How to Limit a Executor’s Personal Liability for Taxes
There are three risk-management tools every probate lawyer needs to know…
Frequently Asked Probate Questions
1) How do I begin the probate procedure? The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. The probate cannot be completed until 10 days after death. 2) Who has the right to be appointed when a person dies without [...]
Estate Planning for Non-Traditional Families
Estate planning for traditional couples usually consists of having a Will, Financial Power of Attorney, Medical Power of Attorney and Advanced Health Care Directive. There are typically three types of couples that need planning significantly different from that of traditional couples: 1.Same Sex Couples 2.Couples where at least one party has children from a previous [...]
Still Beware of State Death Taxes…
Despite the new and generous federal estate tax exemption of $5 million per estate and $10 million per couple, many less wealthy families still have to plan for estate taxes–state estate taxes that is. The $10 million exemption makes state death tax planning all the more important. You will pay more if you’re in a [...]
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Congress finally acted to provide some certainty for taxpayers and their advisors on the gift tax, estate tax and generation skipping transfer tax.
The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R. 4853). The new law follows through on the framework agreed to December 6 by President Obama and GOP leaders in Congress. The 2010 Tax Relief [...]
Do You Need to Revise Your Estate Plan?
If your will is over 5 years old, you probably need to revise the documents. Why Do You Need To Revise or Update Now? Because the laws that effect your estate plan change frequently. For example, medicaid (nursing home laws), power of attorney rules, and estate, gift and inheritance tax laws change with some frequency. [...]
Beware PODs and TODs
Virtually any bank or brokerage account can provide that it is paid on death (“POD”) or transferred on death (“TOD”) to named beneficiaries. And IRAs, 401Ks, pension plans and insurance policies are typically made payable to designated beneficiaries. Nevertheless, these beneficiaries are often named with relatively little reflection, and without taking into account what might [...]
Dying in 2010: Chaos
Inaction by Congress has left the dying/inheritance process in chaos! Uncertainty reigns! No one knows what to do! Although in 2010 ONLY there is no limit on the amount of money and other assets a person can leave to heirs without having to pay federal estate taxes, there are a number of critical caveats. CAVEAT [...]