I. Introduction and Summary. Most people today have a significant amount of their retirement savings in Individual Retirement Accounts (“IRAs”) or one of many other types of tax deferred accounts generically known as “qualified plan” accounts (“QPs”), such as 401(k) accounts. Except for Roth IRAs or Roth 401(k) accounts which are funded with after-tax income, [...]
Planning For Married Couples After the 2012 Tax Act: Should You Transfer Assets to Your Spouse Outright or in Trust?
In this installment of the Passionate Estate Planner, we consider one of the fundamental estate planning questions that married couples need to answer: Whether assets should pass to the surviving spouse outright, or in trust? While this has always been an important question, the enactment of the 2012 Tax Act in January 2013 may have [...]
In a previous newsletter, we went back to basics and discussed the question of “What is a Trust?” For this issue, we’d like to look at another very basic estate planning concept: the self-proving affidavit. To begin our discussion of this topic, we will first provide you with some background information about what must happen [...]
The Atlanta Bar Association’s Estate Planning & Probate Section was selected as the Small Section of the Year for the Atlanta Bar Association's 2012-2013 fiscal year. The Section was chaired for this year by our own Loraine DiSalvo.
For this month’s newsletter, we will go back to the basics to ensure that our readers can answer the basic question: What is a Trust? As estate planners, we use Trusts for many different purposes; in fact it is something we often think of as the “Swiss Army Knife” of estate planning. Because it is [...]
As the bar for “wealth” moves north many individuals we meet are lulled into thinking that complex estate planning strategies are reserved for those other people with greater wealth than they. With the new $5MM exclusion amount (indexed for inflation) plus portability of a deceased spouse’s exclusion to a surviving spouse, which may allow a [...]
On January 2, 2013, President Obama signed The American Taxpayer Relief Act of 2012 (the "2012 Tax Act"). Among its many provisions, the 2012 Tax Act provided the first "permanent" estate, gift, and generation-skipping transfer ("GST") tax laws since 2001. The Act was widely viewed as the first step towards preventing the U.S. from falling [...]
I recently had the privilege to attend a bar mitzvah in which the young man also has a sibling with a profound disability. His sibling is non-verbal and cannot perform a number of activities of daily living, such as dressing and bathing, without assistance. When the young man spoke to the congregation, he noted that [...]
As we are all aware, divorce is common in the modern U.S. One frequently cited statistic is that about 50% of all marriages will end in divorce. Many divorces involve couples who have children. Many of these divorced parents subsequently remarry or enter other long-term relationships, which results in “blended” families. Blended families are ones [...]
A Revocable Living Trust (RLT) is a document in which a person names a Trustee (often, the person will serve as his own Trustee initially) to manage any assets that are placed in the RLT during the person’s lifetime. The RLT generally provides that any assets it holds are to be used for the benefit [...]