Some people prefer a springing power of attorney because it only takes effect upon the happening of an event - for example, one's future incapacity.
Aw, but therein lies the rub! Read more . . .
When it comes to state death taxes, nothing’s certain. In the spring legislative season: Indiana made the repeal of its inheritance tax retroactive to Jan. 1; Delaware decided not to let its temporary estate tax sunset on July 1; and Minnesota tweaked its estate tax to apply to non-residents who own property there through pass-through entities—and it added a gift tax. Read More . . .
Ashlea Ebeling - forbes.com | June 13, 2013
This is a guest post by Wendy S. Goffe, a trusts and estates lawyer with Stoel Rives in Seattle. You can follow her on Twitter. Read More . . .
Deborah Jacobs - forbes.com | 06/11/2013
"When you have a child with special needs, you have to educate yourself on a host of topics other parents never encounter. It's unfair - but they don't get to hang out with your awesome kid, so it all evens out. At any rate, you need to learn about your rights, what you can and can't get for your child, any new therapies that might help your child, and lots more. Be willing to learn, ask questions, and keep asking until you understand." Abbi Perets, Mom to an awesome kid. Read More . . .
Elizabeth C. Cook | May, 2013
If your estate plan is organized, your affairs can be handled efficiently and effectively should you become incapacitated or pass away. Conversely, if your affairs have not been organized, your family members will shoulder that responsibility should you become incapacitated or pass away.
Read More . . .
Gina Barry, Esq. | February, 2013
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Anna Nicole Smiths Case Makes A Comeback
It’s now, officially, the Estate Fight That Refuses To Die! The quest for money started by Anna Nicole Smith — the former Playboy Playmate, stripper, TV reality star, and the true love of 89-year old Texas oil tycoon, J. Howard Marshall — is not over. Despite almost 18 years of litigation, two trips to the United States Supreme Court, and untold millions of dollars spent on legal fees, the Anna Nicole Smith case lives on. [...]
Danielle & Andy Mayoras, Trust & Estate Attorneys | Co-authors of Trial & Heirs: Famous Fortune Fights!
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What personal and financial documents must you keep, and for how long?
Some people like to keep things like old bank statements, electric bills, etc., and some are people throw them away as fast as they receive them. I recently started to clean my basement and found records going back some thirty years. While I am certainly not a hoarder, I do have lots of clutter that must be dealt with.
Clutter can make a difficult time ever more so if you should happen to pass away without first dealing with it. What a mess you would leave for your family. The following is a short synopsis and guide as to what to keep and what to toss or shred. [...]
Hyman Darling, Trust & Estate Attorney
Bacon Wilson, P.C., Springfield, MA
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Massachusetts medical orders for life-sustaining treatment
Medical Orders for Life-Sustaining Treatment (MOLST) is a standardized, voluntary form that allows a seriously ill patient to provide preferences for certain medically appropriate life-sustaining treatments into valid medical orders that may be honored by all health care professionals. [...]
Todd Ratner, Participating Attorney
Bacon Wilson, P.C., Springfield, MA
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Legacy Lost: The Dwindling Family Inheritance
Ninety percent of family inheritance is often lost within just three generations, according to the Wall Street Journal (Lost Inheritance). By the end of the second generation — to be clear, that’s after your children have passed away — you can expect 70% to be gone.
This bodes particularly ill for the massive wealth transfer of the baby boomers, who are set to inherit $7.6 trillion — equivalent to the GDP of China — over their lifetimes, mostly in their later years. [...]
Randy Fisher, Contributing Attorney
Fisher Law Office, Annapolis, Maryland
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Should I hire a professional tax preparer?
As the clock keeps ticking and the April 15 filing deadlinefor filing the 2012 income tax returns, (or the April 16 filing deadline for your Massachusetts return,) keeps getting closer, one decision many taxpayers grapple with is whether or not to hire someone to help them prepare their returns. As with many such decisions, the best answer really is “it depends.” [...]
Bruce Fogel, Participating Attorney
Bacon Wilson, P.C., Springfield, MA
How to Avoid an Estate Battle After You DiePaul Sullivan - nytimes.com (6/19)
Most trust donors retain control of investmentsWarren S. Hersch - lifehealthpro.com (6/19)
Are You on the Hook for Mom's Nursing-Home Bill? Kelly Greene - wsj.com (6/8)
10 steps for avoiding estate planning mistakesEd McCarthy - lifehealthpro.com (6/6)
Advice on joint tenancy with rights of survivorshipHolly Nicholson - newsobserber.com (6/6)
Testamentary Trusts v. Revocable Living TrustsBonnie Wittenburg - minnetonka.patch.com (6/6)