Living Trusts

Expecting Soon? Estate Planning Issues You Should Consider

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Image via Wikipedia For some reason, I am friendly with lots of women.  Perhaps it is due to the influence of my tough mother and two strong older sisters, or that I followed Benjamin Franklin’s advice to marry someone smarter than me.  However, this does not mean that I fully understand how women function.  Read…

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The Elizabeth Edwards Estate: Will John Truly Be Disinherited?

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Making the rounds in the news lately is the fact that Elizabeth Edwards, who passed away this past December 7, has seemingly disinherited former Presidential candidate and husband John Edwards by not including him in her will.  Inside Edition has released the will, signed six days before Ms. Edwards’ death.  Read more...

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Wills vs. Living Trusts: 6 Items to Consider

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All adults need at least a will.  Without one, state law determines what happens to your assets and minor children, and the results may not work out as you would expect or even like. However, in many situations, it may be more appropriate to have a living trust (aka “revocable trust” or “revocable living trust”)…

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5 Estate Planning Ideas for Cliff Lee (& Other Pro Athletes)

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I am a life-long Phillies fan.  Imagine my pure delight when I heard that on Monday, elite pitcher Cliff Lee signed a 5-year, $120 million deal (plus a potential 6th if he reaches certain goals) with my phavorite team to help shepherd in a new era of excellence.  For more information, type “Cliff Lee” into…

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Quaids and Star Whackers Need a Refresher Course

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Attorney-extraordinaire Jason Miller, a regular reader of this blog, alerted me to this ongoing saga about Randy Quaid and his wife Evi. To summarize, the Quaids believe that they are being pursued by a Hollywood cult called the “Star Whackers”. During their “escape”, the Quaids trashed their former home, skipped out on some large hotel…

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Irrevocable Life Insurance Trusts: The Fundamentals

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As discussed in this post on common uses for trusts, an irrevocable trust is a separate entity you can create for many different purposes. The “Irrevocable Life Insurance Trust”, or ILIT, is one type of irrevocable trust that is set up to own life insurance on your life. With the ILIT, your family can ultimately…

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Pet Trusts: Closing the Stable Door Before the Horse Bolts

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I always find it amusing when a series of strange events inspires an estate planning post.  Here, I have a series of real and fictional horses to thank for today’s discussion.  Read more...

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Ownership, Beneficiaries and Disclaimers in Estate Planning

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Today, we will again discuss how drafting wills and trusts are sometimes only part of the recommended strategy towards avoiding estate taxes.  Close inspection of your asset ownership, the naming of beneficiaries, and proper drafting of your estate documents are essential towards a complete estate plan. We discussed the mechanics of the A-B Trust plan…

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A Common Estate Tax Reduction Strategy

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Much of the motivation behind many estate planning strategies is to simply avoid as much in estate taxes as possible.  We only have a couple months left of freedom from federal estate taxes, as they are pretty much assured to return in some form by January 1, 2011.  Read more...

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The Beatles: Cryptic Estate Planning Lyrics?

Whenever we hear a song that has somewhat puzzling lyrics, it seems to be a favorite pastime of ours to figure out what the artists were trying to say.  But did you ever notice that common interpretations inevitably lead to some kind of carnal act, worship of an unsavory figure or a political or religious…

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