FREE ACCESS TO OUR ESTATE PLANNING ARTICLES ARCHIVEPurcell & Amen, L.L.C. publishes important estate planning and related articles on a regular basis. If you would like free instant access to our archive, please click on the link below. |
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Planning After a Breakup
Nobody plans to break up. But as John Steinbeck said, "even the best laid plans of mice and men often go awry." For those going through a divorce this article includes a ten-point estate planning checklist to help you untangle the legal and financial web between you and your ex-spouse. Divorce can be scary. Just when a person is at their most vulnerable, they have so many new things to think about. A qualified estate planning attorney can help you move forward constructively toward a new future.
MOREPreserving Your Independence
As we get older, it often seems that time accelerates. Where does all the time go? Aging is a normal part of life. Unfortunately, as we age later in life we are no longer as able-bodied as when we were younger. What would happen if your health took a turn for the worst? This article discusses planning for the future using a Medicaid Income Only Trust. This type of trust can help preserve your financial independence, but there are certain guidelines that must be followed. Plan to protect your independence, see a qualified estate planning and elder law attorney today and discuss your options.
Family Feud - Don't Let This Be Your Legacy
Few things are as heart-wrenching as a dispute among family members. Problems in an estate or trust can often cause deep divisions in a family, divisions that outside forces might never have been able to cause. This article discusses five easy steps you can take to avoid disputes over your estate and ensure harmony continues long after your death.
Pet Planning - Not Just for the Rich and Eccentric
When people think of someone setting up a Trust for their pet, they might imagine Leona Helmsley's pet Maltese named Trouble drinking Perrier from a crystal bowl in a lavish Manhattan penthouse. However, you don't have to be rich and eccentric to set up a Pet Trust to care for their beloved pet(s). Pet Trusts are most commonly set up by caring individuals who just want to make sure that their non-human family member is taken care of in the event of their own death or disability. This article discusses the 3 easy steps necessary to set up a Pet Trust for your furry and feathered family members. Remember, without you planning for them in advance, they may face the same awful fate that awaits so many other orphaned pets. You will sleep better knowing that they will continue purring or wagging their tail even if you're no longer able to care for them.
A New Tax and Retirement Opportunity in 2010
We all know the importance of saving for retirement. However, those earning above $100,000 have had one retirement saving opportunity denied to them: the Roth IRA. If you fall into this category, you are now in luck! Beginning in 2010, there is no income limitation for converting from a traditional IRA to a Roth IRA. There are two methods to get money into a Roth IRA: Contributing money to the Roth IRA or converting a regular IRA to a Roth IRA. The rules are different depending on which method is used. In this article, you will learn how a Roth IRA works and the advantages you may gain if you convert. A Roth IRA can be a great way to save for retirement. But remember, these and other valuable assets in your estate are governed by beneficiary designations. A qualified estate and retirement planning attorney, who focuses their practice in that area, can help tailor an estate plan that coordinates the beneficiary designations and can help you decide whether switching to a Roth IRA is right for you.
Taking Care of Rover After You're Gone
Your pet may have been with you for years and provided companionship and support. We plan for our human families, like our children, but oftentimes forget about our pets or assume someone will take on their care. However, if we do not make arrangements for our pets, they may join the hundreds of thousands of sad pets who end up in shelters, or worse, are euthanized because of their owners' death or disability. These loving, vulnerable members of your family need you to plan for them, too. This article discusses how a Pet Trust can help you provide for your pet when you are no longer able to offer care and support.
4 Deaths, 3 Estate Planning Mistakes
What would you want to leave behind for your family when you pass away? If the answer is not a contentious mess, then planning is required. Unfortunately, only 44% of Americans have a simple Will, much less a well-coordinated estate plan. In this story there are 4 deaths with 4 different outcomes. Each had the best of intentions but only one provided for their loved ones after their passing. A qualified estate planning attorney, one who focuses his or her practice in estate planning, can help you craft a well-coordinated estate plan that will provide for your loved ones who were left behind and avoid the 3 mistakes made by these families.
