Everybody seems to know (from popular TV shows, if nothing else) that DNR means “Do Not Resuscitate”, but do you know what “Do Not Resuscitate” means in your own personal healthcare directive or living will? Too often, when talking with clients about the healthcare documents in their estate plans, they don’t know the extent of… Read More »
Monthly Archives: January 2010
The Importance of Being Earnest
Do you have a will or a trust? Has your will or trust been reviewed or updated in the past 3-5 years? If you answered yes to these questions then you are two steps ahead of 2/3 of the rest of Americans. But the next question is the big one: Does your family or executor… Read More »
Part of the Family: Planning for Pets
Creating an estate plan often involves serious discussion with your advisors about tax planning, asset protection, and charitable giving; but it is important to remember that at its core, estate planning is about protecting your family—and as this article in the Wall Street Journal reminds us, for many people the word “family” also includes our… Read More »
Another Kind of “Bucket List”: the New “Carry-Over Basis” Rule
Among the many changes in tax law to go into effect in 2010 was the change in cost basis for inherited assets. Previously, all inherited assets were “stepped-up” from their original value at date of purchase to their fair market value at date of death. In this way, if inherited assets were sold shortly after… Read More »
Will You Take Advantage of New Roth Rollover Rules?
January of 2010 has brought with it a lot of change that is keeping financial and estate planners on their toes. In addition to the repeal of the estate tax (discussed in a previous post), we have been presented with new Roth IRA rollover rules that took effect January 1st, and which now allow anybody,… Read More »
Keep Your Estate Safe in 2010
Now that it’s 2010 and congress has failed to take action regarding the repeal of the estate tax, we see a lot of articles discussing whether the lack of taxation for a year is a good or bad thing; sometimes these articles go even further, arguing whether estate tax in general is a good or… Read More »
Estate Tax Repeal Creates Dilemma: Some Spouses May Now Be Left Out in the Cold
With the New Year has come a dramatic change in the estate tax: for persons dying in 2010, there is suddenly no estate tax no matter how large the decedent’s estate. Although that may sound good, you had better think again. Many couples set up their estate plans years ago on the assumption that at least… Read More »