Economic Growth and Tax Reconciliation Act of 2001 eliminated estate taxes for 2010, though they will return with a vengeance in 2011. (The maximum rate, previously 45% with an exemption of 3.5 million, rises to 55% next year with an exemption of just 1 million.) Although many expect Congress to retroactively apply [...]
Apr
2
2010
2
2010
Study Shows Value of Living Will
A new study suggests that more than one in four of the elderly population will need someone to make their end-of-life decisions for them. This finding places a significant emphasis on the importance of creating a living will and stating after-life wishes explicitly. A living will is a statement that is written by the [...]
Mar
8
2010
8
2010
Inherited IRA’s and Management in Your Living Trust or Marital Trust
A husband and wife developed an estate plan that included a trust which was subdivided into Trust A, Trust B and Trust C. Trust A would contain the survivor’s separate and community property (Survivor’s trust). Trust B would contain the balance of the decedent’s estate (Decedent’s Trust). And Trust C (Marital Trust) allowed the surviving [...]
Jan
27
2010
27
2010
Five Common Myths about Estate Planning
Myth #1: Estate Planning is only for Wealthy Fat Cats!
Fact: The reality is that estate planning can be just as important for people of lower or middle income as it can be for wealthy people. Factors other than passing on great wealth to future generations affect the need for estate planning. One such factor is [...]
Jan
25
2010
25
2010
Do I Need a Pre-Nup?
As wedding season approaches, you may be wondering whether a pre-nup, or pre-marital agreement, is necessary or right for you. A pre-marital agreement can provide many benefits, such as protecting your separate property, supporting your estate plan, and establishing rules for deciding future matters during marriage and handling issues such as spousal support and property [...]
Jan
6
2010
6
2010
Commonly Used Terms in Probate and Estate Planning
Beneficiary – Someone who gets something from a trust. A person who gets money from a trust is called an income beneficiary. A person who gets property from a trust is called a remainder beneficiary.
Will – A legal paper that says what a person wants to happen to his or her personal property after s/he [...]
Dec
4
2009
4
2009
What is involved in estate planning?
There are many issues to consider in creating an estate plan. To begin with you should, ask yourself the following questions:
What are my assets and what is their approximate value?
Whom do I want to receive those assets and when?
Who should manage those [...]