When a Loved One Passes
A death in the family can be especially traumatic and it is easy to overlook important items. It is often helpful to have a checklist with the various steps that need to be completed, so that in the panic and grief of the moment, nothing is forgotten. In this article you will find a short list of important action items and tips to help guide you when there has been a loss in the family. Keep this list handy so that you will not forget any major items. Don't go through this alone, a qualified estate planning attorney can help guide you through the often-difficult process after the death of someone close to you.
When Time Is Short
Thinking about the end of a loved one's life is always tough to do. But what if you learned your mother only had one year to live, what would you do? After discussing treatment options, hospice, and her health care management, it may be wise to talk with your mom about setting an appointment with her estate planning attorney. Chances are her current estate plan isn't up-to-date, or worse does not exist. This article reviews a number of issues that should be discussed with her estate planning attorney to ensure your mothers' wishes are taken care of and her assets protected. This will help alleviate concerns and let your mom focus on making the most of her last days with her loving family.
Eighteen and Alone: The Legal Risks of Independence
When your child turns eighteen, it may feel like nothing has changed. But, disconcerting as it may be, for all legal purposes, turning eighteen makes your child an adult. Even more disturbing is the fact that without proper legal safeguards, you may no longer have any say in their medical care or financial matters. This article reviews the barriers that may prevent you from accessing your child's medical information in case of an accident or illness. Also discussed in this article are several legal safeguards that can be used to prevent this from happening to you and your child.
Passport. Hotel Reservations. Living Trust?
When the inhabitants of Gilligan's Island went out for their three-hour tour, chances are they were not prepared for what was about to befall them. If they had never been rescued would their families be stuck in probate court attempting to divide their property even today? This article discusses the steps you need to take before you leave for vacation. The steps include a General Durable Power of Attorney and Revocable Living Trust, among others. Once these important measures are put in place, you will be able to relax and enjoy your vacation, worry-free!
Don't Trust Your Legacy to Just Anyone
When we plan our estates, we must take into account the potential life changes that may arise for our surviving family members and ensure that we provide inheritance protection from the many real world dangers that may come up in today's times. However, not all estate plans are created equal. The knowledge and experience of the attorney you retain could make a significant difference in the lives of your surviving family members. Learn what to look for in the attorney you work with and the importance of including divorce, remarriage and lawsuit protection in your estate plan.
Estate Planning in the Electronic Age
In today's electronic age, it seems that things are changing at an ever increasing rate. Every time we turn around, there's a new technology and more and more information to keep in mind. With the electronic storage of sensitive financial and emotionally valuable information, a new concern people have is what to do with "electronic assets" after their death or disability. This article discusses four possible options for the transfer of these potentially valuable assets.
What Do Estate Planning and Shoes have in Common?
Surprisingly, estate planning and shoes share many similarities. However, selecting and implementing an estate plan is a bit more complex than choosing a pair of shoes. This article discusses the many similarities between shoes and estate planning, while providing a list and explanation of the various important components in a complete and integrated estate plan
Estate Planning: It's Not Just About the Documents
An estate plan passes your assets to whom you want and in the manner you want after your death. However, some of your assets may not be controlled by your Will or Living Trust. This article discusses the various problems that can result when a thorough review of assets and ownership titles doesnt happen and how working with an experienced estate planning attorney can ensure that you avoid any planning pitfalls.
Preserve Your Legacy, Not Just Your Money
Death and incapacity are a natural part of the process of life. Along the way, we develop our values and accumulate assets and experiences. When planning for the future, ensuring your assets pass to your loved ones is only the beginning. A new paradigm in estate planning is emerging, Legacy Planning. This considers not only the tangible financial assets you are going to leave your family, but also what your goals, experience and values are. This article gives an overview of the key components of a Legacy Plan and explains how each component works together to create a plan that meets your needs and which your family will cherish for generations to come.
Guarding Against Mental Incapacity
Mental incapacity is something that concerns all of us as we age. Like physical decline, the loss of mental alertness may not be entirely within our control. This only increases the need for proper planning. If you have not planned, and are no longer able to handle your financial affairs, a competency hearing may be necessary. This article discusses certain estate planning tools that are available to help avoid this hearing and take care of you and your family in the event of your incapacity.
