It has been said that seventy percent (70%) of Americans have done no estate planning. I would suspect this number may be even higher among business owners when it comes to creating an exit or succession plan for their business.
Posts Tagged: Kihei
Fourth Quarter 2011 Tax Developments
There were a number of important tax developments in the fourth quarter of 2011. Be sure to consult your trusted tax advisors if any of these apply to you.
Where Not to Die in 2012
“Most of the states are still in pretty poor shape, and if the economy doesn’t improve you might see more action by state legislatures seeking other sources of revenue,” says James Walschlager, an analyst with tax publisher CCH, a Wolters Kluwer business. Here is the good, the bad, and the ugly about State death taxes.
Study Shows Inherited Wealth Is Squandered
70% of intergenerational wealth transfers fail, according to research conducted on over 3,250 families who transferred wealth.
Employee or Independent Contractor? Your Chance to Come Clean
Whether you are an employer of thousands or an employer of one, you could be sitting on a tax powder keg. Here is some helpful guidance.
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.
The Perils of Joint Tenancy
While joint tenancy is not necessarily to be avoided at all times and at all costs, it is very important to understand its ramifications. He (or she) who puts other people on title to assets for probate avoidance/estate planning purposes may be making a huge mistake. Joint tenancy costs very little at the front end, but it exposes your back end to some very unpleasant possibilities.
Who Has the Right to Make Medical Decisions For You?
The name Terri Schiavo is synonymous with what can go wrong if you do not have an advance health-care directive. Talk with your loved ones and your estate planning professionals about how to make sure you don’t end up sharing Terri’s fate.
The Doomsday Prophet Profits
Notorious doomsday prophet Harold Camping, whose past predictions of the end of the world proved overblown, is now absolutely certain that the world will end on October 21, 2011. Don’t be surprised if you are reading this on or after October 22, 2011, but don’t get lulled into thinking that estate planning is one of those things you can put off indefinitely.
It is National Estate Planning Awareness Week
It’s probably fair to say that “National Estate Planning Awareness Week” is an invention of estate planning professionals who would like to promote their businesses. On the other hand, that does not mean that estate planning awareness is a bad thing. In fact, most people fail to take simple steps that could make their lives, and the lives of their loved ones, much easier when inevitable bad things occur, like a death in the family or the incapacity of a loved one. One of those steps is the creation of a revocable living trust.