These reports, published by the American Academy of Estate Planning Attorneys, are published semi-regularly and cover a wide range of subjects specific to the estate planning arena. Click on a report title to read more or to order a complimentary copy.
A
Special Child Needs Special Planning
While planning for the care of a special needs child certainly tops the list
of emotionally-charged topics, the peace of mind parents gain from a well-designed
estate plan, more than compensates them for having to plan for the unthinkable.
Asset
Protection: Reducing Risk, Promoting Peace of Mind
Every American adult shares a dubious characteristic—each is
a walking litigation target. Part of your birthright is that you may be sued
at any time, for any reason, and for any amount.
Beware
of Living Trust Scare Tactics!
There is so much conflicting information regarding estate planning
options, it’s difficult to know whom to trust. Don't be fooled by the
most common myths that authorities have used to scare the public.
Charity
Begins At Home: The Charitable Remainder Trust
Americans are some of the most generous givers on the face of the
planet. They reach into their pockets and take out their checkbooks on behalf
of others more often than any other industrialized nation. The Charitable
Remainder Trust is one of the most popular ways Americans can donate to their
favorite cause while doing good for themselves and their families.
Congress Repealed the Estate Tax or Did They?
For the past few years, Americans everywhere have been bombarded with
radio reports and newspaper articles discussing the possible repeal of the
infamous estate tax. At long last, on May 26, 2001 both houses of Congress
passed the Economic Growth and Tax Relief Reconciliation Act of 2001, ("the
Act") and President Bush signed it shortly thereafter. Our Consumer Alert
explores the nuances of the new Act, and reveals what the changes in law really
mean.
Estate
Planning with Individual Retirement Accounts (IRA's)
At first glance, the concept of an Individual Retirement Account (IRA) seems
simple enough: a structured way to save for your golden years while deferring
taxes on your growing nest egg. Unfortunately, that simple idea becomes one
of the most complex areas of estate planning once IRS rules are applied. That
means that not only must an estate planner consider estate tax reduction techniques,
but also the amazingly complicated income tax rules the IRS has issued in
its Proposed Regulations. Do not let the term "proposed" concern you. The
agency issued the Proposed Regulations in 1987 and has told taxpayers they
may rely on the rules until Final Regulations are issued. This report is intended
to provide general guidance on the income and estate tax considerations involved.
It is not intended as legal advice. Only an analysis of a client's particular
financial and family considerations provides a sufficient foundation for an
estate planner to make appropriate planning recommendations.
Family
Farm: The Next Generation
A humorous take on how families pass on businesses, such as family farms,
is reflected in this quip: Avenge your children; give them equal shares in
your business. Certainly, what can seem like a generous, wonderful thing can
be rife with conflict and imbalance, if you don't take steps to implement
the appropriate legal framework.
Fourteen
Common Reasons To Do Estate Planning
Find out the most common reasons why it is important to do estate planning
such as avoiding probate, protecting your assets and designating someone who
will manage your affairs after your pass away. These are all important matters
that should not be ignored.
Gay
& Lesbian Couples Face Special Challenges in Estate Planning
In this report, you'll learn why the right to privacy and personal control
over health care issues and distribution of assets are key reasons for gay
and lesbian couples to consider a Living Trust as their estate planning vehicle
of choice.
Getting
The Most Out of Your Life Insurance: The Irrevocable Life Insurance Trust
If you own life insurance, congratulations. Sadly, most of us put off this
critical element in our family's financial planning, which may have devastating
consequences on the loved ones left behind.
Living
Trusts: Calculating the Benefits
Chances are, you've already heard a lot about the attributes of Living Trusts:
avoiding probate and legal quagmires, sometimes lowering estate and/or income
taxes and protecting privacy. Yet it's also important to receive solid estate
planning guidance before making final decisions, and to carefully weigh the
benefits and potential drawbacks.
