As a reformed Trusts and Estates attorney, I have an unusual fascination with celebrity estates, especially those gone wrong. Using those estates as instructive lessons regarding how to avoid disaster has provided many a topic for this blog. I often discuss the benefits of creating and reviewing an Estate Plan regularly. Simply put, none of us should leave our legacy to chance. Not long ago, I wrote about the Murdoch family and the latest drama surrounding them in A Message from the Murdochs. … [Read more...] about A Message from the Murdochs – Part II
Are Irrevocable Trusts Really Irrevocable – Part III
When I began practicing law, clients created irrevocable trusts with caution because the trust was then set in stone. By the time I left private practice, clients created irrevocable trusts with more frequency and considerably less caution because changing irrevocable trusts became commonplace. Trusts and Estate practitioners have several mechanisms that allow them to change an irrevocable trust. The first part of this three-part series explored changes to irrevocable trusts using judicial or … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part III
6 Important Estate Planning Considerations – Part 2: Long-Term Care
This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. Often, when people think of “estate planning” they think it’s a task only for what happens after death. While an estate plan certainly deals with the distribution of assets at death, it also is about preparing for the complexities of life. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
6 Important Estate Planning Considerations – Part 1: Incapacity
This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. Often, when people think of “estate planning” they think it’s a task only for the old, the rich, or the infirm. But, that simply is not true. Estate planning is something you do when you care, regardless of your age, wealth, or health. One thing to consider in your estate planning is your own possible incapacity. Nobody wants to consider they may become … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity
Retirement: It’s not Just About the Money
Many factors go into retirement decisions. Often, people are stressed over whether they’ll have enough money or other resources to retire. That’s certainly one factor in retirement. And, given the savings statistics, this might be a factor contributing to retirement stress. According to a survey done in 2013, the mean amount of retirement savings for a family between 56 and 61 years of age was only $17,000. Here’s a link to an article based on the survey. But, many financial professionals … [Read more...] about Retirement: It’s not Just About the Money
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
