Trust Funding – Education is our Goal

At InSight Law, our focus is always on education. We are constantly striving to educate our clients, their families, and advisors around the community. One thing we stress is trust “funding”. Trust funding involves the coordination of all your assets with your trust. This is to ensure all the instructions you lay out in your trust will apply to your assets in the event of a disability or a death. We often see clients that have setup a trust several years ago and never done anything with it. It eventually becomes just a pretty binder on a shelf. Then, a disability...

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Proper Accounting of Business Loans Will Help Save Time and Money Down the Road

As new businesses are starting out, it can be difficult to establish a steady cash flow to cover expenses. Business owners often want to “lend” their business money here and there to make sure the company stays operational. In many cases, where the business only has one member or owner, these loans go undocumented and no interest is paid when the principal is paid back. Once you decide to use your personal funds to invest in your business, you’ll need to work with your accountant to determine if the money should be treated as equity or as a loan to the...

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Death with Dignity – How You Can Incorporate a “Graceful Departure” in Your Estate Plan

The D.C. Council is debating legislation that would allow doctors to prescribe lethal doses of prescription medication to terminally ill patients. The “Death with Dignity Act,” introduced by Council member Mary Cheh made it out of a five-member committee by a 3-2 vote. Council member Cheh introduced the bill to give “dying patients greater choice and control over their final moments,” according to the Washington Times. “In the face of imminent death, meeting a patient’s individual needs and wishes compassionately should be our top priority. If a dying person wishes to peacefully end his or her life rather than endure prolonged pain...

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My “Message in a Bottle” to My Daugher Nava Feisee

When I sat down to write this letter I did not expect to get emotional, but when I stared at the screen to think about what I would say I realized I will not always be here with you.  I love you so much it hurts me to think of not being here with you.  You are not even six months old and you have the whole world and rest of your life in front of you.   Below are some ideas and lessons that have helped your father.  Some of these lessons were taught to me by my parents, siblings, teachers...

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Time is Running Out for Maximizing the Effectiveness of Family Limited Partnerships in Your Estate Plan

Establishing a family limited partnership can be helpful in business succession planning, business continuity plans, and as a component of your estate plan. It is especially helpful if you own real estate, a family business, and concentrated positions of publicly traded stock. However, the IRS is starting to scrutinize these partnerships and has proposed a new regulation, specifically a revised versionof Section 2704 that could have a dramatic impact on your estate planning by eliminating valuation discounts. If you are looking to minimize your future estate tax this is critical and time is of the essence. Once the revised Section 2704...

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Another Celebrity Leaves Sizable Estate, But No Will

Actor Anton Yelchin, best known for his role as Chekov in the revamped Stark Trek movies, died tragically in an accident on June 19, 2016. Mr. Yelchin, left behind a sizable $1.4 million estate and no will. He follows other notable celebrities like Prince and Amy Winehouse who suddenly passed on leaving substantial estates, but no estate plan. Mr. Yelchin was only 27 years old, but he had at least $641,000 in personal property and had $731,000 in equity in his home, according to the Associated Press. His parents filed to become administrators of his estate in Los Angeles Superior Court. Our...

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Baby on Board, Part 2 – I Care…Therefore, I Plan

Many of us lead incredibly busy lives. Work, social events with friends and family, taking the kids from one place to another, trying to make a better life for my family, and so forth.  Who has time to think about estate planning? That is something far down on the list for most people because they just don’t have time for it and don’t want to think about it. I always wondered why people would not take the time to make sure they have a plan in place for their family, but now I get it. I found myself, an estate planning attorney, putting...

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The Benefits of a Docubank Card

Modern medicine requires the use of medical directives, but having instant and easy access to them is equally important. As clients of the InSight Law Maintenance Plan, Docubank provides a wonderful service to you at no additional charge. Docubank provides immediate access to your healthcare directives and emergency medical information anywhere at anytime. This can be useful in an emergency situation, or even if you are going in for a scheduled procedure. You should have received a Docubank card shortly after we delivered your estate planning documents to you. We suggest you place this card next to your insurance card...

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