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Maximizing Gifts

It has almost become a cultural mystery for many Americans, but there is a good reason for it. Every November or December, certain families start getting checks from parents or grandparents in increments of $13,000 and no one really understands why. “Hey, isn’t this cool?” a twenty-one year old college student would tell their classmate. “My grandparents just sent me $26,000!”

When asked why, they would reply, “Oh, it’s some tax thing.”

Retirement Account Beneficiary Designations Need Checking

It’s extremely easy for me as the attorney to recommend how assets should be retitled or beneficiaries changed on accounts so they work with a revocable trust to avoid probate. All real estate, bank accounts, brokerage accounts, mutual funds, and even life insurance should be retitled in the name of the trust. Beneficiaries on life insurance policies should also be changed to name the revocable living trust as the beneficiary. But retirement accounts are not that easy because there are income tax consequences. Unless there is a specific reason otherwise, spouses will name each other as the primary beneficiary. The contingent beneficiary is where we have to make decisions. And it is shocking how many times this is wrong.

Guardianship Nomination Forms; Not Simply Giving Your Kids to Someone

It is probably an oversight by attorneys, or simply trying to make things easier, that leads so many people to not fully understand what nominating people to serve as guardians for minor children means. This leads to a lot of needless confusion when not explained ahead of time, but it also can present planning opportunities that clients may not have considered before. Yes, a nomination of guardianship form or guardianship provisions in a Will are clear, but how these wishes are approached are not always clear to the clients.

The Equality Toolbox: Building a Stable Domestic Partner Family

The Human Rights Campaign and state equality groups, legislators and protestors, and businesses and individuals have struggled to build a country of equality that includes members of the LGBT community. But constructing this home big enough to include all of us has taken a lot of time. And like the Winchester House, every twisting and turning staircase can lead to dead ends, locked doors, and enough construction that it seems the work will never end. Court decisions, legislative edicts, and lobbying at all levels of government have become the foundation of this huge house we are building. What seems to be lost in constructing protests, electing equality architects to public office, and fighting a homophobic zoning board is that each partner can build their own houses of equality with tools already available to them.

Four Reasons to Review Your Client’s Estate Plan

Reviewing client’s estate plans can lead to a long term relationship.

Preparing Estate Planning Clients For the First Meeting

Letting your clients know what to expect and what they need will lead to a more fruitful estate planning meeting.

Are We Really Better Off Without the Estate Tax?

Do we really need an estate tax?

2010 Estate Tax Repeal – Is it Real?

Congress created one of the biggest tax messes in history… read more to find out why.