Estate Planning

/Estate Planning

Estate planning is the preparing of legal documents to carry out your testamentary intent.  Estate planning does not just take into account the high net worth individual who is primarily concerned about estate taxes, but rather planning for everyone’s testamentary intent.   Testamentary intent is what you want to happen when you die.  Notwithstanding, the general definition estate planning can include sophisticated gifting options to reduce one’s taxable estate and avoid or diminish federal and state estate taxes.

What Does the Facebook IPO and the Twitter IPO Have in Common?

There is article after article discussing how the facebook IPO will be different than the Twitter IPO, but I came across an article this weekend from the Wall Street Journal that indirectly indicates how the situation may be similar when it comes to estate tax planning. What does the Twitter and Facebook IPO Have in Common? While Ms. Saunders doesn't make the connection she highlights, The [estate planning] moves could save Messrs. Dorsey, Williams and Costolo a total of at least $115 million, and perhaps far more, in federal estate tax at current rates, assuming a Twitter offering price of at least $28 [...]

By |2016-11-08T08:49:59-04:00October 15th, 2013|Estate Planning|0 Comments

Are You in a Second Marriage? Then You Should Have a Sound Estate Plan

I have had a conversation twice in the same amount of weeks with people in my life about estate planning disasters waiting to happen due to a second marriage.  Neither situation was formed from an initial ill will but both will end very bad and probably not how the testator wanted. Two Examples of How a Second Marriage is Wrecking a Family's Testamentary Intent The first example is probably pretty common in terms of second marriages from a generation ago.  Husband and Wife are married they have 3 children.  Wife passes away approximately 40 years ago.  Husband  remarries a women who has children [...]

By |2013-09-30T11:21:55-04:00September 30th, 2013|Estate Planning|1 Comment

IRS Increases Annual Gifting Exclusion for 2013

The Internal Revenue Service recently published various inflation based adjustments.  Among the two dozen tax provisions affected was the Annual Gift Exclusion amount.  The amount you can gift to someone has increased from $13,000 in 2012 to $14,000 in 2014. What is the Annual Gift Exclusion Amount? In the United States a person with interests/assets over $14,000 can not just gift their entire interests to another person without running into Federal Gift Taxes and his or her ultimate Estate Taxes as well (As you will see below it doesn't mean you'll actually owe anything).  To prevent this post from being 5,000 words [...]

By |2014-06-04T22:14:08-04:00November 27th, 2012|Estate Planning|5 Comments

Important People You Need to Name When Estate Planning

Most people think about the flow of their assets when they think "estate planning" and while gifting, trusts, and taxes are obviously important I have found that there is something that takes precedence for most younger families and that is the naming of your Executor, Trustee and Guardian. Firms such as Estate Planning Attorney San Diego can help you with the naming of your Executor, Trustee and Guardian. Naming an Executor Black's Law Dictionary defines executor  A person named by a testator to carry out the provisions in the testator's will The Executor is person who is going to attempt and wrap up [...]

By |2014-06-04T23:18:42-04:00November 15th, 2012|Estate Planning|2 Comments

You Can Now Get Sued for Interfering with an Expected Inheritance in California

As always nothing provided in this BRIEF post should be considered legal advice. I am not sure how this flew under my radar for so long but according to Wealth Management there is a new tort on the books in California.  The tort is Interfering with an Expected Inheritance.  For those that are not familiar with the term, a tort is a civil wrong and rather than be found “guilty” one is to be found liable.  Most Causes of Action that a lay person might think about suing for outside of contract or real property law are usually torts (i.e. your battery, assault, [...]

By |2014-06-05T23:21:19-04:00September 7th, 2012|Estate Planning|2 Comments