Like many, I have spent the last couple of weeks watching the wonderful athletes from around the globe compete in the 2012 Olympics. One of the common stories has been the attention to every detail that these world class athletes engage in when training. In a story about one of my favorite athletes, Lolo Jones, she talked about how she learned every detail about every movement her body made so that she could be as efficient as possible once on the track. Usain Bolt, the world’s fastest man, is able to take advantage of his height by taking only 41 steps in completing the 100 meters as opposed to 44 by the silver medalist. Amazing, but when the difference between victory and defeat is measured in fractions of seconds, the details matter!

One of the concepts I stress in discussing estate planning with my Clients is that title is king - meaning that how assets are owned will trump everything else. Trusts, wills, beneficiary designations, everything will fall victim to a failure to properly title assets.

Aristotle is reported to have said: “The worst form of inequality is to try to make unequal things equal.” Most parents, however, want to treat their children fairly in their estate planning, and many assume that this means having their children inherit equally. While this may be possible and right in some circumstances, when it comes to planning for a family business, including a family farm or ranch, fair almost never means equal.

Whether it is from our parents, clergy, a doctor, or even an estate planning lawyer, we all need assistance along life's trail

According to a recent study, family values, traditions and history still mean more than money as an inheritance.

More from Neil Harl’s book Farm Estate & Business planning. Here are some key items that should be addressed in your business succession plan.

I am currently reading a great book by Neil Harl on Farm Estate & Business planning. I thought I would use this blog to share some of the ideas as I move through the book. One of the first things to understand is the importance of planning in general. If we do not do anything, we have a plan, it is just the default plan that the government has for us. So the question really isn’t: “Do I need a plan?” Rather, the question is: “Could I improve on the state’s plan?” If you believe that you can, you are ready to plan.

As I meet with people in seminars and consultations or when reviewing planning that has been done by others in the past, I come across a variety of ways to approach estate planning. There are mountains of information available and much of it can be confusing. This can often lead to inaction or bad actions. In my blog today I thought I would share a few don’ts when it comes to planning your affairs.

Now that the health care law has been declared constitutional, one little known provision will go into effect on January 1, 2013. This provision is a new 3.8% investment income surtax, also called the health care surtax or the Medicare tax. The health care surtax will be assessed on the lesser of a) net investment income or b) the excess of modified adjusted gross income (MAGI) over the “threshold amount.” There are several steps you can take this year to help you reduce or avoid the amount of surtax beginning in 2013.

I recently read a great blog post from my Wealth Counsel colleague in Colorado, Martha Hartney. The blog post was a fictional letter from one ex-spouse to the other regarding estate planning for their children. I was so impressed by Martha’s thoughts I wanted to pass along a few here, as well as a few of my own.

I was working the other day on what I thought was a “minor” repair in or bathroom. Eight hours later and having already spent more than I expected I was faced with the prospect of bringing in a professional to “fix” my do-it-yourself (DIY) project. I had all the right tools, but what I lacked was the experience and know-how to complete the project correctly. This caused me to reflect on the oft asked DIY question when it comes to estate planning.

In considering whether or not to start a new business there are a host of questions you should ask yourself in determining whether it is a good idea and whether or not you have the right stuff to pull it off. However, once the decision is made to move forward, too many with great ideas and great skills fail because they did not take the time to put the businesses legal and financial framework in proper order.

In a first marriage most, if not all of the assets are held jointly and the couple often has the same estate planning goals. But planning for a blended family is different. . . .In blended families, estate planning methods relied upon in a first marriage can actually undermine planning objectives.

Many clients use beneficiary designations, and for good reason. Some significant assets, including life insurance policies, IRAs, retirement plans and even bank accounts, allow a beneficiary to be named. It’s free, it’s easy, and, when the owner dies, these assets are designed to be paid directly to the individual(s) named as beneficiary, outside of probate. But that is not always what happens.

March 31, 2012 marked the seventh anniversary of the death of Terri Schiavo, the 41-year-old who succumbed after her feeding tube was removed as part of a very public legal battle between her husband and parents.

Last year Ohio abolished its estate tax, joining the 28 other states that do not impose such a tax at death. Indiana's legislature recently passed by big margins a bill to phase out its death tax by 2021, and Governor Mitch Daniels signed it this week. Heated debates are going on in Tennessee and Nebraska over the issue. Even in Oregon taxpayer groups are attempting to put an initiative on the November ballot to abolish the death tax, and polls show it could win.

Most parents want to ensure that at least some of their assets will pass to their children. However, with blended families absent good estate planning, there is no guarantee that their children will inherit their assets.

In a great story from the Wall Street Journal we are reminded again of the importance of well thought out and clear planning. See: Testing Donor’s Intent, 350 Years Later.