May 2012 Archives

Considerations on tax minimization in estate planning, P.2

In our previous post, we began speaking about some considerations regarding tax minimization in estate planning. As we've already noted, lifetime gifting can be a good way to avoid estate taxes down the road, and disposing of appreciated assets in one's will rather than gifting them is a good way to avoid capital gains taxes later on when the asset is sold.

Considerations on tax minimization in estate planning, P.1

Tax minimization, as we often point out on this blog, is an important part of estate planning, and part of what is called asset protection. With respect to taxes, estate planning has the goal of minimization the liability of one's estate one's heirs and beneficiaries to estate, gift, income, capital gains, and other taxes.

Judge rules that Coleman's ex-wife may not claim his estate

We have been following the ongoing battle over the estate of Gary Coleman, the actor from Diff'rent Strokes. As we've noted in previous posts on the matter, Coleman died at the age of 42 leaving behind two different plans for his estate. In his first will, he named his ex-girlfriend as executor and beneficiary of his estate, but a handwritten codicil composed after his marriage left his estate to his then-wife. The two women have been contending over Coleman's estate, his ex-wife claiming that they had reconciled after their divorce and that they were living in a common-law marriage at the time of his death.

DIY approach to estate planning is risky

Sometimes it feels good to get things done by yourself, without having to hire an expert to come in and do it for you. Depending on who you are, this can work great for some home projects, simple automotive fixes, or odds and ends around the house, but it is a risky thing to do in estate planning.

Pet owners, have you thought about including your pet in your estate plan?

You don't have to be a dog or cat fanatic to do some estate planning for your pet. In fact, there is a growing trend across the country of estate planning for family pets. While this may seem excessive to some, these plans are really not necessarily complicated, though they certainly can be.

Trusts and LLCs in estate planning, P.2

In our last post, we began speaking on how trusts and LLCs can be used for real estate in planning one's estate. The topic is important, as failing to protect one's real estate from lawsuits and probate after one's death can create extra troubles and costs. These can be avoided by prudent use of a trust or LLC.

Trusts and LLCs in estate planning, P.1

Asset protection, like Medicaid planning, is an important aspect of estate planning. In truth, Medicaid planning is a form of asset protection, which includes a number of other considerations like tax minimization, planning for special needs children, and ensuring avoidance of costly will contests.

Medicaid planning an important aspect of estate planning

According to an annual projection released by Fidelity Investments, health care costs for couples looking at retiring in 2012 are estimated to be at $240,000. That number is $10,000 higher than it was last year. The increase is reportedly relatively modest, with annual increases averaging around 6 percent since 2002, when the group began making calculations on projected costs.

Religious faith can influence estate planning, but should be approached carefully, P.2

In our last post, we began speaking about the ways religious faith can affect estate planning, for better or for worse. Obviously, families are complicated, and when it comes to religious faith, not everybody shares the same views. Allowing one's faith to influence one's estate planning may best be approached in conjunction with the goal of maintaining family harmony. Disinheriting an heir for not sharing one's religious faith may not be the best approach, at least not for every family.

Religious faith can influence estate planning, but should be approached carefully, P.1

Estate planning encompasses a number of goals, including transfer of wealth, asset protection and appointing powers of attorney. Numerous considerations and values go into estate planning , but one aspect that is sometimes given insufficient attention is religious faith. Too often, religious faith is not considered at all, or the way it is considered is not as thoughtful as it could be.

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

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