While this week’s article wasn’t intended to be the third in a series, resolution of Aretha Franklin’s Estate merited examination, particularly because of the various Estate Planning issues raised both during the pendency of the proceeding and with its final resolution. Two prior installments of this blog explored issues surrounding the Queen of Soul’s death: Aretha Franklin Died Intestate: What Does It Mean for Her Family? and Estate Planning – Something You Shouldn’t Do Yourself. Today’s blog … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
legal education
A Real-Life Look at the Application of the Slayer Statute
Mercifully, in my many years in private practice, I rarely, perhaps never, had cause to review the slayer statutes. After all, the only time that an attorney needs to review those statutes exists in tragic cases in which someone tries to derive a financial benefit from another person in whose death they may have played a role. I reviewed them in preparing this blog and found them adequate and oddly comforting. I remember being intrigued the first time I heard about Kouri Richins. She’s not a … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
What Independence Day Teaches Us About Estate Planning
Anyone who has seen my house at Christmas knows that tops the list as my favorite holiday. We deck the halls, make cookies, exchange presents, look at light displays, and revel in the Christmas spirit as long as possible. Christmas in July seems like a great idea except, we can’t do that until Independence Day has passed! As some have discovered, the 4th of July means almost as much to me as Christmas. Very different holidays celebrating very different things, but both are important. Now you … [Read more...] about What Independence Day Teaches Us About Estate Planning
529 Plans – The “Holy Grail” of Estate Planning
Ah, summer…it’s here! The time for barbeques, baseball, beaches, and … Internal Revenue Code (the “Code”) Section 529 plans (“529 plans”)? Yes! As we enjoy the lazy days of summer, let’s get a jump start on thinking about the new school year, which means now’s the perfect time to look at your Estate Plan, especially as it relates to educational goals for your children, grandchildren, and other loved ones. As they say, it’s never too early to start planning. A 529 plan, otherwise known as a … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
The Wonder of Wills
We often focus on Revocable Trusts and the flexibility, continuity, and protections that they provide. Of course, in addition to the foregoing benefits, trusts avoid the probate process, which can be lengthy and expensive in some states. While extolling the virtue of an Estate Plan based upon a Revocable Trust, attorneys may forget to explain that Wills play an important role in a comprehensive Estate Plan. I have vivid recollections of sitting across from numerous clients who asked me the … [Read more...] about The Wonder of Wills
Understanding and Manipulating Estate and Gift Taxes
After that title, who doesn’t want to read this blog? Here’s the disclaimer – this blog was written by a nerd for other nerds. Non-nerds may continue reading at their own risk…of becoming a nerd. Any practitioner in the Estate Planning world considers the impact that estate, gift, generation-skipping transfer, and inheritance taxes will have on a plan. Clients inquire about tax impact during consultation and beneficiaries wonder not only if taxes will result from their inheritance but also who … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
What It Means to Disclaim
Many of us dream about suddenly inheriting assets from a long-lost uncle. No doubt, some have experienced that new-found wealth and were overjoyed when it occurred. Sometimes, however, that wealth may not be desirable. Some clients have assets that exceed the amount they could spend in their lifetime, will have an estate tax issue, and additional assets only compound that. Others may prefer that the assets go elsewhere. This article examines the basics of disclaimers and how some situations … [Read more...] about What It Means to Disclaim
The IRS’ Annual Warning: The 2023 Dirty Dozen
Each year the Internal Revenue Service (“IRS”) publishes its “Dirty Dozen” list of the most notorious tax scams from the year. The list alerts taxpayers and professionals alike of the most commonly used tax cons during the last year. The scams run the gamut from promoting taking incorrect credits to produce large refunds to misusing international accounts. Let’s dive in!Perhaps unsurprisingly, five of the twelve scams making their way onto the Dirty Dozen focus on technology and information … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
The Joy in Joint Trusts
Married individuals may decide to create a joint trust to address their Estate Planning needs. Joint trusts make sense in community property states because those states consider assets accumulated during the marriage as community assets and require that both spouses have equal management rights with respect to the community assets. Joint trusts may provide benefits in separate property states as well by eliminating the need for separate trusts for each spouse. In a typical joint trust, each … [Read more...] about The Joy in Joint Trusts
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
When most folks think about Estate Planning, they focus on who gets what along with who distributes what. In some cases, clients consider their taxes, but that often occurs only when their estate will exceed the Applicable Exclusion Amount (currently $12.92 million in 2023). Comprehensive Estate Planning focuses on the foregoing but encompasses much more. The first part of this two-part series explored the various tax considerations and the impact of state law on Estate Planning. This second … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
