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Asset Protection Planning Pitfalls in Ann Arbor
July 2nd, 2013
It is, of course, painfully difficult to call what Reed and Cohen put together anything like valid asset protection planning. Sadly, at a certain low level this is the standard of practice, such as it is, that goes on with mass-marketed asset protect…
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“Portability” Does Not Apply To All Wealth Transfers in Ann Arbor
July 1st, 2013
My father is a widower. My mother passed away in 2006. Does the permanent change to "portability" that you have discussed in your columns on estate and gift taxes apply here? And would it affect my father's annual gift-tax exclusion am…
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Joint Ownership Can Be Double the Trouble
June 28th, 2013
I often see older people with other peoples’ names on their property as co-owners. Legally, the ownership is joint tenants with right of survivorship, meaning that upon the death of one joint tenant, the surviving joint tenant becomes the sol…
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When IRAs and Real Estate Unite
June 27th, 2013
If you want to use your IRA to buy real estate, you need to understand what you can and can’t do. Did you know that IRAs can be used to own other types of assets, such as investment property? Most taxpayers don’t know about some great tax advanta…
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When to Revoke the So-Called Irrevocable Trust
June 26th, 2013
Americans were once trust-happy. Now many are having second thoughts, and rightly so. How irrevocable is the so-called irrevocable trust? Well, many people are ready to find out as they consider changes to their trusts now that ATRA 2012 is in the mi…
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Coverage for One? Long-Term Care Insurance for the Wife
June 25th, 2013
In our society women tend to live longer than men and to provide more care than men. The result is that women are much more likely than men to end up in a nursing home for a long period of time. If you are playing the odds when it comes to long-term…
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Categories: Estate Planning
Business Succession Through Incentive Trusts
June 24th, 2013
… We introduced an approach to trust drafting that would encourage financial literacy through provisions that are clear, objective, and correlated with the beneficiary’s ability to manage money responsibly. The prospect of whether or not a family…
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Taking Care of Your Elderly Parents’ Finances
June 21st, 2013
"When they are having trouble understanding bills and writing checks it might be time to step in, slowly, at the ground level," Kolinsky said adding that if parents initiate a discussion, the ideal time would be when they are in their 70s a…
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A Beneficiary Blunder: Can Your Ex-Spouse Inherit Your Life Insurance?
June 20th, 2013
Words to the wise: keep beneficiary forms up to date. To change a beneficiary — for example, if you get married or divorced or your spouse dies — make sure to file an amended form. Even if your state has a law designed to cover oversights (or pro…
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A New Outlook on the “Trust Fund Baby”
June 19th, 2013
Many wealthy people worry about the potentially corrosive effect of making their children superrich. Not Larry Ellison. The Oracle founder and CEO, the third richest man in the United States — worth $43 billion, according to FORBES’ latest estima…
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