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Red Oak Legal, P.C.

Tuscaloosa, Alabama

Focusing on Estate Planning, Elder Law, and Probate matters in Tuscaloosa, Alabama

Interests: Alabama State Bar, Tuscaloosa County Bar Association, Tuscaloosa Rotary Club (past president), Christ Episcopal Church (Vestry), National Academy of Elder Law Attorneys, Alabama Defense Lawyers Association

Recent Activity

Don’t “Escheat” Your Family Inheritance

Nearly 2.5 million Americans died last year, many without signing a will. One of them was apparently Roman Blum, a Holocaust survivor and New York real estate developer who was worth almost $40 million when he passed away in January 2012 at the age of 97 . . . If,... Continue reading

Posted yesterday at Red Oak Legal, P.C.

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Asset Protection and the LLC

In terms of new formations, the Limited Liability Company (“LLC”) is the new King. The former King, the corporation, has been deposed, and relatively few corporations are now being formed other than for companies that have a future hope of being publicly-traded, or some other unique reason. Business owners often... Continue reading

Posted 2 days ago at Red Oak Legal, P.C.

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Can One Attorney Meet Both Your Estate Planning Needs?

If a conflict of interest arises in fact between the spouses, their estate planning attorney should withdraw and advise the spouses to retain separate counsel. Having represented both of the spouses, the attorney may not thereafter represent one of them against the other, even if they consent. According to the... Continue reading

Posted 3 days ago at Red Oak Legal, P.C.

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Accurate Gift Tax Returns Can Stop the IRS Clock

In 1972, President Richard Nixon cruised to re-election. “The Waltons” premiered on CBS. And Sumner Redstone, who wasn’t yet a global media mogul, (allegedly) made a taxable gift to his children and failed to file a return. Why wouldn’t you file a gift tax return if you made a taxable... Continue reading

Posted 4 days ago at Red Oak Legal, P.C.

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Can You Transfer IRA Funds to Charity?

Tax-free transfers are limited to those over age 70½ mainly to contain the drain on the federal budget. One thing you should never forget about your IRA: even though you make contributions with pre-tax dollars, the government is merely deferring its right to collect tax on that income to a... Continue reading

Posted 5 days ago at Red Oak Legal, P.C.

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Are RMD’s Required When an IRA Owner Dies?

If the IRA owner died before their RBD, there is no year of death RMD that you need to take. However, if the IRA owner died after their RBD, there may be an RMD that you as their beneficiary have to take that year. When a loved one dies, their... Continue reading

Posted May 10, 2013 at Red Oak Legal, P.C.

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Financial Spring Cleaning

Consider the people who fill out forms designating who inherits assets like an insurance policy and then never go back and revise the forms when, for instance, they divorce and remarry. And then, there are the parents who have not determined who will serve as guardians for their children. Despite... Continue reading

Posted May 9, 2013 at Red Oak Legal, P.C.

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Obama’s Proposed Budget to Affect Estate Planning Tools?

[T]he new budget proposal targets various estate planning tools utilized by taxpayers in an effort to limit tax loopholes and generate revenue. In the midst of the budget battlefield, many estate planning attorneys are closing watching the President’s budget proposal. Why such interest? Well, beyond the Military spending and health... Continue reading

Posted May 8, 2013 at Red Oak Legal, P.C.

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Estate Planning for Online Assets

Let's face it: Your e-mail account, Facebook page and online photo albums are likely to outlive you. Deciding how to manage your digital legacy just may be your trickiest estate planning task. You may be well aware of your assets, but what about those “digital” ones? What is a “digital... Continue reading

Posted May 7, 2013 at Red Oak Legal, P.C.

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IRS Dissects Trusts with Pass-Through Entities

So make sure the trustee is one of the officers of the company, which in a family business is pretty likely anyway, and you are all set right? Not so fast according to the IRS’ Associate Area Counsel who authored TAM 201317010. Trusts are flexible estate planning tools used to... Continue reading

Posted May 6, 2013 at Red Oak Legal, P.C.

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Rising Contributions to 529 Education Savings Plans

Total assets in all 86 U.S. education savings plans - named 529 plans after a section in the Internal Revenue Code - rose 25 percent to $166 billion in 2012, according to Morningstar. Making plans for the next generation often involves planning for education. And with educational costs rising, many... Continue reading

Posted May 3, 2013 at Red Oak Legal, P.C.

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The Credit Shelter Trust – An Old Standby Tool

Even if your state has no estate or inheritance tax, there are other reasons to have a credit shelter trust. Here are a few . . . Even amongst recent tax law changes, there are certain estate planning tools that are still good ole’ standbys for your estate plan. You... Continue reading

Posted May 2, 2013 at Red Oak Legal, P.C.

