I will present the workshop “Five Common Asset Protection Mistakes” on Wednesday, May 30, 2012, from 8:00 to 9:00 a.m. The class will provide one hour of continuing education credit from the N.C. Department of Insurance, and is for CPAs, Accountants, Financial and Insurance Professionals. In one hour we will cover: 1. Why you have... [Read More]
Tag: estate tax planning
7 Major Errors in Estate Planning
Forbes Magazine on April 25 published an article titled “7 Major Errors in Estate Planning.” The seven errors listed are a no-nonsense list of the mistakes we Estate Planning lawyers see daily. They are: 1. “Not having an Estate Plan.” 2. “Online Do-It-Yourself Estate Planning rather than using an experienced Estate Planning attorney do the... [Read More]
Mike Wallace Died Saturday—He Had Dementia
Most people don’t want to plan for their inevitable death, let alone dementia. You can plan within your Living Trust for mental incapacity. You set the panel who decides when it is needed. You choose the doctor and which trusted loved ones turn on the mental disability provisions. Who do your assets pay for if... [Read More]
Analysts Project Estate Tax Exemption Going Back Down to $1 Million and Estate Tax Rates Back Up to 55%
Analysts recently advised that given the upcoming elections, they don’t anticipate Tax Law changes until 2013 or 2014 (click here to read the article). Therefore, they anticipate the Bush Tax cuts expiring on December 31, 2012, leading us back to Estate Taxes being applied on Estates with more than $1 million and Estate Tax rates... [Read More]
Constantly Update Your Estate Plan
You must update your Estate Plan, including your Trust and Will, constantly. The reasons you need to update your Estate Plan – Revocable Living Trust, Will, Health Care Powers, etc. – is that three things are always changing: the law, your relationships, and your assets. 1. The law is regularly changing by changes in the... [Read More]
Why Whitney Houston Shouldn’t Have Used a Will
Unfortunately, Whitney Houston used a Will based Estate Plan. Her “Last Will and Testament,” or Will, was admitted into Probate Court in Atlanta, Georgia. As guessed, Whitney’s 19 year old daughter is her sole beneficiary of the Will with payouts to her at ages 21, 25, and 30. Meanwhile, the Trustee would make payments on... [Read More]
Whitney Houston and Estate Planning – Part 3
As discussed before, right after we hear of the death of a celebrity, we ask, “How?”. Not long after, we ask, “How much money did they leave and to whom?”. Again, Whitney had traveled a troubled road of drug addiction and tough relationships. While alive, she had been separately sued at different times by her... [Read More]
Whitney Houston – Estate Planning Part 2
As we discussed last time, when a well known celebrity dies, after asking “How?”, we ask, “How much did they leave and to whom?” Rumors are that Whitney Houston left a multimillion dollar estate to her only child, an 18 year old daughter. This is an estate that should continue to grow with the sale... [Read More]
Whitney Houston’s Estate Plan Upon Her Unexpected Death
After the sudden death of 48 year old Whitney Houston, some of the first questions asked are: How did she die? What about her family? Some questions that come to mind right after that are: What estate did she leave behind and to whom did she leave it? Then, the informed reader asks: Will her... [Read More]
Year End Legal Shopping
Many people are looking to do tax deductible legal work and transferring of assets before year end. One of the most common practices is doing year end gifting of up to $13,000.00 per person with no gift or estate tax consequences. Some are looking to donate to charities within the calendar year, either directly or... [Read More]