Avoiding Will Contests – How To Prepare For The Worst
Have you thought about disinheriting a child or grandchild? Do you intent to “write” an heir out of your will who might expect an inheritance? Are you leaving one child more than another child? Do you children have radically different needs and you are considering an unequal distribution or gift to your children? If you …
Who Needs A Will In Pennsylvania? You Do According To USA Today
I recently posted a short review of USA Today’s excellent article on the question of who needs a will? So if you have been wondering “Do I need a will?” then click here for more information on the question “Who needs a will?” For more information and secrets of doing an effective will, …
Protect Assets Using Family Care Agreements
Family Care Agreements, also referred to as Caregiver Agreements, have increased in popularity as a result of the more stringent Deficit Reduction Act (DRA) Medicaid gifting rules. These agreements are usually established between an elderly individual who is agreeing to “pay” and the individual or individuals who is/are agreeing to provide continued care and assistance …
Family Limited Partnerships – Victory and Some Pointers
In a recent case, the tax payer had a victory over an IRS challenge that sought to include the full value of FLP (family limited partnerships) assets into the decedent’s estate. Family limited partnerships are often used to manage family businesses, real estate ventures, and even in some cases, publicly traded securities and other more …
Did You Throw Away That Mattress? Another Reason To Worry About Your “Investments”
Here is a great email I received. Funny, dangerous, and reason to be careful with that used mattress. Protecting Family Assets (even mattresses)
Reminder: Medicaid Asset Protection is Alive after the DRA
There is a great deal of misinformation about the viability of Medicaid and Nursing Home asset protection planning after the Deficit Reduction Act of 2005 (DRA). I want to remind clients, friends and advisors that there are an abundance of planning options available to single and married individuals who want to protect assets from spending …
What Controls? The Will or The Beneficiary Designation?
Are you a Pennsylvania resident? Do you know whether or not your will controls or the beneficiary designation for your life insurance, annuities, and other non probate assets controls who gets those assets? I recently ran across this great little article on the important question of which controls – The will or the named …
Create Trusts For Children In Your Wills
I have had a recent addition to the family, my son, James Douglas Kaune. Welcome to our lives James!! Taking my own advice, my wife and I immediately updated our estate planning documents including wills, powers of attorney and trusts. We also modified our beneficiary designation forms in IRA’s, 401k’s and life insurance to name the testamentary trust for …
Your Government Doesn’t Like Off Shore Accounts. Should You?
Off shore accounts have been getting a pretty bad rap in the news media with the leaders of both America and Great Britain making multiple appearances to clearly establish that tax havens are just for the big corporations and illegal players seeking to evade taxes and engage in unlawful activities. The attached article examines the …
Hidden Dangers and Unique Opportunities In Estate Planning During Recession – How To Avoid The Dangers and Harvest The Opportunities
If you have accumulated any wealth during your lifetime, and you have the desire to pass all or part of that legacy on to your heirs, you have probably been reading quite a bit lately about the unique planning opportunities that exist today. And, it is true, that there are some conditions in the market …