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Have “The Talk” Before It’s Too Late

For many parents, it is easier to talk to their children about sex than money. And there are few touchier subjects for wealthy families than the topic of inheritance. We all dread certain “talks” we’re supposed to have with our children. And perhaps not as well-known as “the talk,” the... Continue reading

Posted May 1, 2013 at Red Oak Legal, P.C.

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An Executor’s Nightmare

The fact that my life had instantly transitioned into a foreign, new reality was finally processed for me when my dad’s business partner showed me around their recycling business—adventure that I knew absolutely nothing about. Managing your own personal finances can be tough. And if you had to explain those... Continue reading

Posted Apr 30, 2013 at Red Oak Legal, P.C.

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Business Succession in the Form of an ESOP

Known as employee stock-ownership plans, or ESOPs, the move is being embraced by smaller firms, especially those struggling to find buyers during the weak economy. Businesses typically take the form of one of the “alphabet soup” of options (S-Corp, C-Corp, LLC, LLP, LP, LTD, and so on and so forth)... Continue reading

Posted Apr 29, 2013 at Red Oak Legal, P.C.

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Business Succession—It’s Never Too Early to Plan Your Exit

There are myriad ways to begin the exit process from your business without giving up management control. [Here] are some ideas to structure for an eventual departure, without having to hand over the keys to the business right now. Business succession is an inevitability, one of which needs to be... Continue reading

Posted Apr 26, 2013 at Red Oak Legal, P.C.

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Creating a Thorough Living Will

Even if a copy of your living will ends up at the hospital with you -- that's hardly guaranteed -- doctors routinely don't know how to interpret them. They may still leave friends and family confused about what you want. I recently spoke to group of hospice nurses and social... Continue reading

Posted Apr 25, 2013 at Red Oak Legal, P.C.

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Living Overseas Comes with a Taxing Price

So how should Americans working abroad or with a financial life in two countries manage their finances? Some people just aren’t happy unless they’re moving. For some, living abroad is the ultimate adventure. But if your globetrotting lifestyle brings you back and forth across the U.S., make sure you don’t... Continue reading

Posted Apr 24, 2013 at Red Oak Legal, P.C.

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Virtual Asset Protection in an Online World

Google became one of the first major Internet companies to put control of data after death directly into the hands of its users. Technology has changed the way we view assets, as we now have virtual assets to protect in addition to our tangible property. Our estates now include digital... Continue reading

Posted Apr 23, 2013 at Red Oak Legal, P.C.

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Don’t Forget the State Estate Tax

Although the new $5.25 million exemption shields the vast majority of estates from federal taxes, state estate taxes are alive and well. Currently, 21 states and the District of Columbia impose some type of death tax, and most kick in at a level much lower than the fed's trigger. Capitol... Continue reading

Posted Apr 22, 2013 at Red Oak Legal, P.C.

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Prenuptial Plans Before the Honeymoon

Most commonly, a prenup is drawn up to protect the spouse with greater separate assets from losing an unfair proportion of that wealth if the marriage should end. Springtime brings us more than April showers, May flowers, and (at least around here) tornados. No, spring is a popular time for... Continue reading

Posted Apr 19, 2013 at Red Oak Legal, P.C.

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Is Portability Really Here to Stay?

Although the new law has been hailed as a welcome relief from the old rules, it still can be deep water. Consider consulting a reliable estate-tax pro. With budget uncertainty over our heads, it’s nice to know there are some laws that are (supposedly) set in stone. The American Taxpayer... Continue reading

Posted Apr 18, 2013 at Red Oak Legal, P.C.

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Obama’s Proposed Budget Goes after IRA’s

The proposal is being spun as a way to prevent wealthy private-equity executives from amassing huge IRA’s—like Mitt Romney’s, once estimated to be worth as much as $100 million. But it would also curb the savings ability of self-employed professionals like doctors and lawyers. As these business owners reach the... Continue reading

Posted Apr 17, 2013 at Red Oak Legal, P.C.

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Now You Can Protect a Little More of that IRA

Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the first $1 million of IRA and Roth IRA funds are protected (or exempt) in bankruptcy. This amount is reviewed every three years and increased as needed. For example, the $1 million base amount increased to $1,171,650 in... Continue reading

Posted Apr 16, 2013 at Red Oak Legal, P.C.

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IRS Auditing More Estate Tax Returns

The IRS’ focus on estate tax returns resulted in the collection of $1.1 million more in additional tax revenue for the 2011 tax year. Nobody wants to hear from the IRS. Typically, they only contact you when you’re going to be audited, which is never good news. But audits are... Continue reading

Posted Apr 15, 2013 at Red Oak Legal, P.C.

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