Archive for May 2017
Will You Be Responsible for Your Parent’s Debt? It Depends
Children worry about their aging parent’s ability to manage money and are often concerned about what happens when their parent passes away and leaves a substantial amount of debt behind. Kids know their parents all too well. So when your questions about credit card debt go unanswered, or if you get a vague “don’t worry,…
Read MoreProtecting Your Legacy and Their Inheritance
Conversations between estate planning attorneys and clients are as much about how to talk with children about the intentions behind inheritances, as about the legal means of distributing assets. A lifetime spent creating a family and an accumulation of wealth is an admirable accomplishment. The final note—an estate plan to distribute that wealth—can alleviate the…
Read MoreHow Charitable Giving Works for Estate Plans Today
As the discussion in Washington concerning repealing the federal estate tax heats up, some are wondering what the impact will be on charitable giving as part of estate plans. But according to an article in Financial Planning, “Charitable giving: It’s not just about taxes,” charitable giving has never been solely about tax planning. By donating…
Read MoreHelp Your Family with These Estate Planning Tasks
To make your estate plan complete, consider a few practical steps that will address some common issues faced by grieving families when a parent or a loved one passes, as detailed by CNBC in a recent article, “Five ways to bulletproof your estate plan.” Consider a pre-paid, pre-planned funeral. This can save your family thousands…
Read MoreDon’t Leave These Out of Your Will!
When most people think of creating a will, they think about naming an executor, distributing their financial assets and considering whether or not they need to include any tax planning in their estate plan. But there are a few other things you’ll want to be sure to include, according to an article from Philly.com, “5…
Read MoreCommon Concerns in Estate Planning
Probate is one of a handful of questions that are routinely asked by clients new to the estate planning process. Figuring out who to name as an executor for your estate and naming guardians for minor children are also concerns. Finally, a bigger conversation about whether or not you can use a form from the…
Read MoreHendrix Estate and Brother Continue Long Running Battle
Trademarks and copyrights are at issue in yet another lawsuit between the two companies representing the estate of Jimi Hendrix and his brother, who is accused of infringing on Hendrix’s copyrights and trademarks with products named “Jimi’s Cannabis Collection Purple Haze” and “Jimi’s Wines.” A complaint was filed against Jimi’s brother Leon Hendrix, Andrew Pitsicalis,…
Read MoreMore Planning and Savings, Not to Mention Attention to Health, for Longer Lives
Longer lives are great, but a longer life that includes good health, adequate resources and a high quality of life takes a lot of planning and discipline. According to a survey of seniors from the National Council on Aging, 80% of respondents said that they planned to remain in their homes, although 40% felt that…
Read MoreTalking About Difficult Topics with Family Members
People respond to grief in different ways. Unfortunately, many families experience fights and even fracturing, after the passing of a parent. Inheritances often cause drama within families. According to a survey of 2,700 people conducted by Ameriprise Financial, as many as 25% of respondents said that an inheritance caused stress within the family. Sometimes, it’s…
Read MoreEstate Relied on Appraisal from Auction House with a Conflict: Artwork Undervalued by Millions
Common sense would tell you that companies or individuals that might be interested in selling a piece of property, particularly with regard to art, antiques or jewelry, should not be the ones setting the value on that same property. A recent decision from the U.S. Tax Court scored one for common sense, with its decision…
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