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Daryl Carlson
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Time, it seems, has healed past wounds enough to leave us remembering Grandpa Oscar with a smile. Very belatedly the violin has served its purpose. We can hold on to the memories and let go of the object. Family heirlooms seem to have special powers over the family. Memories and... Continue reading
Posted 3 hours ago at Redlands CA Estate Planning
“I had this fear that wealth could dissolve the family and the business would disintegrate,” Mr. Wiener, 68, said. So he hired coaches and consultants, had family meetings and set up a family foundation — all with the goal of keeping his family together after he died. “It’s not perfect;... Continue reading
Posted yesterday at Redlands CA Estate Planning
One of the key advantages of a portability-based estate plan over a credit shelter trust-based estate plan is that portability allows the married couple to obtain a second step up in basis upon the death of the second spouse. With the new ability to minimize estate taxation, known as “portability,”... Continue reading
Posted 2 days ago at Redlands CA Estate Planning
“This time it’s not about the beginning of life or how babies are made. It’s about the end of life — yours — and the many issues and decisions that will confront you and your children.” Back when the kids were kids, it seemed like the “birds and the bees”... Continue reading
Posted 3 days ago at Redlands CA Estate Planning
There are several ways to donate a life insurance policy to charity, according to the Planned Giving Design Center, Monroe, NC. There are many advantages to life insurance as it can be a cushion against high-cost issues or a source of much-needed cash flow for your family. However, you might... Continue reading
Posted 6 days ago at Redlands CA Estate Planning
FLPs offer multi-layered benefits by providing senior family members with several advantages—all without ceding control of the assets to junior family members. Estate Planning is often a game of give and take. So what if you want to give away your assets, but not just yet? As is so often... Continue reading
Posted 7 days ago at Redlands CA Estate Planning
Alzheimer’s patients live for years with diminished mental skills, which makes it crucial that they make decisions early on about how their care should proceed. Planning for one’s estate and for one’s late-in-life plans requires more than a bit of wherewithal. This is not only an empirical fact but also... Continue reading
Posted Apr 9, 2014 at Redlands CA Estate Planning
NING, Ding, Grat. Ilit, Crat, Crut, Qtip. So what are these oddly named trusts and what do people who need them need to know? Ever been to a place where you don't understand the language? Learning a new language is no easy task. At least when it comes to French... Continue reading
Posted Apr 8, 2014 at Redlands CA Estate Planning
... Large-scale strategic philanthropists are forcing family foundations of all sizes "to re-examine whether they're approaching their giving in a way that's likely to have the biggest impact." And, sometimes, as Pierce has found, a bigger impact can come from foundations of smaller sizes. Small family charities and foundations can... Continue reading
Posted Apr 7, 2014 at Redlands CA Estate Planning
Much is undoubtedly delivered with great love and compassion. But, sadly, it is also provided by family members who have no caregiving skills. Deciding on medical care later in life or setting it up for a loved one is a difficult process that should be thoroughly evaluated. While there are... Continue reading
Posted Apr 4, 2014 at Redlands CA Estate Planning
Stop saying everyone knows what you want. Everybody probably doesn’t know. Or in their grief, they may not be able to make the decisions you would have preferred. If you don’t leave written instructions, emotions or unresolved issues can get in the way. The amount of frustration a family goes... Continue reading
Posted Apr 3, 2014 at Redlands CA Estate Planning
Asset protection is the process of employing risk management products and legally acceptable solutions to ensure a person’s wealth is not unjustly taken. Ever heard of the rule of entropy? Roughly, it says that things tend toward chaos. So it is with business and the chaos of litigation. If you... Continue reading
Posted Apr 2, 2014 at Redlands CA Estate Planning
The rules regarding IRAs and Medicaid are complicated and vary from state to state. You should talk to your attorney about your IRA to determine the best course of action for you. There are some strict financial rules governing eligibility to receive Medicaid benefits. Sifting through these rules is an... Continue reading
Posted Apr 1, 2014 at Redlands CA Estate Planning
For many years, when an individual outgrew a proprietorship, a corporation was the norm. Today, limited liability companies (LLCs) are popular. But despite the inroads of the LLC, corporations persist. But there are key differences between S and C status. If you own a business or are chosen to inherit... Continue reading
Posted Mar 31, 2014 at Redlands CA Estate Planning
Choosing whether assisted living would be the right option can be a complex decision requiring a dispassionate evaluation of the situation and careful consideration. The challenges of helping an aging parent plan for their late-in-life care can be strenuous. There are financial, medical and even emotional aspects of this type... Continue reading
Posted Mar 28, 2014 at Redlands CA Estate Planning
Death of the borrower triggers the loan payoff, but the estate and heirs will never owe more than what the home is worth. Family homes are unique assets. And like many assets, family homes can be as complicated as they are meaningful. Even when heirs inherit a home with no... Continue reading
Posted Mar 27, 2014 at Redlands CA Estate Planning
Estate freezing, under the right circumstances, can become a vital component of an intelligent wealth preservation strategy. A “frozen asset” can be viewed as an investment that refuses to move with the market. Fewer things are more annoying to a savvy investor! If an investment isn't growing, what is the... Continue reading
Posted Mar 26, 2014 at Redlands CA Estate Planning
"Understanding that AD may contribute to almost as many deaths as the two leading killers in America, heart disease and cancer, is an eye-opening figure that may convince the public and policy makers that AD funding should be increased," James said. As you plan for old age, and even while... Continue reading
Posted Mar 25, 2014 at Redlands CA Estate Planning
Suzanne M. Cheney performed many services for her stepfather, Anthony R. Turco, expecting to receive a share of his estate. However, to her great disappointment, he left her nothing. There is a difference between care given out of responsibility and that given out of expectation of payment. Similarly, there is... Continue reading
Posted Mar 24, 2014 at Redlands CA Estate Planning
A no-contest clause may be a good idea if you have a beneficiary who may be upset by the property distributed to him or her. Consider this common estate plan predicament: you are drafting a will and know that if it is challenged by a spurned heir or for anyone... Continue reading
Posted Mar 21, 2014 at Redlands CA Estate Planning
The buyers and the sellers couldn’t agree on how much the company was worth. A business is essentially an asset, but assigning a value to this type of asset tends to be very complex. If your retirement plan (and maybe your estate plan for your heirs) relies upon the business,... Continue reading
Posted Mar 20, 2014 at Redlands CA Estate Planning
When it comes to estate planning, one of the primary goals is to transfer as much of a person's assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax. Giving your assets to your heirs is all about timing. When... Continue reading
Posted Mar 19, 2014 at Redlands CA Estate Planning
One of the most common themes among my affluent clients is a desire to see their children make it on their own. Over 90% of these clients are first-generation wealth builders, meaning they didn’t inherit their money but accumulated it from saving, investing or building a business. They value hard... Continue reading
Posted Mar 18, 2014 at Redlands CA Estate Planning
Under the President’s plan, in 2018 the tax would revert to the rates that were in effect in 2009. Budget buzz is spreading across Capitol Hill. For example, did you know that President Obama's proposed budget is seeking a reduction of the estate tax exemption back to $3.5 million? Just... Continue reading
Posted Mar 17, 2014 at Redlands CA Estate Planning
To keep your will from “going wrong,” avoid these common mistakes. The intention of creating a will is so that your wishes will be carried out when you are no longer here. It's a pretty powerful document, no doubt! So what happens if there is a mistake in the will?... Continue reading
Posted Mar 14, 2014 at Redlands CA Estate Planning