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Henry King Chae
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The Massachusetts Appeals Court has ruled that rendering services to someone in the hope or expectation that it will result in payment from an estate is not sufficient to entitle an individual to a portion of the estate. Cheney v. Flood (84 Mass. App. Ct. 1134, Feb. 7, 2014) Even... Continue reading
Posted Mar 28, 2014 at Seattle WA Estate Planning
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Nearly half a million elderly Americans likely died from Alzheimer's disease in 2010, a figure almost six times higher than previous estimates of annual deaths, according to a new study released on Wednesday . Alzheimer’s disease is a unique challenge to a family. As you plan for old age, and... Continue reading
Posted Mar 27, 2014 at Seattle WA Estate Planning
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When your parent needs help with the basic activities of daily living, it may be time to look into an assisted living facility for him or her. Choosing whether assisted living would be the right option can be a complex decision requiring a dispassionate evaluation of the situation and careful... Continue reading
Posted Mar 26, 2014 at Seattle WA Estate Planning
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If you have a reverse mortgage, let your heirs know. Soon after you die, your lender must be repaid. Heirs will need to quickly settle on a course of action. Even when heirs inherit a home outright and with no strings attached there are many issues to consider. Family homes... Continue reading
Posted Mar 25, 2014 at Seattle WA Estate Planning
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The phrase “frozen assets” is one that strikes fear into the heart of many a wealthy citizen… Yet, for investors interested in protecting and passing on their wealth, there is a way to re-appropriate the concept of “frozen assets” in a beneficial and advantageous way. There are few things more... Continue reading
Posted Mar 25, 2014 at Seattle WA Estate Planning
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Unlike a will or trust (or a living will, which concerns end of life medical issues), an ethical will is designed to give heirs and future generations a glimpse into the values, principles, life lessons, and beliefs that inspired and motivated the giver. Drafting a perfect legal document is not... Continue reading
Posted Mar 14, 2014 at Seattle WA Estate Planning
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Investors who build tax diversification, get savvy with RMDs, mind state taxes, and avoid the 'tax torpedo' can lighten their tax loads considerably in retirement. Proper planning is all about thoughtful planning for the now, for the later, and for the “after I’m gone” stages of life. So be diligent... Continue reading
Posted Mar 13, 2014 at Seattle WA Estate Planning
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An effectively crafted will can provide peace of mind to you and your loved ones. On the other hand, a poorly executed will can result in a situation that’s anything but peaceful. Confused and hurt family members may argue over what they believe you intended. And a court may end... Continue reading
Posted Mar 12, 2014 at Seattle WA Estate Planning
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Indeed, life can be very good after selling one’s business. But – and this is a major “but” – closing of the transaction is just the beginning of a process than can take a handful of years and, in some surprising ways, be just as stressful as the period an... Continue reading
Posted Mar 11, 2014 at Seattle WA Estate Planning
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There are also plenty of not-so-obvious expenses associated with closing an estate -- that is, making sure money and property go to the right heirs and taxes are paid. Whether the deceased was rich or poor, there are hidden costs the inexperienced might never dream of, and yet seem perfectly... Continue reading
Posted Mar 10, 2014 at Seattle WA Estate Planning
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While it can be difficult to confront your own demise, setting up an estate plan is important to ensuring that your wishes are followed and your loved ones taken care of after your death. There are many estate-planning vehicles available to you, but two of the most common are wills... Continue reading
Posted Mar 7, 2014 at Seattle WA Estate Planning
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The death of a parent is a life changer. On top of the emotional turmoil that comes with such a major loss, there may well be an inheritance to deal with. Whether it's large or small, such a windfall offers numerous opportunities for adult children, such as paying down debt,... Continue reading
Posted Mar 6, 2014 at Seattle WA Estate Planning
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There’s a third option, and it often delivers a superior price on an after-tax basis to the seller while also preserving jobs and, over time, building a stronger company. It’s an Employee Stock Ownership Plan. I’ve devoted my professional life to convincing company founders that an ESOP is often the... Continue reading
