McCain & Obama’s Estate Tax Plans
From Wall Street Journal: Stayin’ Alive: How to Cheat The Estate Tax, by Tom Herman: The Obama Plan. Sen. Obama proposes a $3.5 million exclusion in 2009 and thereafter, with a top rate at 45%.
Estate Planning Checklist
This initial estate planning questionnaire is presented in a narrative form. The detailed explanations and the space provided for answers are designed to garner more complete and helpful information than would be afforded by merely
Guardianship of Children With Special Needs
Two good posts coming from Leanna Hamill in Massachusetts and Tredway, Lumsdaine & Doyle in California on planning for children with special needs. Among the excellent suggestions are the following:Special Needs Trust – allowing parents,
Naming Your Executor
You should name an executor in your will. In order to decide who is best to carry out this position, you need to know what responsibilities the position has. The executor’s job is to start
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management & protection of family assets
Family Limited Partnerships, or more commonly now, Family Limited Liability Companies, are great vehicles for management and protection of family businesses, real estate, and investments. They also can be used to facilitate gifting, since interests
What is a Stretch IRA?
Trusts in General – A trust is a legal relationship that exists when one person or an entity (the Trustee) holds title to money or property for the benefit of one or more people (the
PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY
Today President Bush signed the Housing and Economic Recovery Act of 2008. The eagerly anticipated housing-rescue law is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and
Deferral is the Name of the Game: Funding a Trust With Retirement Assets
Many people today have a large concentration of their wealth in their IRA accounts and/or retirement plans, such as Pension, Profit Sharing and 401(K) plans. As a result, for married couples, it may be necessary
Businesses Owners Need To Plan for Their Exit: Companies should be prepared for the boss’s departure
By Scott Goldstein 6/2/2008 NJBIZ magazine Owners of closely held companies—especially family businesses—have a lot on their minds, and it often doesn’t involve what happens if an owner or partner dies or leaves the company
Leave Your IRA to a Special Needs Trust
In a private letter ruling recently, the IRS addressed the issue of transferring an inherited IRA into a Special Needs Trust. The law around taxation of inherited IRAs and the interaction with trusts has been
Contesting a Will: Protect Your Parents From Undue Influence
Contesting a Will: Protect Your Parents From Undue Influence Ways to Avoid Will Contests and Estate Litigation In our estate litigation practice, inquiries from persons seeking to contest a decedent’s last will and testament are
Administrator of a Probate Estate: Duties and Responsibilities
The procedures in an estate administration may take from six months to several years, and a client’s patience may be sorely tried during this time. However, it has been our experience that clients who are