Peace of Mind: Planning For All of Life's Contingencies
As citizens of a culture that worships youth, most of us find it nearly impossible
to admit our own mortality, much less make plans for that
eventuality. Denial, however, offers no protection from the inevitable. And,
as it turns out, we have far more to gain than to lose by sitting down in
advance to plan for every contingency life may throw at us. To help you begin
this important process, here are the essential items that should be on your
list of basic estate planning objectives.
Planning
It Right the Second Time Around
One thing should be clear by now: we do our families and ourselves a great
disservice when we fail to plan for every contingency. That's why a crucial
first step in this entire process should be a consultation with an estate
planning attorney.
Protecting Your Assets with the Family Limited Partnership
Are you worried about being sued? Well, you should be. It is reported that
there are 18 million lawsuits in the United States each year. However, that
isn't the whole story. Have you ever heard of the "deep pocket" syndrome?
The deep pocket syndrome means that the person claiming to have been harmed
files a suit against anyone even marginally connected with the incident.
Protecting
Your Assets with the Limited Liability Company
Are you worried about being sued? Well, you should be. There are 18 million
lawsuits in the United States each year. But that isn't the whole story. Have
you heard of the "deep pocket" syndrome? The deep pocket syndrome
is where the person who claims to have been harmed files suit against anyone
who is even marginally connected with the incident. The list includes the
shopper who spills the milk on the supermarket floor; the employee who fails
to clean it up quickly; the supermarket that hires the employee; the designer
of the "defective" shelf that holds the milk, and the manufacturer
of the "defective" milk carton. This kind of lawsuit is brought
on to ensure that the person with the money, or "deep pockets,"
is covered by the claim for damages. As you can see, this domino effect could
lead to as many as 50 or 60 million people being sued each year. What can
you do about it? Create what many consider to be the premiere asset protection
entity, the Limited Liability Company, or LLC.
Set
The Stage for Medicaid Eligibility
Incapacity planning is a broad area of law that covers how you are cared for
if you become physically or mentally unable to care for yourself. The type
of care could range from simple tasks like buying groceries, paying bills,
and handling financial matters to more important decisions such as selling
real estate or gifting assets to your children.
Special
Valuation Benefits for Farms and Other Business Real Property
This report describes the estate tax valuation benefits available to owners
of farms or other business real property.
The
Impact of Divorce on Your Estate Plan
This report can help familiarize you with some important concepts about being
prepared for divorce, should it come your way.
The
Nightmare of Living Probate
For most of our lives the greatest risk to our well-being isn't death. It's
the ever-growing likelihood of becoming seriously ill or injured.
The
Trouble with Joint Tenancy
Joint tenancy ownership of property is sometimes used as a substitute for
an effective estate plan. Is this a good idea? Read this article to find out.
To My Dog Lucky, I leave $10,000
If you have a dog, cat or other pet, you know that the unconditional love
and affection our pets devote to us improve the quality of our lives in ways
nothing else can. This is why they deserve our respect and dedication even
after we pass away or become incapacitated. Unfortunately, if a pet owner
becomes unable to care for his or her pets they often end up living on the
street. Thousands of pets are orphaned every year in the United States. To
prevent your pets from adding to this sad statistic, you need to plan now
for their care in the future.
Trust
Administration: Prior Planning Prevents Problems
Trust Administration is the process people often find themselves in unexpectedly,
after the death of a spouse or parent who created the trust prior to passing
on. It comes during a very emotional time, and often brings with it difficult
and complex financial and family issues. The task of reviewing the trust and
finding and valuing the assets of a recently deceased family member can be
daunting, as can be the complexities of estate tax law. What is important
to remember for anyone administering a trust is that there is a definite process
to follow, and resources to assist you as you assume this new role.
What
Every Senior Should Know About Probate
For Seniors, the debate over Wills versus Probate holds special meaning, because
the vast majority of Probate cases revolve around the affairs of those Americans
ages 60 and over.
Where
There's a Will, There's Probate
Some people mistakenly believe that drafting a will avoids the costly, time-consuming
legal process called probate. Read this article to find out about wills, probate
and Living Trusts.
