Is there a way to hand off a vacation home to the next generation so that everyone still wants to spend time together there? Tensions often mount when a family figures out what to do with a property that could be a lightning rod for sibling rivalries—not to mention a sizable chunk of an estate. Here is some wisdom on the subject from the Wall Street Journal.
Posts Categorized: Trusts & Estates
A New and Powerful Estate Planning Tool: the Hawaii Asset Preservation Trust
Our legislature has created a new and effective tool for addressing creditor protection concerns. It’s not for everybody, but it can be a very formidable defense against financial losses resulting from unexpected liabilities.
Al Davis, RIP
Oakland Raiders owner and former head coach Al Davis is famous for a lot of things, including his quote, “We don’t take what the defense gives us; we take whatever the hell we want.” Mr. Davis has gone on to his eternal rewards, leaving his family to face an adversary that is more intimidating than the Raiders in their glory years. But there is good news for the rest of us. Even when you are up against the IRS, there are ways to, in Mr. Davis’ immortal words, “Just win, Baby!”
Doing Well and Doing Good with Charitable Remainder Trusts
By creating a Charitable Remainder Trust (CRT) and selling assets low basis assets through it, a donor can reap dramatically increased income, get a nice income tax deduction, and benefit a favorite charity. Not a bad way to recover from an IRS-induced April 15 headache.
Easy come . . . easy go. Would my beneficiaries behave differently?
A sudden windfall can be a blessing or a curse. It pays to structure inheritances carefully so that the people we intend to bless will be blessed indeed.
Fundamental Estate Planning
For many of us, estate planning is an uncomfortable subject. That’s understandable, but there are adverse consequences to avoiding it.
Beware Bargain Estate Plans
By not paying for what you really need, you can end up paying too much for a bargain-basement estate plan. This article gives you 12 questions to ask before engaging an estate planning attorney.
IRA Do’s and Dont’s
A recent Morningstar Advisors article outlines some estate planning strategies to take maximum advantage of your IRA’s tax-saving benefits.
Is there a legal way to protect any of my elderly parents’ assets and have Medicare/Medicaid pay for extended nursing home care in the event it is necessary?
Here is another featured question from the ElderCareMatters website. It deals with Medicaid qualification.
My parents moved from Missouri to Georgia; do they need new estate planning documents, and does the fact that my father has Alzheimer’s make a difference?
Another ask the expert question featured at www.eldercarematters.com. This one deals with the portability of estate planning documents and capacity to sign documents.