A couple of years ago an Englishwoman made it into the headlines after she had the phrase “do not resuscitate” tattooed on her chest. She did this because she wanted to convey to her healthcare providers that should her heart stop and she stopped breathing, she did not want to have cardiopulmonary respiration performed on her. DNR orders are very common and are often made a part of a person’s advance medical directives, and all states have laws that establish the requirements you have to meet … [Read more...] about Don’t Tattoo Your Medical Wishes
Estate Planning
Getting Aging Parents to Warm to Estate Planning
As more and more baby boomers develop estate plans some are coming to the realization that their elderly parents have made no plans at all. While no one is legally obligated to create any type of estate plan, not having one can impose serious hardships for your family. Yet even if your elderly parents are aware of this fact they may still be hesitant to begin their own planning efforts. If you are having trouble speaking to them about it or convincing them to begin planning, there are a couple … [Read more...] about Getting Aging Parents to Warm to Estate Planning
3 Practical Effects the Fiscal Cliff Deal Has on Estate Planning
Congress and the President were able to come together at the last minute and avoid the fiscal cliff on January 1st. By passing the American Taxpayer Relief Act of 2012, the government has not only made changes to the tax code but also changes to several provisions that could affect your estate plan. If you have already created an estate plan you may wish to speak to your state planning attorney and ask if any of the changes affect you. Exemptions Under the terms of the agreement the federal … [Read more...] about 3 Practical Effects the Fiscal Cliff Deal Has on Estate Planning
Lessons from the Death of General Norman Schwarzkopf
In December 2012, retired General Norman Schwarzkopf, one of our nation’s most brilliant military minds of the past century died of complications from pneumonia. General Schwarzkopf, nicknamed Stormin' Norman, was the commander of coalition forces during Operations Desert Storm and Desert Shield, which were the codenames for the international response to Iraq’s invasion of Kuwait in 1990. When the ground campaign ended in victory after only having commenced 100 hours earlier, Schwarzkopf became … [Read more...] about Lessons from the Death of General Norman Schwarzkopf
Intentionally Defective Trusts: 3 Common Questions
Question 1: What is an intentionally defective trust? An intentionally defective trust, sometimes known as an intentionally defective grantor trust, is a special kind of irrevocable trust some people use to minimize their exposure to certain federal taxes. When you create an intentionally defective trust you, the grantor, are still considered the owner of the trust property for income tax purposes. However, for estate and gift tax purposes, it is considered to be an irrevocable trust that would … [Read more...] about Intentionally Defective Trusts: 3 Common Questions
How Does Fiscal Cliff Deal Impact Estate Tax?
We have some clarity now with regard to the estate tax parameters for 2013. The lawmakers in Washington were able to reach an 11th hour agreement, and we did not fall over the dreaded "fiscal cliff" after all. This deal did in fact impact the federal estate tax. Under the laws as they existed throughout last year in 2013 the estate tax exclusion was scheduled to go down to $1 million, and the top rate of the tax was set to rise to 55%. This would have been the scenario if we would have fallen … [Read more...] about How Does Fiscal Cliff Deal Impact Estate Tax?
Start The Year With a Pet Plan
The new year is often the a time to reflect on the role family and friends play in your life, and to resolve to strengthen those relationships in the coming year. For pet owners, the relationship you have with your furry friend is often just as important as those you have with the people closest to you. That’s why the new year is also a good time to create a tool that will protect your pet should something happen to you. In California you can create a trust that is specifically designed to … [Read more...] about Start The Year With a Pet Plan
Estate Planning Issues for Second Marriages
Married couples in which one or both of the spouses have been previously married, or where they bring children from previous relationships, often face estate planning questions that are different than those other couples have to answer. Like every marital issue, adequately navigating the estate planning issues you face requires both you and your spouse to be open, honest, and communicative about your desires and your choices. It’s important to remember that each of you has control over your own … [Read more...] about Estate Planning Issues for Second Marriages
Estate Planning for Single Retirees
Despite the prevalence of commercials featuring frolicking senior couples enjoying their golden years together, either on a beach or at an assisted-living facility – which, in the commercials, appears as though it is a fantastic resort where the fun never stops – without a care in the world, the reality is much different. Many retirees are newly single, due to divorce or death, and many have never married, yet these people still needed to have a plan for retirement. With an average lifespan … [Read more...] about Estate Planning for Single Retirees
Common Questions About Business Transition Planning
Question 1: What is business transition planning? For the business owner, determining what is the proper time to step away from your business and hand the reins over to someone else is a complicated one to make. A business transition plan will allow you to smoothly transfer authority to the new manager or owner once you have decided to leave. Question 2: How do you determine when to step away? There’s no simple answer to this question. Your business role is an indelible part of who you are. … [Read more...] about Common Questions About Business Transition Planning
