The Counselor Blog
Where is the Will?
While having sound documents is important, the wonderful plan you created is of no use if no one can find it. Judging from the inquiries I often see it is not uncommon for people to pass without having informed anyone of the location of their estate planning documents or the attorney who prepared them.
Who Gets the Cabin this Weekend?
One of the planning challenges we often run into is planning for the family cabin or vacation home. Often there are strong emotional ties to the vacation home by all of the children. But who gets to use the home when and who pays how much for property taxes and other expenses can often lead to significant conflicts.
Most Ridiculous Lawsuits of 2011
As I was preparing over the last few days for an upcoming presentation to the local Rotary Club on the “Seven Levels of Asset Protection” I came across a list of the Most Ridiculous Lawsuits of 2011.
When Good is Good Enough
If you read business books of any kind you will quickly come across the idea from Jim Collins’ book Good to Great that good is the enemy of great. But I was struck again this week as I read an article in Smart Money magazine by Glenn Ruffenach titled “Some Long-Term-Care Insurance is Better than None” that the “good is the enemy of great” axiom doesn’t always hold true. This is especially true in the realm of planning.
Kobe's Mistake
Given Kobe’s current worth of approximately $150 million, a lack of planning will probably cost him dearly. Without a pre-marital or post-marital agreement and the fact that he lives in a community property state, it is likely his ex-wife will end up with half of his fortune.
The American Family Farm and Ranchland Protection Act
Legislation aimed at reducing the barriers to pass family farm and ranch ownership to future generations has been introduced in the U.S. Senate by Idaho Senator Mike Crapo and Senator Mark Udall (D-Colorado).
Estate Tax Battle and the Family Farm
Josh Rolph, director of international trade, farm policy, taxation and plant health for the California Farm Bureau Federation stated in a recent article in AgAlert: "The message we have sent to Capitol Hill is that the estate tax unfairly hits farm estates due to the way the assets are held and the intrinsic value placed in maintaining the family farm."
New Estate Tax Proposal
Jim McDermott (D-WA), a member of the House Ways and Means Committee, introduced HR 3467 the “Sensible Estate Tax Act of 2011”. According to a press release by Congressman McDermott: “This legislation will take us back to an estate tax that worked during one of America’s most prolonged periods of economic prosperity. It provides the kind of certainty that practitioners and taxpayers have been calling for since the Bush tax cuts took effect. Never in our history has an exemption increased over 500% in less than a decade and known loopholes been left open for abuse. The estate tax is broken, and it’s time we fix it.”
Veteran's Day
In honor of Veteran's Day I wanted to thank all of our Veterans. I especially wanted to thank my father, Nick, who is my true hero in life and my brother-in-law Kyle. These are great men who truly know the meaning of the word sacrifice.
What can we learn from Penn State?
While none of the other discussions surrounding this story should ever minimize what happened to the victims and their families, I have wondered, in addition to the obvious lessons, what else can you, as a business owner, learn from this story?
Choosing a Trustee
One of the most difficult tasks in the estate planning process is the selection of a trustee. I always say a bad Trustee can ruin a great Trust.
2012 Exemption Announced
The IRS announced today that the amount exemption from estate taxes will increase next year.
Asset Protection and Trusts
While no asset protection strategy is foolproof, proper use of DAPTs in conjunction with other legitimate asset protection strategies increases your chance of protecting your hard earned assets in our increasingly litigious society.
National Estate Planning Awareness Week, October 17-23, 2011
Hallock & Hallock joins WealthCounsel colleagues in promoting National Estate Planning Awareness Week, October 17-23, 2011.
Form 8939 Released
The IRS has finally released Form 8939 "Allocation of Increase in Basis for Property Acquired From a Decedent".