Why Clients Fail To Plan For Long-Term Care, Part II

Dear Friend,      Last week we discussed many of the misconceptions Americans have about long-term care as well as who will need it. This week, I wanted to provide you with more information about why your clients are perhaps not planning for long-term care, including the need for coordinated care. Quality of Long-Term Care    The Genworth Cost of Care Survey of 2015 defined person-centered care as “an approach to health care and supportive services that allows individuals to take control […]

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Why Clients Fail To Plan For Long-Term Care, Part I

Dear Friend,      Most Americans do not know, or refuse to accept, the facts surrounding their potential need for long-term care and the costs associated with it.  This was reconfirmed recently in a telephone survey of 1,735 Americans over the age of 40, funded by the SCAN Foundation and conducted by the Associated Press (AP) – NORC Center for Public Affairs Research (“survey”).[1]  This survey highlights many of the misconceptions Americans have about long-term care, including: The potential that […]

8 Important Maintenance Questions

Dear Friend,    “The riskiest thing we can do is just maintain the status quo.” – Bob Iger, CEO, The Walt Disney Company All too often I have had clients start down the path of estate planning only to then allow those plans to become outdate and obsolete. The hurdle of initiating estate planning can be a high obstacle, however, once cleared, it is vital that those plans are reviewed and updated as family situations, tax requirements, and federal and state legislation […]

The Special Needs Trust Fairness Act

Dear Friend,    We are excited to learn about passage of the Special Needs Trust Fairness Act as part of H.B. 34. This Act will allow a beneficiary with special needs to sign their own first-party special needs trust. Previously, only a parent, grandparent, guardian or court could establish such a trust. The National Academy of Elder Law Attorneys (NAELA) led the effort to get this important Act passed. It will go into law immediately after being signed by the […]

Family Coming For Thanksgiving?

Dear Friend,    If your family is like mine, the holidays bring with them a LOT of quality family time! And it is during these times that families often notice subtle health and lifestyle changes in elderly parents, aunts & uncles, and grandparents. “Mom isn’t getting around well.”  “Grandpa’s memory doesn’t seem as sharp.”  “When did Aunt Betty stop driving?”      Does your family have a plan for the care of your loved ones? This holiday season, it would be […]

New Looming Tax Law Change Will Increase Estate Taxes!

Dear Friend,    The IRS recently proposed regulations that will effectively eliminate several commonly used valuation discount strategies. If the IRS’s current timetable holds, your clients may lose the ability to take advantage of certain valuation discounts as early as January 1, 2017. For you or your clients who have an estate large enough to be subject to the estate tax, this new regulation will have a massive impact.    We have a narrow window to implement strategies that utilize valuation discounts. Working together, we […]

What is Estate Planning Exactly?

What is Estate Planning Exactly? Dear Friend, In my 20+ years as an estate planning attorney, I’ve heard 101 reasons why families don’t plan. And some are quite humorous! “I’m not wealthy enough.” “I’m not old enough yet!” “We have plenty of time.” “If I get all of my affairs in order, then I’ll die!” “I don’t even know where to start…” What these families are missing, however, is that none of us know what lies ahead. While we hope […]

Estate Taxes: Are They Getting Ready To Go Up?

Dear Friend,      I’m writing to you today to share an article I recently received from Bob Keebler. This report does a good job of quickly explaining the Proposed Section 2704 Regulations Published that were issued August 4, 2016.    The bottom line is that the proposed regulations will eliminate many valuation discounts which planners (and their clients) have come to expect and rely on when planning with interests in business entities, real estate entities and investment partnerships. The effective result may be […]

Are You Helping Your Clients Prepare for Fiduciary Income Tax?

Are You Helping Your Clients Prepare for Fiduciary Income Tax? Since opening our firm in 1997, we have made an enduring commitment to education and excellence. This meant investing in training and staying up-to-date with our documents and technology. We have also worked to provide education to our community about protecting wealth and new developments in estate planning. This commitment has served our clients well as they prepared for life events that were both anticipated as well as unplanned.   […]

Inherited IRAs Are No Longer Safe

Inherited IRAs are No Longer Safe From Creditors    A couple of years ago the Supreme Court decided in Clark v. Rameker that inherited IRAs are not necessarily “retirement accounts” in a bankruptcy and therefore do not qualify as protected from bankruptcy creditor claims. The result is that inherited IRAs may now be considered assets to be taken by creditors in a bankruptcy proceeding.    I had the opportunity to speak to a group of estate planning professionals in the […]