Is It Time to Update My Estate Plan? I am often asked what are the events that should make one update an estate plan. Here are my general guidelines: Marriage or Divorce of you, your children, grandchildren or business or life partners; Contemplation of Marriage, especially second marriages, Registered Domestic Partnerships or Divorce; Birth of … Read more
In Case of Death List The following agencies need to be notified of your loved one’s passing. Not all may apply to your situation: Social Security Administration Veteran’s Administration (if the decedent formerly served in the military) Defense Finance and Accounting Service (military service retiree receiving benefits) Office of Personnel Management (if the decedent is … Read more
Revoking the Irrevocable Trust It is more than wishful thinking! When is an irrevocable trust revocable? It seems like something you could never do based on the word ‘irrevocable’ but there are ways to get around this. Borrowing from wine terminology, it is called “decanting a trust” and here is the who, what, where, why … Read more
Elder Abuse What is Elder Abuse? It is the neglect, exploitation or “painful or harmful” mistreatment of anyone who is 65 or older (or any disabled dependent adult age 18 to 64). It can involve physical intimidation, violence, psychological abuse, isolation, abandonment, abduction, false imprisonment or a care giver’s neglect. It could also involve unlawful … Read more
For Animal Care Providing For Your Pets In The Event of Your Death or Hospitalization For many people, a pet is an important and comforting part of life, often filling the void of an empty nest or loss of a family member. The love and companionship given by pets is immeasurable and many people feel … Read more
Estate Planning for Same Sex Couples The first question asked by many same sex couples in the wake of Windsor is “Should We Get Married?” Putting aside the emotional reasons for marriage, what are the estate planning benefits? While you can acheive a lot of the same things through estate planning, there are benefits to … Read more
D.O.M.A. IS DEAD By a 5-4 vote, the Supreme Court ruled yesterday that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional insofar as it purports to limit the terms “marriage” and “spouse” to opposite-sex couples for all purposes of federal law. This means that couples who are married in states that … Read more
Prepaid Funeral Plans Funerals are expensive. According to the National Funeral Directors Association, average funeral costs in 2012 were nearly $8,000, excluding cemetery costs. To relieve their families of the bur-den of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans are or may be fraught … Read more
Estate Tax Exemption “Portability”: Is it right for you? One of the significant changes under the American Taxpayer Relief Act of 2012 (ATRA) enacted in January, was to make estate tax exemption “portability” permanent. What is “portability”? When one spouse dies, portability allows the surviving spouse to use the deceased spouse’s unused exemption amount. This … Read more
The Estate Tax Exclusion Amount: It is “Permanent” only as long as they say it is! We were told at the end of December last year that there is a “permanent” fix to the estate tax issue. Of course, for federal tax law purposes, something is “permanent” only so long as Congress and the President … Read more