Posted Mar 5, 2014 at Seattle WA Estate Planning
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Many young families have turned to their parents or others among older generations for intra-family loans. One of the great aspects of the intra-family loan is that it’s not just a good deal for the recipient; there can be estate planning benefits for the lender as well. The name of... Continue reading
Posted Mar 5, 2014 at Seattle WA Estate Planning
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Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, more than 50 million Americans, or almost 17 percent of the population, live in households containing two adult generations. These multi-generational living arrangements present legal and financial challenges around home... Continue reading
Posted Mar 3, 2014 at Seattle WA Estate Planning
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Recent tax law changes are turning traditional estate planning on its head. Indeed, moves long considered savvy–for example, aggressively shifting wealth to younger generations while senior family members are still alive or leaving assets to a “bypass” trust–may no longer be necessary to save estate tax and could now leave... Continue reading
Posted Feb 28, 2014 at Seattle WA Estate Planning
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For heirs, the emotions that come with sudden wealth can be a mix of guilt, loss, anger, regret, relief and hurt, perhaps stewed with long-simmering family rivalries and resentments. Much of estate planning focuses on the technical aspects of leaving behind or receiving an inheritance. Commonly, these include the tax... Continue reading
Posted Feb 27, 2014 at Seattle WA Estate Planning
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If you have elderly parents, don’t wait to learn about Medicaid — sometimes referred to by a litany of other state names, like Medi-Cal and MassHealth. What is your Medicaid IQ? Most Americans have heard of Medicaid, since it has been part of the national political debate for some time.... Continue reading
Posted Feb 26, 2014 at Seattle WA Estate Planning
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Advisors say it doesn’t happen often, but parents who divide their assets unevenly are playing with fire. That said, there are things they can do to try to keep the fire under control, so it doesn’t become a conflagration that blows the family up. Sometimes it is easy to split... Continue reading
Posted Feb 25, 2014 at Seattle WA Estate Planning
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These two experiences taught me a lesson about family businesses. Making a family business a family legacy takes planning and preparation. While each family business has its own unique issues, there are some common strategies associated with succession planning. Sometimes, passing along your assets to the next generation is simply... Continue reading
Posted Feb 24, 2014 at Seattle WA Estate Planning
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Probate court is no one's idea of fun, so it's something you may want to spare your heirs when they inherit your home. One simple tool for doing that: a "life estate." Do you want to avoid probate when it comes to the transfer of your assets at death, especially... Continue reading
Posted Feb 21, 2014 at Seattle WA Estate Planning
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If your parents live in one of 29 states or Puerto Rico that has filial responsibility laws on the books, you could potentially be held legally responsible for their care under certain circumstances, such as when your parents are ailing and without sufficient financial resources to take care of themselves.... Continue reading
Posted Feb 20, 2014 at Seattle WA Estate Planning
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The numbers also show that roughly one in three businesses pass to the next generation. Just about 10% of family businesses pass to the grandchildren’s generation. Still fewer make it to the subsequent generation. Regardless of the reasons, family money seems to move away from that which created it. Among... Continue reading
Posted Feb 19, 2014 at Seattle WA Estate Planning
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In the meantime, cases like this demonstrate anew how vigilant families need to be. If your older relative has a long-term care policy, photocopy the page listing the company, policy number and claims contact information. Keep the insurance company updated on new addresses, yours (if you are the third-party designee)... Continue reading
Posted Feb 18, 2014 at Seattle WA Estate Planning
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What does this mean? Imagine you have a severe stroke. Before Jimmo, most people thought Medicare would pay for physical therapy only as long as that PT was helping you get better. For instance, Medicare would pay if therapy helped increase the number of steps you could walk without assistance.... Continue reading
Posted Feb 17, 2014 at Seattle WA Estate Planning