Browse Our Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Funding is Critical to Estate Planning
When Ted and Emily set up their Revocable Living Trust, they thought they were done. But when Ted passed away, Emily found out how wrong they were - the Trust they had created had not been funded. Some assets passed as joint tenancy, some by beneficiary designation and other assets had to go through probate. Learn how a properly funded trust could have avoided the distribution problems Emily encountered and achieved the results they had set out initially to accomplish.
READ MORE 
Tax Saving Benefits of a Life Insurance Trust
Most people have heard of a Living Trust, but not many have heard of an "ILIT" or Irrevocable Life Insurance Trust. This type of specialized trust is structured to hold life insurance policies on your life. This article discusses how an ILIT works and the estate tax planning advantages it offers. Learn more about the benefits of this type of trust and whether an ILIT is right for you.
READ MORE
Preserving Grandma's Legacy
You find your grandma's estate planning documents when you're helping her organize her attic. The documents were dated two decades ago, just before grandpa died. After grandma dies, the assets will have to be split among her three kids. However, since the estate plan was drafted, the family's circumstances have changed considerably and things aren't quite that simple anymore. Leaving her assets outright to her 3 children would mean that their inheritance would be lost to creditors and medical expenses. This article discusses the importance of having an up-to-date estate plan to preserve your legacy and family history as well as having a conversation with family members about their own planning.
READ MORE
How to Avoid Estate Planning Minefields: You Don't Know What You Don't Know
Some things seem like they should be easy--and they are easy. However, the problem with some complex responsibilities is that they may seem simple on the surface, yet they may be very difficult in reality. This is equally true for estate planning. However, experts can spot the hidden problems which the ordinary person may not. This article looks at the problems one couple had when they opted to use do-it-yourself estate planning software instead of consulting with an attorney. There was a hidden minefield that caused everything the family had worked for to be lost to an ex-spouse. Something that could easily have been avoided had they consulted with an experienced estate planning attorney. Find out what some of the most common estate planning minefields are and how you can avoid them.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
Planning Opportunities in a Down Market
Every dark cloud has a silver lining, including uncertain economic times. This article examines unique estate planning opportunities that are available during a down economy. Tax savings by converting an IRA to a Roth IRA at a lower value, and transferring shares in a family business at diminished asset values are two strategies reviewed.
READ MORE
Planning to Benefit Non-Traditional Beneficiaries
Traditional estate planning strategies are not always available to people who have non-traditional beneficiaries, but here is a strategy that can only be used for non-traditional beneficiaries. These beneficiaries include unmarried domestic partners, same-sex married couples, nephews and nieces, and friends. This article examines the use of a Grantor Retained Interest Trust (GRIT), which is not available for traditional "members of the family", as a strategy to help plan for non-traditional beneficiaries.
READ MORE
Everyone Needs a Periodic Checkup
This article examines how legal and life changes may make it a good idea to consult with your estate planning attorney to ensure that your estate plan continues to achieve your financial and estate planning goals.
READ MORE
A Trust Can Help Protect You from a Financial Crisis
This article examines how a trust can help expand the protection on your financial accounts, including those at banks, savings and loans, credit unions, and brokerages.
READ MORE
The Silver Lining in Tough Economic Times
This article examines the current difficult economic times and how one estate planning strategy works better now than in better economic times.
READ MORE
Split Things Fairly - Not Exactly
This article examines the difficulty of giving an asset that makes up the bulk of the estate to one beneficiary, while treating the other beneficiaries fairly.
READ MORE
Grandma and Grandpa--You're the Best!
The article examines ways to give to grandchildren, both during life and after you are gone.
READ MORE
Unique Planning for Unique Families
The article examines how Legacy Wealth Planning can be used effectively with a blended family.
READ MORE
Same-Sex Marriage Confusion
This article examines the impact of Californias landmark decision to allow same-sex marriages for both state and out-of-state residents. It clarifies the impact that this decision has on out-of-state residents and what responsibilities other states have of recognizing same-sex marriages performed in California.
READ MORE
What's in a Word?
The article examines how George Carlin's comedy shows that the use of words can be important. The article looks at why that is also true in estate planning.
READ MORE
What Successful People Do
The article briefly looks at a few billionaires, that all of them have in common that they plan, and that they have done estate planning. The article goes on to show how with Legacy Wealth Planning the reader can do them one better.
READ MORE
Dividing Up the Pie
The article looks at FLPs, an advanced estate planning strategy. The article explains how FLPs can minimize estate taxation and maximize asset protection.
READ MORE
The Top 10 Things to Know About Estate Planning
Many people are often confused by Estate Planning. Here is a list of the top things to know about Estate Planning.
READ MORE
Joint Tenancy - Joint Problems
Joint tenancy avoids probate and seems like a simple solution. Howver, adding a joint tenant adds all sorts of unforeseen problems.
READ MORE
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.
READ MORE
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.
READ MORE
Death and Tragedy
The article looks at the tragedy of family disputes and how to avoid them.
READ MORE
The Passing of a Loved One
The article examines the seven elements which may be included in an estate plan: Health Care Power of Attorney, HIPAA Power, General Durable Power of Attorney, Revocable Living Trust, Pour Over Will, Funeral Trust, and Legacy Plan.
READ MORE
Special Needs Trusts and Autism
Autism is on the rise. You want to leave assets to your child without jeopardizing the availability of public benefits. A Special Needs Trust can help. This article explains how.
READ MORE
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.
READ MORE
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."
READ MORE
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.
READ MORE
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.
READ MORE
Do You Know Who Your Beneficiaries Are?
The article looks at several types of items that pass outside a Will or Trust. In particular, it examines retirement beneficiary designations and new rules by Vanguard Group which might have disastrous results for the unaware.
READ MORE
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.
READ MORE
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.
READ MORE
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.
READ MORE
What Happens in My Initial Estate Planning Consultation?
This article describes what happens in the initial estate planning consultation, including the questions asked, the discussion of goals, etc. The article also references a CNNfn segment that talked about the importance of stringent continuing education requirements, like those of the American Academy of Estate Planning Attorneys.
READ MORE
Estate Planning is Simple....Right?
This article examines clients' preconception that estate planning is simple and that it's just simple word processing. The article examines situations in which the estate planner's experience and technical knowledge comes into play.
READ MORE
Preserve Your Wealth with Medicare Part D
The article provides a basic overview of Medicare Part D and why it is important from an estate planning perspective.
READ MORE
