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Estate Plan Trusts
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Estate - How Do You Like These Odds?
Are you a gambler? Do you like to play the odds? Here are some real-life odds for you to consider: 90% of people become incompetent before they die! Of course, your spouse might not think you're of sound mind right now, but that's beside the point! If you don't take action, you could needlessly cost your spouse thousands of dollars and countless headaches in order for them to make decisions on your behalf.
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Estate - How To Legally Avoid Taxes On Gifts And Inheritances - Part 2
Last week I explained in theory how you can legally avoid paying taxes on gifts and inheritances. Avoiding taxes on gifts and inheritances is based on cost-basis. To help you apply this to your situation, I want to share some real-life examples of how my clients use these principles to legally avoid paying taxes on gifts and inheritances.
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Heirloom Antiques for the Comfort of Being Home
When you purchase a hand made or antique item today you are buying character and quality that adds to the beauty, comfort and gives you the feeling of being grounded, provides a conversation starter, and sense of being home. Leaving this item to your heirs becomes part of your legacy and intersects their history with yours, and provides a deeper connectedness and sense of home. Some advice on purchasing quality antique or art items that will add to your legacy.
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Will Contest - What Is It? How Can You Protect A Will?
What is a Will Contest? Anna Nicole Smith, James Brown example in Will Contest. Valid objections to pursuing a Will Contest- testator never signed Will- Will did not meet statutory requirements- testator was under the influence when drafting Willl- testator lacked mental capacity. How to protect your Will? Attorney uses language to minimize ambiguity. Attorney used Non-contest Provision or Forfeiture Clause to Will which means beneficiary who chooses to contest Will loses any right to inheritance.
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Financial Directive - Advanced Estate Tax Planning, Power of Attorney Issues
What is a financial directive? Financial directive is like power of attorney and is a legal financial instrument that empowers your Agent over all your financial matters and should be a part of advanced estate tax planning. The financial directive is enacted when you become disabled or incapacitated. Discusses limitations of agent as fiduciary with no general or limited power of appointment in the financial directive.
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Living Trust Confusion
With all the misinformation on the web about living trusts, it's easy to be confused. The truth is that living trusts are good for some people and not for others. Only by educating yourself can you know if a living trust is for you.
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Estate - Surviving Your Estate
Recently I shared the heart-wrenching story of a young soldier who had to deal with the unexpected death of his mother. She didn't have her affairs in order and now her son has the extremely difficult task of recreating her financial details from scratch. Here are some simple steps you can take to ensure that your loved ones aren't left in a lurch.
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When Not to Name Your Spouse the Beneficiary of Your IRA
Have you blindly named your spouse as the beneficiary of your IRA? Is this your best choice? Depending on your situation and objectives, other beneficiary elections may be better. Here are three options you may not have considered.
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Offshore Bank Accounts Pros, Cons, Interest Benefits
Offshore bank accounts have advantages and company benefits from the low interest rates on loans and higher return of investments. Switzerland and Cayman Islands are the most common destinations. Discuss Patriot Act, IRS, Qualifying Intermediary Requirements on US-funded investment income.
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