Tag Archives: Estate Planning

What is the Elective Share?

When I am helping a financial planner with an estate distribution schedule one of the first thing I ask is whether “everyone is on the same team?” With that question I am asking whether both spouses have a similar testamentary intent and/or are they aware of each other’s testamentary intent?  The reasons that the question

2012 Gift Tax Exemption and Exclusion Amounts

DISCLAIMER: Estate and Gift Taxes are an entire semester at law school and probably for your local accountant as well so this is just a brief introduction into the exemption amounts that are currently Available in 2012.  Even the Internal Revenue Service understands how complicated estate and gift taxes can be come so they have

Never Assume Someone Has a Completed Estate Plan

In the past I have stressed that regardless if someone is with working with a professional that person’s testamentary intent should be the most important objective when planning his or her estate.  Recently, I have been seeing a trend that makes me believe that goal needs to be restated and tweaked a bit – Testamentary

You Have Absolutely No Patriotic Duty To Pay High Taxes

I don’t want to pay higher taxes then what the law mandates.  In fact a large part of my day is spent helping people plan for the Federal and State Estate Tax and I love my job.  I am not sure why I get so excited helping people plan to lower their tax bill.  If

Unequal Distribution to Heirs

I was working on an interesting estate planning case today and I thought I would get people’s opinion on the subject.  At the end of the day this client wants to leave his assets in an unequal distribution schedule to his three children wherein one of the children will receive the lion’s share of the

Why I am Not A Big Proponent of Revocable Living Trusts

As I have mentioned before that in addition to my day job, and this blog I operate a very small law practice. In both my law practice and day job Revocable Living Trusts come up often, however, I am not a particularly big proponent of using them for one specific reason discussed below. What is