Creating a Durable Power of Attorney
Why might you create and grant a power of attorney? Let’s consider some common scenarios: military personnel may grant power of attorney in anticipation of an overseas tour of duty. Likewise, those taking extended vacations will need someone to look after their interests in their absence. Health reasons, either in anticipation of extended physical rehabilitation […]
Talking Trusts… and Taxation
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year.
Transfer for Value and the Sale of Life Insurance
Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences.
Easy Business Succession Planning
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation retires, or worse yet, dies unexpectedly.
International Estate Planning
As the world shrinks due to increased mobility and interconnectedness, estate planning has become more complex. Now estate planning requires understanding issues that arise when a client owns assets in another country or resides in the U.S. but lacks citizen status. Things change for clients who neither reside in the U.S., nor have U.S. citizenship, but who own U.S. property.
What’s Stopping You From Creating an Estate Plan?
Many things can stop you from creating an estate plan. What’s holding you up right now? Are you taking a risk with your future? Once you know what’s standing in your way, you can take the steps necessary to overcome procrastination. Here are three of the most common reasons for holding off on estate planning. […]
How Estate Planning for a Family May Trap the Unwary Practitioner
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued.
Choosing the right attorney
Estate planning is a meticulous process. Much like choosing a doctor, therapist, or surgeon, we have to be comfortable discussing difficult details with an attorney in order for them to be effective. You need the right guidance at the right time, all with the goal of providing you and your family peace of mind and […]