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Daryl Carlson
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Many grandparents want to help their grandchildren pay for college, but don't know the best ways to do that. Financial advisers who can show them how to make those contributions and reap financial advantages for themselves can shine. Many families struggle enough to meet their current needs that they just... Continue reading
Posted yesterday at Redlands CA Estate Planning
If Lou Reed had used a revocable living trust, and transferred his assets into the trust during his life, then all of this information would have been kept private. No one would know how much he had, whom he left it to, or how much his executors were charging. When... Continue reading
Posted 4 days ago at Redlands CA Estate Planning
No matter what steps you take or what laws are eventually passed, managing a digital estate for a loved one will always be a long, arduous, and painful process. Digital estate planning is popping up in the news more and more as people are trying to figure out how to... Continue reading
Posted 5 days ago at Redlands CA Estate Planning
Family limited partnerships seem like an almost foolproof idea: A client can shield just about any amount of money from creditors while maintaining full control of the assets, and getting tax advantages to boot. But they’re not for everyone, and there can be serious pitfalls to an FLP that is... Continue reading
Posted 6 days ago at Redlands CA Estate Planning
After graduating from college, and even law school, the thought of drafting your estate plan probably did not make the top twenty on your "to-do" list, and why should it? The only thing most young professionals have when they first start out is debt. However, after you land your first... Continue reading
Posted 7 days ago at Redlands CA Estate Planning
Three years and two trials later, the will remains the subject of a fierce probate fight in Sacramento Superior Court. Lawyers for the stepson and O’Brien’s brother have challenged the will as a fraud. They contend O’Brien didn’t have the mental capacity to amend the original trust. Waiting until you... Continue reading
Posted Jul 21, 2014 at Redlands CA Estate Planning
Today’s low interest rates create special problems for those focused on income, including retirees and the income beneficiaries of trusts. Prolonged periods of low interest rates can result in low trust income, creating conflict among beneficiaries. Many trusts are set up in a way that creates two different groups of... Continue reading
Posted Jul 18, 2014 at Redlands CA Estate Planning
"Many have not taken adequate steps to review and update these plans since the moment they were signed. Meanwhile, major life events such as marriage, the birth of a child or the launch of a business may have occurred." Estate plans are not a one-shot deal. They are like a... Continue reading
Posted Jul 17, 2014 at Redlands CA Estate Planning
Planning for control of your personal information after you die used to be as simple as telling someone about the desk drawer or the fireproof box or the safe deposit box at the local bank. But in the era of smartphones and cloud computing services, that same stuff may be... Continue reading
Posted Jul 16, 2014 at Redlands CA Estate Planning
Who knew a “Walk on the Wild Side” could pay off so handsomely? Late rock legend Lou Reed left behind a $30 million fortune, The Post has learned. $20 million-plus in “money and other property” doesn’t include the approximately $10 million in gifts Reed left to his wife, sister and... Continue reading
Posted Jul 15, 2014 at Redlands CA Estate Planning
New studies are providing more current cost estimates. “What we found was shocking,” Mandell said. “This is a huge hit on families.” The costs to care for a child with special needs is on the rise, as reported in a new study in the medical journal JAMA Pediatric. The study... Continue reading
Posted Jul 14, 2014 at Redlands CA Estate Planning
Even with its funny name, a QPRT can save you hundreds of thousands of dollars in estate taxes after your death. Let's take a closer look at what the Clintons did and whether the same strategy could help you. While QPRTs are complicated trusts, the basics of what they do... Continue reading
Posted Jul 11, 2014 at Redlands CA Estate Planning
Over the past few years pieces have not been selling as well as expected or not selling at all. Often the amount they are appraised for, and thus the amount the IRS views them as valuing, is not close to the amount that they garner at auction. Have you ever... Continue reading
Posted Jul 10, 2014 at Redlands CA Estate Planning
Lawyers for Mr. Cohen say that he was entrusted with his father’s business, and that the two men enjoyed a close and caring relationship. But lawyers for Ms. Perelman claimed that it was that closeness that allowed Mr. Cohen, who eventually took over operations of Hudson Media, to manipulate the... Continue reading
Posted Jul 9, 2014 at Redlands CA Estate Planning
From checking Unclaimed Property to setting up automatic bill payments, here are some simple tips each of us can use to keep our finances organized this year. Although you may not live in Missouri and it may not be "spring cleaning" season, Missouri State Treasurer Clint Zweifel offered sound financial... Continue reading
Posted Jul 8, 2014 at Redlands CA Estate Planning
Is inherited wealth making a comeback? Is leaving an inheritance a good or bad idea? Well, it all depends on who you ask. For example, a recently published book by French economist Thomas Piketty, “Capital in the Twenty-First Century,” argues that estates are getting larger and eventually most of the... Continue reading
Posted Jul 7, 2014 at Redlands CA Estate Planning
“What about the wife?” the social worker asked. How could we have missed this most basic and vital piece of information? It’s easier than you might think. The sister didn’t get along with the wife and apparently wasn’t moved to tell us of her existence. The social worker had been... Continue reading
Posted Jul 4, 2014 at Redlands CA Estate Planning
“While there are a number of ways to address estate tax liabilities and retirement savings distinctly, developments in the life insurance arena are providing new and potentially better options. These strategies are highly versatile to meet the evolving needs of the individual many years into the future.” As those in... Continue reading
Posted Jul 3, 2014 at Redlands CA Estate Planning
Carl J Drake spent his life studying bugs, everything from aphids to water striders. When he died in 1965, the entomologist left his life savings and his vast insect collection to the Smithsonian. But now Drake's will has become something of a pest. The case of the Smithsonian Museum and... Continue reading
Posted Jul 2, 2014 at Redlands CA Estate Planning
Succession planning where company ownership is concerned can be fairly complicated, but at a simple level every plan is based on two basic issues. You’ve probably thought a lot about who will take over for you; that’s one. But, just as importantly, how can you make sure what you want... Continue reading
Posted Jul 1, 2014 at Redlands CA Estate Planning
The tax law makes clear that the taxpayer has the burden of substantiating the value of the property. To this end, a taxpayer must not only comply with the procedural requirements for valuation, but must also persuade the trier of fact that his claimed valuation is correct. How do you... Continue reading
Posted Jun 27, 2014 at Redlands CA Estate Planning
So, just to be sure we all have this right, when you name a trust as the beneficiary of your IRA, how many beneficiaries are there of the IRA? You got it – ONE – the trust. If you are electing a trust as a beneficiary to an IRA or... Continue reading
Posted Jun 26, 2014 at Redlands CA Estate Planning
Everyone knows someone who hardly speaks to his brother or sister or aunt simply because of a misunderstanding over an inheritance. Inheritance planning can be a direct mode of expression, whether of appreciation for a person or an extolling of virtues. But can these expressions be taken the wrong way... Continue reading
Posted Jun 25, 2014 at Redlands CA Estate Planning
Since for most of us, our children are our foremost priority in life, a Letter of Intent can be a crucial document. And anyone who wants to ensure special care for their children should consider including one with their estate documents; there are no real drawbacks to writing one. There... Continue reading
Posted Jun 24, 2014 at Redlands CA Estate Planning
If you have identified all your potential IP and never operated without professionally prepared documents, you will likely be confident about the value of what you worked so hard to create. And if not, now is the time to turn to your IP. Here are a few things that you,... Continue reading
Posted Jun 23, 2014 at Redlands CA Estate Planning