Educational Alerts

Advance Planning for Long-Term Care is Critical

Feb 25, 2015

A recent New York Times article points out that some nursing homes are using guardianships to gain control of the assets of seniors in order to pay for past due medical bills. While it is sometimes appropriate for a nursing home or hospital to bring a guardianship petition on behalf of a senior, these nursing homes are using the court process as a debt collection mechanism. As we are growing older and living longer, it is vitally important for us to have proper planning in place for incapacity as well as long-term care planning. With a proper plan, the senior can qualify for government assistance to pay for long-term care costs and avoid the possibility of a guardianship being initiated by a nursing home.

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Federal Court: Disclaimed Property Available to Pay Tax Lien

Oct 22, 2014

This month we examine how the lack of proper estate planning left an inheritance exposed to payment of tax liens assessed against a son. The estate’s attempt to argue that the son’s share was not available because of mom’s desire that lifetime advancements to the son be repaid or, in the alternative, that the son had disclaimed his inheritance, did not convince the federal court that the IRS could not collect against the son’s share of the estate.

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Charitable Planning Ideas

Jan 22, 2014

This month’s Alert focuses on charitable giving. Often, people like to think of charitable giving at year-end. In addition to year-end giving for income tax purposes, a client may wish to think about including charitable giving in their estate plan to capture income, gift, or estate tax savings. Whenever they do the giving, charitable giving is a great way to give back to the community!

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Planning for Retirement Assets Can be Difficult

Mar 29, 2013

This month’s Alert examines the rules regarding distributions from IRAs and retirement plans. In particular, it examines reasons to make a trust the beneficiary and rules regarding who is the measuring life for minimum required distribution purposes.

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More Reasons for Clients to Review Their Estate Plans

Jan 31, 2013

This month’s Alert examines how the “fiscal cliff” legislation could result in changes for estate plans. Depending on the couple, it might mean they could simplify their plan. However, there are many non-tax reasons that they may want to keep a more complex plan.

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Estate Planning for LGBT Couples: Possible Changes on the Horizon

Nov 30, 2012

This month’s Alert gives an overview of developments affecting estate planning for same-sex couples. It recounts how recent elections approved same-sex marriages in several states. It also examines several cases which address the constitutionality of bans on same-sex marriage, including the Defense of Marriage Act.

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Last Chance for Estate Tax Savings?

Oct 31, 2012

This month’s alert focuses on the narrowing window to lock-in the current $5.12 million estate and gift tax exemption by gifting prior to year-end. The alert also examines why it may not be possible to wait and do this planning at the last minute.

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Tax Changes for 2012

Jan 31, 2012

This month's Alert reviews the inflation adjustments applicable to federal taxation in 2012. It examines changes in the estate, gift, and generation skipping transfer taxes, as well as income taxes.

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IRS Issues Instructions for Estate Tax Returns for Decedents Dying in 2011 and 2012

Sep 30, 2011

This month's Alert examines the IRS’ recent release of instructions regarding how to ensure portability of the applicable exclusion amount at the death of the first spouse. Many surviving spouses may see an estate tax return at the death of the first spouse to be unnecessary. This alert shows why advisors should document that they advised the filing of an estate tax return.

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A "Do-It-Yourself" Mystery: The Case of the Neighbor Girl and the Well-Meaning Widow

Aug 31, 2011

Clients occasionally attempt do-it-yourself estate planning. Sometimes they use software assistance, borrow from others’ documents, or amend their professionally prepared documents themselves. This month’s Alert looks at one such story and the havoc it wrought. In the end, the client’s goals were not achieved and her loved ones were pitted against each other in court.

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Doing It Yourself Can Sometimes Lead to Disaster

May 31, 2011

Nowadays, a growing number of consumers attempt to prepare estate planning and other documents of legal significance without professional assistance. These do-it-yourselfers are penny-wise and pound-foolish. This Alert examines several cases in which the decedent attempted to create or modify his own estate plan, with disastrous results.

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Creditor Protection Extended to Inherited IRAs by More Courts

Apr 29, 2011

IRAs and Qualified Plans are an increasing portion of our clients’ wealth. The advantages of the income tax deferral are well-known. This month’s Alert looks at developments regarding the creditor protection such plans provide, not only for the contributor, but also for those who inherit them.

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Annuity Maximization

Feb 28, 2011

This Alert examines how a tax-deferred annuity may not be the best solution for senior clients. It demonstrates how a single premium immediate annuity, or “SPIA” may be a better alternative for clients, especially if the client is in a lower tax bracket than the children who will inherit it.

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TRA 2010 Creates Opportunity for New Planning Strategy - The FlexTrust

Jan 31, 2011

The question of whether to fund a credit shelter trust has long been a central question in estate planning. With the new tax law and it’s temporarily increased exemption, the question is all the more relevant. This month’s alert discusses a new method of adding flexibility to your clients’ trust. The FlexTrust allows an independent Trust Advisor to decide whether and to what extent the credit shelter trust should be funded.

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