Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits? In my previous blog, I examined the simplest estate plan: doing nothing. In this blog, we’ll look at a plan which is very simple, … [Read more...] about Estate Planning: The Simplest Plan is Usually Not the Best
Estate Planning: Simple is not Always Better
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits? In my previous blog, I examined the simplest estate plan: doing nothing. In this blog, we’ll look at a plan which is very simple, … [Read more...] about Estate Planning: Simple is not Always Better
Age-Related Retirement Milestones
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
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
Our Process to Your Estate Plan
Part of the joy of being an Estate Planning attorney is hearing stories and building plans that honor who my client is and what he or she stewards. Each client is unique, meaning that I get to position their assets and the character of their family in a thought out, protective manner. It’s a far cry from pushing paper at some desk. My job is to explore my client’s heart and purpose to help them see that their estate plan is not the end, but the beginning for the next generation. After the … [Read more...] about Our Process to Your Estate Plan
