Estate Planning

Most people think that once they get their Wills done, they don’t have to worry about their estate plan anymore.  But so much of estate planning depends on coordinating the titling and beneficiary designations of individual assets with your Will and other estate planning documents.  A recent New York Times article does an excellent job of summarizing some issues that can arise: A Will only controls how your “probate” assets are...

Congress has finally approved legislation regarding the federal estate tax, and President Obama signed it into law last week.   The legislation, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, relieves many people of the concern that their estates may be subject to federal estate tax in 2011.  The estate tax, which was repealed in 2010, was set to come back in 2011 with an exemption of only $1...

I will be teaching two seminars on estate planning in the next few months: December 7, 2010, 12 p.m.-1:30 p.m.: Estate Planning for 2011 and Beyond: Preparing for the Return of the Federal Estate Tax Cost: Free. Lunch will be provided. Location: Morgan Stanley Smith Barney, Liberty One, 1650 Market Street-42nd Floor, Philadelphia, PA 19103 RSVP: (215) 854-6051 or pari.hashemi@mssb.com. Approval for 1 hour of CLE credit is pending....

For anyone that’s wondering, “why can’t I just get a Will online?”–this article from the New York Times describes some of the possible problems with online Wills.  My take: a Will from a website or software will could work–or it could produce unintended consequences that won’t be apparent until after your death.  If you already have a Will created by software or a website, many estate planning...

The New York Times’ “Bucks” Blog has a post up about six common questions about Wills. They have an interesting point about Revocable Trusts: One of the big reasons people set up revocable trusts, also known as living trusts, is to avoid probate, the court-supervised process to settle a deceased person’s estate. Why? Depending on where you live, probate can be a costly and lengthy process. Attorney, court and other...

This article from the Dallas Morning News outlines the importance of professional estate planning. Although anyone can find a form will and fill it out to the best of their abilities, proper estate planning can also involve retitling assets, changing beneficiary designations, and choosing the right fiduciaries. Spending a relatively small sum of money now can help avoid taxes and other headaches for your loved ones after you pass...