Written by: Stephen C. Hartnett, J.D., LL.M. There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help you determine your progress as you plan for retirement. But, there are certain … [Read more...] about Age-Related Retirement Milestones
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Momma Said
How will it go if the children do what Momma (or Daddy) said? … [Read more...] about Momma Said
Living Your Legacy Now
I recently had the privilege of visiting with Bernard and Glenda, and they graciously agreed to let me share the story of their awesome summer adventure. Here at Thompson Law, PLLC., we love to hear about clients who are really living life! The entire family traveled from all over the country (a group of 18) to spend the week enjoying the Outer Banks in North Carolina. Bernard and Glenda’s grandchildren had the chance to play with their cousins, aunts, and uncles. The family spent their days … [Read more...] about Living Your Legacy Now
Travis Benson becomes certified Farm Succession Coordinator
Thompson Law, PLLC Attorney Travis Benson is now a certified Farm Succession Coordinator! He completed his certification in the fall of 2017 through the International Farm Transition Network (IFTN). Following the farm crisis, IFTN was founded to promote and provide support to farmers and their families on strategic business planning, management, and succession planning. IFTN has devoted 25 years to supporting and promoting programs that help farming families plan for the transfer of their … [Read more...] about Travis Benson becomes certified Farm Succession Coordinator
Basics of Estate Planning: Lack of Coordination
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or advisor cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An ever-increasing share of an individual’s wealth is controlled by beneficiary … [Read more...] about Basics of Estate Planning: Lack of Coordination
Basics of Estate Planning: Powers of Appointment – Part 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc. The last blog examined the basics of powers of appointment. This blog will examine how they can impact taxation. From a gift and estate tax perspective, there are two kinds of powers of appointment, a limited power of appointment (or “LPOA”), and a general power of appointment (or “GPOA”). They can cause dramatically different gift and estate taxation results, as well … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2
Basics of Estate Planning: Powers of Appointment – Part 1
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc. Trusts have many potential benefits. One of those benefits is that they can be very flexible. One way to increase the flexibility of a trust is by including powers of appointment. A power of appointment is giving someone the ability to direct the assets of the trust. There are many different ways a power of appointment could be drafted. Manner of exercise. The … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1
Basics of Estate Planning: Privacy and Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. From the dawn of time, humans have been concerned with privacy. In the biblical story of Adam and Eve, the couple sought the privacy provided by fig leaves as they left the Garden of Eden. When species Homo sapiens emerged, privacy was essential to protect against predators. In today’s world, privacy is more important than ever to protect ourselves from the seemingly … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
The Motivator
I am always interested in learning why people are coming in to take a closer look at their estate plan. Many people think "estate planning" (i.e., creation of a will, trust or other strategies to transfer assets at death) is about avoiding court processes when somebody dies or making sure to utilize certain federal estate tax exemptions. But those reasons are typically not The Motivator. Sometimes, people will be able to identify The Motivator when I initially ask why they came to my office. … [Read more...] about The Motivator
Tackling the “What If” Questions Now Avoids Living with the “If Only” Regrets Later
One of our clients, we’ll just call him Jerry, was in the other day to sign his estate planning documents. He’s a good-looking guy in his early 40s, healthy, and in a great, successful family farming business. Paperwork is not his thing. He would much rather be on the tractor than in an attorney’s office. He has a lot of other things he could be doing. Things he would enjoy more. He mentioned to one of our associates, with a big smile of satisfaction on his face (as he was done signing … [Read more...] about Tackling the “What If” Questions Now Avoids Living with the “If Only” Regrets Later
