My friend Steve Hartnett, Director of Education for the American Academy of Estate Planning Attorneys has a clear blog post addressing the most basic differences between use of a transfer on death (TOD) or pay on death (POD) designation for an account rather than planning through a trust. These designations, like joint tenancy with right of survivorship, have a lure of simplicity which in my judgement is false. They do not address a variety of potential problems which might arise, they leave … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
Planning to Avoid Too Much SALT
The 2018 changes in the federal tax laws were a mixed bag. One of the disadvantages for many tax payers was the new cap of $10,000 on federal deduction of state and local taxes. For many people this will mean a higher tax bill. Any time there is a change in the tax law, there will be people looking for different ways to get around the cap. I always encourage clients to be cautious. Anything in the tax world that sounds too good to be true, almost certainly is. Some of the ways people … [Read more...] about Planning to Avoid Too Much SALT
You Never Know: Planning for the Unexpected
This article from my good friend, Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...] about You Never Know: Planning for the Unexpected
When Should I Update My Estate Plan?
Creating a comprehensive estate plan which addresses all of your goals and creates the tools and organizational structure you need is one of the best gifts you can give to yourself and to your loved ones. If you have an estate plan in place, do not make the mistake of failing to review and update that plan on a regular basis. Things change, and when change occurs, your plan should be realigned. Whether it is changes in your family, your goals, your health, your assets or the law, any one of … [Read more...] about When Should I Update My Estate Plan?
Estate Planning Attorneys Offer Counselling about IRAs
Saving for retirement is important and estate planning and elder law attorneys can provide the help that you need to ensure you have financial security during your golden years. One of the best ways to make sure you have saved enough for retirement is to invest regularly in IRAs, 401(k)s, 403(b)s or other work related retirement accounts. However, you need to understand rules for IRA and Retirement Account management and operation and you also need to consider what will happen to these accounts … [Read more...] about Estate Planning Attorneys Offer Counselling about IRAs
What Happens to Your Assets if You Don’t Make an Estate Plan?
Chapel Hill estate planning lawyers can provide personalized help and support in making sure you control what happens to your legacy. It's imperative that you ensure you have made plans in advance for your money and property so you can control what happens to your wealth after you pass on. The title to this post asks what happens to your assets if you don't make an estate plan. The simple answer to this is: you won't know. Estate planning is a lot of things, but I think of it as a tool to … [Read more...] about What Happens to Your Assets if You Don’t Make an Estate Plan?
Planning for Frequent Flyer Miles
This is a post from my friend Steve Hartnett, the Director of Education at the American Academy of Estate Planning Attorneys, about the transfer of frequent flyer mile accounts to beneficiaries. It mentions that Anthony Bourdain had a specific gift of his airline miles in his Will and at least raises the question whether this rights are always transferrable in this way. The post points out that these are contractual rights and not all companies will have the same policies. Planning for … [Read more...] about Planning for Frequent Flyer Miles
Should You Talk With Your Loved Ones About Estate Planning?
The Durham area estate planning attorneys at Clarity Legal Group® can help you to put together a comprehensive estate plan. One of the issues that often comes up during the estate planning process is a question of how involved family members should be as you make your decisions. For example, while husbands and wives often draft wills together, it is not always clear how much involvement people want their children or other relatives to have in weighing in on decisions made during the estate … [Read more...] about Should You Talk With Your Loved Ones About Estate Planning?
What to Do About Leaving Money to an Heir Who is Financially Irresponsible
An experienced estate planning attorney can help you make plans to thoughtfully provide for the people you care about. Sometimes this means more than simply accounting for who will inherit from you. You need to think about how they will receive what you leave them. Estate planning presents the opportunity to think about the particular needs of the people who will inherit from you and to thoughtfully plan to provide them the structure, protection and benefits which can either only or most easily … [Read more...] about What to Do About Leaving Money to an Heir Who is Financially Irresponsible
Planning for the International Client
Estate planning for the international client can be tricky. In this post, my friend Steve Hartnett, the Director of Education for the American Academy of Estate Planning Attorneys, tatkes a look at the estate tax treatment of U.S. citizens and non-resident aliens. Steve's thoughts are a good starting place for a sometimes complex subject which we can help you with at Clarity Legal Group®. Planning for the International Client … [Read more...] about Planning for the International Client
