Estate Tax

Monday, June 19, 2017

When you should establish an IRA as a trust


Financial-Planning.com published an article by Ed Slott entitled, "When you should establish an IRA as a trust" (May 31, 2017). Provided below is a brief summary of the article published at Financial-Planning.
Read more . . .


Monday, June 5, 2017

Planning Your Estate When You’ve Got No Children or Heirs


CNBC.com published an article by Sarah O’Brien entitled, "Planning Your Estate When You've Got No Children or Heirs" (May 31, 2017).
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Monday, March 6, 2017

PLANNING MATTERS: Why you need an Estate Plan


Wickedlocal.com published an article by Leanna Hamill entitled, "PLANNING MATTERS: Why you need an Estate Plan" (Feb 7, 2017). Provided below is a brief summary of the article published at Wickedlocal.
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Monday, January 23, 2017

6 Reasons to Revise Your Estate Plan as Soon as Possible


Forbes.com published an article by Mark Eghrari entitled, "6 Reasons to Revise your Estate Plan as Soon as Possible" (Jan 2, 2017). Provided below is a brief summary of the article published at TheTimesHerald.


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Monday, January 16, 2017

Don't Drop The Ball When Planning Your Estate


CNBC.com published an article by Trey Smith entitled, "Don't Drop The Ball When Planning Your Estate" (Sep 13, 2016).
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Monday, January 9, 2017

New Year’s Resolution: Plan to Plan


TheTimesHerald.com published an article by Matthew Wallace entitled, "New Year's Resolution: Plan to Plan" (Jan 2, 2017). Provided below is a brief summary of the article published at TheTimesHerald.
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Monday, November 7, 2016

The Cost of an Unprepared Estate


Prince George Citizen has recently published an article entitled, "The Cost of an Unprepared Estate" (Oct 17, 2016). Provided below is a brief summary to the article:

The Cost of an Unprepared Estate

British Columbia has more people turning 50 years old today than at any other time in history.


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Tuesday, September 2, 2014

When Boomers Inherit, Complications May Follow

Fran Hawthorne (NYTimes.com) has an article published entitled When Boomers Inherit, Complications May Follow” (Feb10, 2014). Provided below is a summary of the article from NYTimes.com:

 

When Boomers Inherit, Complications May Follow

There have never been as many heirs with as much money as now, thanks to the intersection of two demographics: the 79 million baby boomers and the general thriftiness of their Depression-raised parents.

"Inherited money is sacred money," said Rick Kagawa, 61, a financial planner in California who inherited money and property when his mother died in 2010.

"Whatever you do with that money, you should think about your parents and what they would think of what you did."

Often, as with Ms. Cornell, emotional ties make heirs reluctant to alter a penny of their parents' investment strategy or shed a single inch of property.

"We've had clients who wanted to keep a stock that was part of the family's wealth in memory of their parents, even if it's causing a lack of diversification in the portfolio," said Charles D. Haines Jr., chief executive of Kinsight, a financial advisory firm based in Birmingham, Ala., with $500 million under management.

Ms. Bradley of the Sudden Money Institute suggests that instead of trying to memorialize parents by hanging onto their stock portfolio, offspring should "Do something with the money to create a lasting memory." One client, she said, uses the interest from her inheritance to host an annual family reunion.

A picture caption on Tuesday with an article about baby boomers' inheriting their parents' estates misstated the name of the university where the photograph of a Japanese garden was taken.

To read the full article go to "When Boomers Inherit, Complications May Follow" By Fran Hawthorne (NYTimes.com).  


Thursday, May 15, 2014

Lifting From Others the Burden of Your Own Death

John F. Wasik (NYTimes.com) has recently published an article entitled, Lifting From Others the Burden of Your Own Death (May 14, 2014). Provided below is a short summary of the article from NYTimes.com:

Lifting From Others the Burden of Your Own Death

Although death planning can be emotionally vexing, it is essential for families and survivors.

Death planning will not only allow you to plan a dignified, meaningful and even splashy exit, but will provide guidance for those attending to your last moments and beyond.

FUNERAL CONSUMERS ALLIANCE provides advice on funeral planning and costs, and monitors industry trends.

Because critical care procedures and some drugs can damage organs, "Only about 3 percent of deaths would be suitable for lung or liver or heart donation after being on life support in a hospital," said Lisa Carlson, former executive director of the nonprofit Funeral Consumers Alliance and co-author with Joshua Slocum of "Final Rights: Reclaiming the American Way of Death".

Many states allow in-home funerals, although eight states require the involvement of funeral directors.

Do you want specific music played or pictures displayed? Are there past events or accomplishments you want your survivors to remember? Most important, Ms. Carlson noted, is to discuss with your family what you don't want in your final moments and beyond.

"If I'm totally dependent upon someone else," Ms. Carlson said, "My sense of self will evaporate. My time is up at that point. I will be looking forward to the other side - and coming back." Although death planning may be one of the most difficult things you will do, it is one final act of self-determination.

For more information on this topic, continue reading the article "Lifting From Others the Burden of Your Own Death" by John F. Wasik (NYTimes.com). 


Wednesday, February 26, 2014

Top 5 Overlooked Issues in Estate Planning

In planning your estate, you most likely have concerned yourself with “big picture” issues. Who inherits what? Do I need a living trust? However, there are numerous details that are often overlooked, and which can drastically impact the distribution of your estate to your intended beneficiaries. Listed below are some of the most common overlooked estate planning issues.

Liquid Cash: Is there enough available cash to cover the estate’s operating expenses until it is settled? The estate may have to pay attorneys’ fees, court costs, probate expenses, debts of the decedent, or living expenses for a surviving spouse or other dependents. Your estate plan should estimate the cash needs and ensure there are adequate cash resources to cover these expenses.

Tax Planning: Even if your estate is exempt from federal estate tax, there are other possible taxes that should be anticipated by your estate plan. There may be estate or death taxes at the state level. The estate may have to pay income taxes on investment income earned before the estate is settled. Income taxes can be paid out of the liquid assets held in the estate. Death taxes may be paid by the estate from the amount inherited by each beneficiary. 

Executor’s Access to Documents: The executor or estate administrator must be able to access the decedent’s important papers in order to locate assets and close up the decedent’s affairs. Also, creditors must be identified and paid before an estate can be settled. It is important to leave a notebook or other instructions listing significant assets, where they are located, identifying information such as serial numbers, account numbers or passwords. If the executor is not left with this information, it may require unnecessary expenditures of time and money to locate all of the assets. This notebook should also include a comprehensive list of creditors, to help the executor verify or refute any creditor claims.

Beneficiary Designations: Many assets can be transferred outside of a will or trust, by simply designating a beneficiary to receive the asset upon your death. Life insurance policies, annuities, retirement accounts, and motor vehicles are some of the assets that can be transferred directly to a beneficiary. To make these arrangements, submit a beneficiary designation form to the financial institution, retirement plan or motor vehicle department. Be sure to keep the beneficiary designations current, and provide instructions to the executor listing which assets are to be transferred in this manner.

Fund the Living Trust: Unfortunately, many people establish living trusts, but fail to fully implement them, thereby reducing or eliminating the trust’s potential benefits. To be subject to the trust, as opposed to the probate court, an asset’s ownership must be legally transferred into the trust. If legal title to homes, vehicles or financial accounts is not transferred into the trust, the trust is of no effect and the assets must be probated.


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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