These reports, published by the American Academy of Estate Planning Attorneys, cover a wide range of subjects specific to the estate planning matters. Click on a report title to read more or to order a complimentary copy.
Are Your Bank Accounts Safe? FDIC Insurance Can Cover You – With the Right Planning
This report informs the reader of what FDIC actually is and explains the basic coverage FDIC offers. The report focuses on how to maximize your FDIC coverage, with the right planning. Any concerns the reader might feel regarding the safety of their bank accounts, due to the large prediction of bank failures, are addressed.
A Special Child Needs Special Planning!
While planning for the care of a special needs child certainly tops the list of
emotionally-charged topics, the peace of mind parents gain from a well-designed
estate plan, more than compensates them for having to plan for the unthinkable.
Asset Protection: Reducing Risk, Promoting Peace of Mind
Every American adult shares a dubious characteristic—each is a walking
litigation target. Part of your birthright is that you may be sued at any time,
for any reason, and for any amount.
Beware of Living Trust Scare Tactics!
There is so much conflicting information regarding estate planning options,
it’s difficult to know whom to trust. Don't be fooled by the most common myths
that authorities have used to scare the public.
Charity Begins At Home: The Charitable Remainder Accounts (IRA's)
Americans are some of the most generous givers on the face of the planet.
They reach into their pockets and take out their checkbooks on behalf of others
more often than any other industrialized nation. The Charitable Remainder Trust
is one of the most popular ways Americans can donate to their favorite cause while
doing good for themselves and their families.
Congress Repealed the Estate Tax or Did They?
For the past few years, Americans everywhere have been bombarded with radio
reports and newspaper articles discussing the possible repeal of the infamous estate
tax. At long last, on May 26, 2001 both houses of Congress passed the Economic Growth
and Tax Relief Reconciliation Act of 2001, ("the Act") and President Bush
signed it shortly thereafter. Our Consumer Alert explores the nuances of the new
Act, and reveals what the changes in law really mean.
Estate Planning with Individual Retirement Accounts (IRA's)
At first glance, the concept of an Individual Retirement Account (IRA) seems simple
enough: a structured way to save for your golden years while deferring taxes on
your growing nest egg. Unfortunately, that simple idea becomes one of the most complex
areas of estate planning once IRS rules are applied. That means that not only must
an estate planner consider estate tax reduction techniques, but also the amazingly
complicated income tax rules the IRS has issued in its Proposed Regulations. Do
not let the term "proposed" concern you. The agency issued the Proposed Regulations
in 1987 and has told taxpayers they may rely on the rules until Final Regulations
are issued. This report is intended to provide general guidance on the income and
estate tax considerations involved. It is not intended as legal advice. Only an
analysis of a client's particular financial and family considerations provides a
sufficient foundation for an estate planner to make appropriate planning recommendations.
Family Farm: The Next Generation
A humorous take on how families pass on businesses, such as family farms, is reflected
in this quip: Avenge your children; give them equal shares in your business. Certainly,
what can seem like a generous, wonderful thing can be rife with conflict and imbalance,
if you don't take steps to implement the appropriate legal framework.
Family Wealth Trust: Calculating the Benefits
Chances are, you’ve already heard a lot about the attributes of Living Trusts and
how important it is to avoid probate and legal quagmires, even lowering estate and/or
income taxes and protecting privacy. Our firm has found that looking after these
financial assets is only a part of planning for passing on your legacy. Typically
speaking, non-financial assets are more valued and often omitted when passing an
estate to future generations. Focusing on complete "legacy planning" causes something
more than a simple or bare bones Living Trust to be needed by most families.
Fifteen Common Reasons To Do Estate Planning
Find out the most common reasons why it is important to do estate planning such
as avoiding probate, protecting your assets and designating someone who will manage
your affairs after your pass away. These are all important matters that should not
be ignored.
Gay & Lesbian Couples Face Special Challenges in Estate Planning
In this report, you'll learn why the right to privacy and personal control over
health care issues and distribution of assets are key reasons for gay and lesbian
couples to consider a Living Trust as their estate planning vehicle of choice.
Getting The Most Out of Your Life Insurance: The Irrevocable Life Insurance Trust
If you own life insurance, congratulations. Sadly, most of us put off this critical
element in our family's financial planning, which may have devastating consequences
on the loved ones left behind.
Living Trusts: Calculating the Benefits
Chances are, you've already heard a lot about the attributes of Living Trusts: avoiding
probate and legal quagmires, sometimes lowering estate and/or income taxes and protecting
privacy. Yet it's also important to receive solid estate planning guidance before
making final decisions, and to carefully weigh the benefits and potential drawbacks.
Medicare Part D: The Government’s New Prescription Drug Program
Make sure you’re prepared for the largest change in Medicare in its 40-year history
-- Medicare Part D, the new prescription drug program scheduled to begin January
1, 2006. This report summarizes the enrollment process, benefits, premiums and what
to consider when selecting a drug plan.
