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Mind the Details with Inherited IRAs
March 27th, 2013
Let's say that someone who is not your spouse recently died and named you as their IRA beneficiary. You now have what the IRS calls an “inherited IRA.” When you inherit money, once you receive it you can usually decide where it goes from the…
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A Power of Attorney Can Produce a Thief in Disguise
March 26th, 2013
Statistics on power of attorney abuse are hard to come by, but experts recognize it as a prevalent problem. There will come a time at which you will need to legally delegate someone to handle your financial matters. This legal delegation, known as a…
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Tips for Leaving Your Business
March 25th, 2013
Most exit plans I’ve dealt with are some combination of these three basic techniques. And, the lines that differentiate them can be fuzzy. Owning and running a business is tough stuff, and at times you feel the weight of the world on your shoulders…
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High Court Sees an Estate Tax Case Regarding Same-Sex Marriage
March 22nd, 2013
In bringing her case to the Supreme Court, Windsor argues that DOMA violates the U.S. Constitution's guarantee of equal protection. DOMA backers say the law is valid. Same-sex marriage has been a controversial issue in American politics, and wil…
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Categories: Current Affairs
Decanting a Bottle of Wine …or an Irrevocable Trust?
March 21st, 2013
"It's like decanting a bottle of wine; you pour the wine into a new bottle to air it out," says Mark Haranzo, a partner at law firm Withers Bergman. In trust terms, you pour the assets of an old trust into a brand-new trust that essent…
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Planning Challenges for a Later-In-Life Marriage
March 20th, 2013
…More than 40% of women and more than half of men over 50 who get divorced end up remarrying, according to Census Bureau data. For folks like these, all sorts of financial considerations can complicate the question of whether and how to go about re…
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Don’t Delay Discussing Your End-Of-Life Wishes
March 19th, 2013
This uncomfortable, ethically questionable, confusing scene over Ms. Bayliss’ end of life did not have to happen the way it did. If you don’t want to be in that kind of situation, you need to be responsible for deciding what you want and co…
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A Trustee’s Interpretation of a Trust: Prevention or Promotion?
March 18th, 2013
I suspect that trustees are most often comfortable with a prevention-focused mindset. Here’s my take: Our ability to recognize and deliberately change our mindset just might be a game-changer. For all the laws and expectations put upon trust office…
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The Gun Trust: Your Estate Planning “Weapon”
March 15th, 2013
The national trend is driven by the National Firearms Act (NFA), which regulates the transfer or sale of certain guns and other weapons, in part by requiring a sheriff or police chief to approve the transfer with an authorized signature. However, NFA…
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Is Your Elderly Love One Having Memory Problems? Be Financially Prepared
March 14th, 2013
Veronica, age 75, is struggling with a dilemma. Her husband, 10 years older, is “losing it” as she put it. He is dangerous because he is so forgetful. Mort is neglecting to pay the bills and make deposits. She was very shocked and str…
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