This "best of" blog comes from June of 2011. Enjoy! If you are a Baby Boomer nearing retirement, you probably have a different concept of retirement than your parents. Retirement for you may not mean an extended vacation on some sunny shore, but rather a new phase of your working... Continue reading

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. Continue reading

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. Continue reading

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. Continue reading

Tax-free transfers are limited to those over age 70½ mainly to contain the drain on the federal budget. Continue reading

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, after three years, there’s still no sign of his doing any estate planning and no one comes forward to claim his assets, all that money will go to New York State, under a legal rule called escheat. Continue reading

Another oldie but goodie from January 2011 made more timely by the celebration of Mother's Day today. Our Moms (and Dads) deserve our attention when it comes to their potential long term care needs. There is a very good chance that you or someone you know is taking care of... Continue reading

When it comes to planning for the future, the sad fact is that every year we fail to plan we lose options. Wait long enough and the only options left are those made for us out of desperation. Continue reading

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. Continue reading

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. Continue reading

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. Continue reading

… The new budget proposal targets various estate planning tools utilized by taxpayers in an effort to limit tax loopholes and generate revenue. Continue reading

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. Continue reading

The researchers have found that “grateful people report higher levels of positive emotions, life satisfaction, vitality, optimism and lower levels of depression and stress.” Continue reading

Before you sign on the dotted line, take the time to consult a trusted – and objective – advisor. The opinion of a qualified, disinterested third party who has nothing to gain or lose by the transaction could be your best protection. Continue reading

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. Continue reading

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. Continue reading

Even if your state has no estate or inheritance tax, there are other reasons to have a credit shelter trust. Here are a few … Continue reading

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. Continue reading

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—a venture that I knew absolutely nothing about. Continue reading

The VA Pension Benefit helps veterans and surviving spouses pay for assisted living care in the home, nursing home, or assisted living facility. Continue reading

As dementia progresses, caregiving demands often progress to 24 hour care. Night and day become confused and normal routines of sleeping, eating and functioning become more difficult for the patient. The demented person feels frustrated and may lash out in anger or fear. It is not uncommon for a child or spouse giving the care to quickly become overwhelmed and discouraged. Continue reading

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. Continue reading

So how should Americans working abroad or with a financial life in two countries manage their finances? Continue reading

Google on Wednesday became one of the first major Internet companies to put control of data after death directly into the hands of its users. Continue reading