Caring for Your Spouse....Even After You're Gone
Do you worry about caring and providing for your ailing spouse and making sure their needs are met, after you are gone? This article describes how a Testamentary Special Needs Trust is one estate planning strategy that can help you do exactly that. Learn how you can plan now to help your spouse qualify for financial assistance for their future medical and nursing home costs, while preserving your assets for other expenses or "luxuries" that your spouse may need, which are not covered by government benefits.
Scams, Swindles, and Fraud, Oh my!
With more and more financial swindles making the news, it is not unreasonable to be worried about where you are investing. But scams are not limited to the investment field. There are plenty of scams to go around, even in estate planning. Seeking the counsel of a qualified estate planning attorney can help ensure you will not be the victim of an estate planning scam. This article explains what to look for in a qualified estate planning attorney.
Tough Times Could be Tougher
In unsettling economic times, people are looking for someone to hold accountable for their difficulties. With an expected increase in lawsuits this year, it is important to protect yourself. This article discusses steps you can take to protect yourself and your family against harmful lawsuits that could put all your assets in jeopardy. A qualified estate planning attorney can help structure a plan that limits your liability and keeps you safe during these tough times.
Trustee: an Honor and a Responsibility
Being named a Successor Trustee in your loved one's Trust is both an honor and a responsibility. It is the Successor Trustee's responsibility to administer the Trust and make many important decisions. In this article, we learn that some of those decisions may seem deceptively simple, however, the consequences of any hasty decisions could cause increased taxes and lost opportunities. Learn why it is important to consult a qualified estate planning attorney in order to prevent costly errors.
Your Team is on Your Side
Estate Planning is like a team sport. Your team should be made of qualified professionals, which you have selected. This article examines your team members and describes the role they should play in achieving your goals. Working with your team, you will be able to build a game plan to get you to the finish line.
Real Security
During these unsettling times everyone is searching for ways to feel more secure. This article provides details on how different components of a complete estate plan can provide real security for you and your loved ones, while building a solid foundation that can bring peace of mind during these unsettling times and in the future.
New Year Brings Resolutions... and More
The coming of the New Year presents an opportunity to reflect on the past year, and reorganize our priorities and goals. One important resolution is protecting our assets and our families through estate planning. The process to achieve this goal is discussed in this article.
A Loan May Be Taxing
This article examines important tax issues that may be overlooked when lending money to family members. Issues regarding gift taxes and income taxes are addressed and a possible solution using proper planning through an Irrevocable Trust is discussed.
Vacation Properties Take Planning
Just as taking a vacation takes some planning, vacation homes take some special consideration in an estate plan. There are several factors to consider, such as the possibility of ancillary probate, the use of the vacation home by beneficiaries, and the value of the home in your estate. The article reviews the use of both a revocable living trust and a special irrevocable trust, for those with a taxable estate, to create an effective estate plan that includes the vacation home.
Powers of Attorney - May Not Be Enough
This article examines the limitations of using a power of attorney to delegate decision-making authority to someone else. It explores the solutions available through the use of a living trust by nominating someone as successor trustee.
Unique Planning for Unique Families
The article examines how Legacy Wealth Planning can be used effectively with a blended family.
Grandma and Grandpa--You're the Best!
The article examines ways to give to grandchildren, both during life and after you are gone.
The Prime of Life
This article recites the tragic story of Heath Ledger and how he omitted his daughter from his Will.
Preparing for the Unthinkable
This article recites statistics regarding unexpected tragedies in the United States including heart attack, stroke, and auto accidents. It calls on the reader to establish a Legacy Wealth Plan to be prepared.
IRS Clamps Down on Wesley Snipes and Other Tax Protesters
This article highlights the recent trial of Wesley Snipes on criminal tax protester charges and transitions into a discussion of the fraudulent promotion of trusts, such as "pure trusts," "constitutional trusts" and "common law trusts" as a purported means of avoid income taxation. The article concludes by recommending that the consumer consult with a knowledgeable estate planning attorney for the preparation of their trust and estate plan.