Peace of Mind: Planning For All of Life's Contingencies
As citizens of a culture that worships youth, most of us find it nearly impossible
to admit our own mortality, much less make plans for that eventuality. Denial, however,
offers no protection from the inevitable. And, as it turns out, we have far more
to gain than to lose by sitting down in advance to plan for every contingency life
may throw at us. To help you begin this important process, here are the essential
items that should be on your list of basic estate planning objectives.
Planning It Right the Second Time Around
One thing should be clear by now: we do our families and ourselves a great disservice
when we fail to plan for every contingency. That's why a crucial first step in this
entire process should be a consultation with an estate planning attorney.
Probate: A Process, Not a Problem
Anyone who has had a close friend or relative pass away has probably heard of probate,
the process by which the estate of the deceased is inventoried and distributed according
to state laws. While often maligned as a headache, in reality probate offers a solid
legal framework with advantages for those who have properly prepared prior to death
and who have retained skilled legal counsel. Court oversight at every step, complete
control of creditor claims, and the provision of a legal forum for complaints are
important features of probate that are often overlooked. At its heart, probate is
a process, and like any process, if one steps back, takes an overview of the procedures
involved, breaks the whole into manageable parts, and works with qualified legal
assistance, the end can usually be reached quickly, efficiently and economically.
Protecting Your Assets with the Family Limited Partnership
Are you worried about being sued? Well, you should be. It is reported that there
are 18 million lawsuits in the United States each year. However, that isn't the
whole story. Have you ever heard of the “deep pocket" syndrome? The deep pocket
syndrome means that the person claiming to have been harmed files a suit against
anyone even marginally connected with the incident.
Protecting Your Assets with the Limited Liability Company
Are you worried about being sued? Well, you should be. There are 18 million lawsuits
in the United States each year. But that isn't the whole story. Have you heard of
the "deep pocket" syndrome? The deep pocket syndrome is where the person
who claims to have been harmed files suit against anyone who is even marginally
connected with the incident. The list includes the shopper who spills the milk on
the supermarket floor; the employee who fails to clean it up quickly; the supermarket
that hires the employee; the designer of the "defective" shelf that holds
the milk, and the manufacturer of the "defective" milk carton. This kind
of lawsuit is brought on to ensure that the person with the money, or "deep
pockets," is covered by the claim for damages. As you can see, this domino
effect could lead to as many as 50 or 60 million people being sued each year. What
can you do about it? Create what many consider to be the premiere asset protection
entity, the Limited Liability Company, or LLC.
Set The Stage for Medicaid Eligibility
Incapacity planning is a broad area of law that covers how you are cared for if
you become physically or mentally unable to care for yourself. The type of care
could range from simple tasks like buying groceries, paying bills, and handling
financial matters to more important decisions such as selling real estate or gifting
assets to your children.
Special Valuation Benefits for Farms and Other Business Real Property
This report describes the estate tax valuation benefits available to owners of farms
or other business real property.
The Impact of Divorce on Your Estate Plan
This report can help familiarize you with some important concepts about being prepared
for divorce, should it come your way.
The Nightmare of Living Probate
For most of our lives the greatest risk to our well-being isn't death. It's the
ever-growing likelihood of becoming seriously ill or injured.
The Trouble with Joint Tenancy
Joint tenancy ownership of property is sometimes used as a substitute for an effective
estate plan. Is this a good idea? Read this article to find out.
To My Dog Lucky, I leave $10,000
If you have a dog, cat or other pet, you know that the unconditional love and affection
our pets devote to us improve the quality of our lives in ways nothing else can.
This is why they deserve our respect and dedication even after we pass away or become
incapacitated. Unfortunately, if a pet owner becomes unable to care for his or her
pets they often end up living on the street. Thousands of pets are orphaned every
year in the United States. To prevent your pets from adding to this sad statistic,
you need to plan now for their care in the future.
Trust Administration: Prior Planning Prevents Problems
Trust Administration is the process people often find themselves in unexpectedly,
after the death of a spouse or parent who created the trust prior to passing on.
It comes during a very emotional time, and often brings with it difficult and complex
financial and family issues. The task of reviewing the trust and finding and valuing
the assets of a recently deceased family member can be daunting, as can be the complexities
of estate tax law. What is important to remember for anyone administering a trust
is that there is a definite process to follow, and resources to assist you as you
assume this new role.
What Every Senior Should Know About Probate
For Seniors, the debate over Wills versus Probate holds special meaning, because
the vast majority of Probate cases revolve around the affairs of those Americans
ages 60 and over.
Where There's a Will, There's Probate
Some people mistakenly believe that drafting a will avoids the costly, time-consuming
legal process called probate. Read this article to find out about wills, probate
and Living Trusts.
Your Life, Your Final Say
By now most of America is familiar with the tragic events of Terri Schiavo’s life.
No matter how you may feel about the moral and political issues that have arisen,
most Americans would agree that they would not want their families to suffer through
the 15-year ordeal that Terri and her family endured. Fortunately, there are means
within easy reach of any American to plan for end-of-life medical decisions.
