Newsha’s Ironman Cozumel 2014 Race Report

Sticky

Joan Rivers’ Estate is a Prime Example of Proper Pet Planning

Posted by Bobby Feisee

Joan Rivers left behind an estate estimated to be worth $150 million. Reports indicate that her estate was relatively simple - she left the majority of her estate to her only daughter, Melissa, and to her grandson. Then there was a more complicated estate planning strategy utilized by Rivers - she made sure her dogs would be taken care of after her passing. She owned two rescue dogs who lived in her New York apartment and two other dogs who lived in her California home. Rivers made sure to designate who would take care of her pets and left adequate funds for their care. Many pet owners worry that providing for pets through their estate plan could be more costly than it's worth. However, it isn't as hard as some people might think. Trust laws vary in each state, but traditional pet trusts are effective and available in all 50...

02 October

Sticky

Unmarried? No Excuse to Neglect Estate Planning

Posted by Bobby Feisee

Just because you haven’t tied the proverbial knot doesn't mean you and your significant other should neglect properly planning your estate. Getting your estate organized is not exclusive to elderly folk or married couples. Everyone, including unmarried couples, should take the time to get a plan together. Here are some important tips for couples who have yet to say “I do.” First, if you and your significant other are living together, but aren't yet married, make sure your assets will pass to the other if you suddenly die. You can accomplish this by naming each other as beneficiaries on all pensions, retirement accounts and insurance policies. You should also draft up wills and make sure to name your significant other as the beneficiary. If you fail to have a will, your assets can pass, by default under the laws of intestacy, to a parent, sibling or other family member -...

15 September

Sticky

How to Plan Your Estate When Married to a Noncitizen Spouse

Posted by Bobby Feisee

If your spouse does not possess U.S. citizenship, estate planning becomes somewhat complicated. A unique set of rules applies for noncitizens to inherit property so you should really take the time to sit down with an experienced estate planning attorney to discuss your options. But take comfort in knowing that noncitizen spouses and loved one can inherit your property. So when you draft your will or name beneficiaries for your retirement accounts, you are free to name your noncitizen spouse as a beneficiary. Here’s the rub - for tax purposes, non-citizens who are permanent U.S. residents are categorized as “resident aliens” and resident aliens are unable to access the unlimited marital deduction privilege that most married couples enjoy, according to marketwatch.com . This means that if your resident alien spouse inherits your estate, it could be subject to a huge estate tax bill (depending on the size of the estate). ...

26 August

Sticky

Having That Awkward Conversation – Family Inheritance

Posted by Bobby Feisee

UBS Wealth Management published a report revealing how badly families are talking about inheritance. The report indicates that it’s easier to have a will (83 percent of respondents had one) than discuss the will with children (about half have had a conversation about the will), and it’s even harder to tell children what the assets are in the will (only 34 percent of respondents discussed the will in detail). The issue of not discussing family inheritance spans the economic spectrum including both wealthy and not-so-wealthy people, according to the New York Times. The UBS report showed that only 55 percent of people with more than $1 million talk to their children about an inheritance, while 53 percent of people with less than $1 million take the time to talk about inheritance. Change needs to happen. Financial advisers estimate that $40 trillion will pass from baby boomer clients to their children and...

21 August

Sticky

LegalDoom: Cookie Cutter Estate Planning Site LegalZoom Being Sued For Flawed Documents

Posted by Bobby Feisee

In 2007, Anthony J. Ferrantino was suffering from a terminal illness, so he sought the assistance of his niece to help him write a Last Will and Testament and Revocable Living Trust. They decided to use a popular web site, LegalZoom. Unfortunately, once the LegalZoom documents were created and signed, Mr. Ferrantino's assets could not be funded into the Revocable Living Trust because the financial institutions that held Mr. Ferrantino’s money would not accept the LegalZoom documents as being valid. LegalZoom provided no assistance to Mr. Ferrantino’s family when they had questions and needed help in getting the trust funded. Sadly, the trust still had no funds when Mr. Ferrantino passed away a few months after completing the LegalZoom documents. The result? A lawsuit was filed against LegalZoom, since the Ferrantino family is not alone is confronting the stressful, disheartening realization that their LegalZoom estate planning documents are flawed and...

20 August

Sticky

Estate Planning News Alert: Influential Commission Working to Grant Loved Ones Access to Decedent’s Online Accounts

Posted by Bobby Feisee

The Uniform Law Commission, a group of influential lawyers appointed by state governments to help standardize state laws, endorsed a plan to give loved ones access to, but not total control of, all digital accounts of a decedent, unless otherwise specified in the decedent’s will. As we’ve ventured into the digital age, virtually everyone has vital information and profiles saved and published online. When someone suddenly passes away, it can be a huge hassle to gain access to their online accounts to either shut them down or retrieve important information like account numbers and/or passwords. Also, a decedent’s postings, photos and videos can have financial value. For example, think of the digital files being amassed by someone of historical value, such as Bill Gates or Hillary Clinton. Those files would have significant monetary value. So here is how the proposed law would work: the personal representative of the decedent would...

14 August

Sticky

Robert Redford Battling New York Over Massive Tax Bill From 2005 TV Sale

Posted by Bobby Feisee

One of the most irritating things the IRS can do is seek back taxes for taxes you already paid. That is essentially what Robert Redford claimed happened when he sold a 20 percent stake in the Sundance Channel back in 2005. Mr. Redford was recently assessed a $1.6 million tax bill by the state of New York for the sale. Mr. Redford already paid taxes on the 2005 sale to the state of Utah. Mr. Redford argues in his lawsuit against the tax bill that Sundance Channel had no property, payroll, or receipts in New York and therefore owed no taxes to New York for the sale. Though, the Sundance Channel is a limited liability company registered in New York. Nevertheless, Mr. Redford's stake in the channel was through an "S corporation," which only requires shareholders to claim losses or gains on their income-tax returns, according to Forbes.com Mr. Redford...

31 July

Sticky

Landmark Supreme Court Decision Exposes Inherited IRAs To Creditors In Bankruptcy

Posted by Bobby Feisee

The U.S. Supreme Court held in Clark v. Rameker that inherited IRAs are not “retirement funds” within the meaning of 11 U.S.C. §522(b)(3)(c), a federal bankruptcy law. This means inherited IRAs are available to satisfy creditors’ claims. How the SCOTUS Reached Its Decision The Court relied upon three factors to differentiate an inherited IRA from a participant-owned IRA. The three factors include: (1) the beneficiary of an inherited IRA cannot make additional contributions to the account, while an IRA owner can, (2) the beneficiary of an inherited IRA must take required minimum distributions from the account regardless of how far away the beneficiary is from actually retiring, while an IRA owner can defer distributions at least until age 70 ½, and (3) the inherited IRA beneficiary can withdraw all funds in the IRA at any time and for any purpose without a penalty, while an IRA owner must generally...

18 July

Sticky

Under 40? Top 5 Tips for Getting a Jump on Estate Planning.

Posted by Bobby Feisee