Posts Tagged ‘ beneficiaries ’

Disclaimers: When Rejecting an Inheritance is Actually Beneficial

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For 2012 only, anyone who dies with less than $5.12 million will not owe any federal estate tax.  This protection is presently set to decrease to $1 million on January 1, 2013.  While few believe that lawmakers won’t increase this amount before the end of the year, anything is still possible.  Read more...

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5 Options for Individual Beneficiaries of an Inherited IRA

February 5, 2010 - Paperwork

In this post, we discuss what specifically happens when an IRA account holder dies.  What choices does the individual beneficiary have? Here, we’ll start with the individual (i.e. human being) beneficiary’s options for distributing Traditional or Roth IRAs (other types of IRAs, such as SEP IRAs, SIMPLE IRAs, and Self-directed IRAs, are beyond the scope…

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Last Week in Estate Planning (August 7 to August 13, 2011)

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Top Posts and Articles of the Week Post of the Week James Brown Estate Mess Compromises His Final Wishes, Danielle Mayoras, Esq. & Andrew Mayoras, Esq., The Probate Lawyer Blog:  Famous Fortune Fights!  Read more... Even though James Brown left his $100 million estate to a special trust for needy children, his estate is still…

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Last Week in Estate Planning (July 24 to July 30, 2011)

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The possibility of the U.S. government defaulting on its obligations dominated the news last week.  Two links below, including the Post of the Week, discusses the future effects of the raised debt ceiling that is now signed law. Top Posts and Articles of the Week Post of the Week Making a Deal in Washington (Capital…

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Last Week in Estate Planning (July 17 to July 23, 2011)

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One of my favorite passages in literature comes from Devotions Upon Emergent Occasions, Meditation XVII, by poet John Donne, written in 1624:  Read more...

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“Hey Lawyer, Why Can’t My Will Just Be One Page Long?”

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OK, OK, OK, we’ve been sitting here for almost an hour and you’ve been asking me all kinds of questions about my family and my goals and my situation.  Why do you need all of this information? I need this information so that I can see what is most important to you, and to make…

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Common “Pot” Trusts: Why You Shouldn’t Treat Your Children Equally

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If you have minor children, you most likely would want them to be provided for in case something terrible happens to you and your spouse.  How would you split your assets between them? At first glance, your natural tendency is probably to respond, “equally, of course”.  For the most part, we love our children equally,…

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Abatement 101: Which Beneficiaries Bear the Brunt of a Reduced Gift?

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I asked my young kids today if they knew what “abatement” was.  They replied, “Yes, Daddy, it’s the bottom floor in our house where all our toys and boxes and other stuff is!” To avoid the stigma of negligent parenting, I explained to them that within the estate planning context, abatement is the forced decrease…

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Don’t Have $5 Million? 50 Reasons to Get an Estate Plan Anyway

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“Estate Planning” is somewhat of a misnomer.  For example, let’s check out The Free Dictionary’s definition of “estate”. You’ll find that the majority of the 8 provided definitions associate the term either with land or with some kind wealth, social position, or political power.  Read more...

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State Law Differences Regarding Spousal Disinheritance

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We have talked a bit lately about how estate planning cannot meet a one-size-fits-all approach.  While this is primarily due to the differing situations and desires of each individual, it also has to do with the significant variations in state law.  Read more...

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