The Debate Continues and the Future of the Estate Tax Remains Uncertain
This article discusses the uncertainty created by EGTRRA and the likelihood (or lack thereof) of a fix from Congress in 2008. The article discusses the arguments for and against the complete repeal of the estate tax and the likelihood that Congress will not act until after a new President is elected. The article closes by encouraging consumers to see an experienced estate planning attorney for their needs.
Death and Tragedy
The article looks at the tragedy of family disputes and how to avoid them.
A Plan by Design or by Telephone?
The article looks at the game of "Telephone" and how transmitting your legacy in this manner is likely to result in error.
Charitable Giving and the Holiday Spirit
The article examines various aspects of gifting such as the annual exclusion of $12,000 per person, as well as various charitable strategies.
Legacy Planning: A Holistic Approach
This article looks at the latest developments in estate planning: "Legacy Planning." Legacy Planning focuses on the values and guidance to be relayed to future generations, not just wealth. The article discusses The Family Wealth Trust and its two subtrusts, the Family Access Trust and the Family Sentry Trust and how they can protect the beneficiaries from divorce and creditors.
What's Important in Your Life?
This article looks at what's important in life: family, friends, and values. The article looks at tragedies in our lives and how we always come back to what's important in life. The article then transitions to a discussion of Legacy Planning. The article discusses the Family Wealth Trust, the Family Access Trust, and how they may be used as part of Legacy Planning to protect the children after you are gone.
What's the Worst That Can Happen?
We often think that estate planning only deals with our assets at our death. This article debunks that myth and shows how a lack of planning can have negative consequences even during your life and not just on your assets.
What's Probate and Should I Care?
The article examines what probate is and why it is best avoided, and how. The article also examines the holistic concept of "legacy planning."
Planning for Unforeseen Circumstances
The article examines the importance of drafting flexibility into your estate plan to adjust for changes in values, circumstances, and interests.
Protect Your Children Now and in the Future
The article examines how you can use a Family Access Trust or a Family Sentry Trust to protect the inheritance you will leave to your children.
Putting Your Legal Life Back Together After Divorce
Divorce is common today. This article examines how to put your legal affairs back in order after a divorce.
Three Myths Women Have About Estate Planning
This article looks at several myths women have about estate planning. It includes some statistics that show why estate planning has more impact on women.
Decisions, Decisions, Decisions...
This article looks at the factors people consider when making estate planning decisions.
Strategies for Business Succession Planning
The article looks at methods for business succession, including using life insurance to provide liquidity and family limited partnerships for discounting.
To My Dog, Lucky, I Leave $10,000
The article examines the use of "pet trusts" and a few examples of how pets were provided for in the past.
What are the Odds
This article examines the need to plan for the unexpected. It gives statistics for the odds of disability and of death from various likely and unlikely causes. It shows the importance to plan for the one certainty in life, i.e., death.
Protecting Your Children from Their Nightmares... and Yours
The article examines statistics regarding divorce in America and how to protect your children from divorce. It examines setting up a divorce protection trust for them as well as using a marital trust for second marriages for your own assets.
Help for Our Armed Forces
he article examines the taxation of combat pay. Specifically, combat pay is tax-free. Also, it looks at new legislation that allows combat pay, otherwise not in income, to be considered as income for IRA eligibility.
Learn from Anna Nicole's Mistakes
The article examines Anna Nicole's Will and that she did not update it upon major changes in her life: death of a son, birth of a daughter, commitment ceremony to Howard K. Stern. It suggests that the reader learn from these mistakes and be sure to update their plan periodically.
The Choice Is Yours: Don't Lose Your Chance to Make It
The article examines two cases: Terri Schiavo and Sarah Scantlin. Neither expressed their end of life decisions. Terri had her feeding tube removed after 15 years. Sarah awoke from her coma after 20 years. The article calls the reader to express their own desires in a Living Will.
Your 401k or IRA: A Problem Asset?
The article looks at IRAs and 401ks and how we need to save for retirement. Then it looks at the tax problems these plans create. It examines the stretch out available with the FRPT. It also examines using distributions to fund life insurance.
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