I recently wrote about portability, specifically, what it is and how to elect it. This post takes it one step further, discussing how portability and gifting interact.
Choosing to Disinherit
Maggie Green
December 14, 2011
December 14, 2011
We hear about it in the news, someone famous has disinherited a family member, or even more exciting, the whole family! Sometimes we even hear from the disgruntled “non-beneficiary” with an explanation or a tell-all critique of the person who did the disinheriting. But we rarely hear about it with the perspective that Mary Beth Caschetta […]
Tax Relief for Qualified Minnesota Businesses and Farms
Scott Johnson
December 9, 2011
December 9, 2011
For those of you out there that are residents of Minnesota and owners of a small business or family farm, there is a relatively new law offering relief from the Minnesota estate tax.
“Shoeless Joe” Jackson
Jennifer Santini
December 5, 2011
December 5, 2011
July 16, 1887 – December 5, 1951 Today is the 60th anniversary of “Shoeless Joe” Jackson’s death. Joe Jackson was a Major League Baseball player in the early 1900s. Mr. Jackson received his nickname “Shoeless Joe” because he played part of a minor league game without shoes since the ones he had been wearing had […]
Why Life Insurance is Important
Lindsey Manhart
December 1, 2011
December 1, 2011
Can your family survive on $250 each month? The average American has $50,000 of life insurance through work, which equals about $250 per month in income replacement. Are you that average American? Can your family survive on $250 each month? Many income earners think, “Life insurance doesn’t fit into my budget. Life insurance is expensive. […]
Titling Real Estate
Jayne Sykora
November 28, 2011
November 28, 2011
When working with clients on their estate plans, one of the most important items to consider and understand is how real estate is titled. First, let’s discuss what “title” means. Title is a legal term that describes a bundle of rights in a piece of property. The rights in the bundle may be separated and […]
Premarital Wills
Jennifer Santini
November 26, 2011
November 26, 2011
If a testator executes a Will before getting married and never updates the Will to include the spouse before he or she passes away, the surviving spouse is known as a pretermitted spouse. In such case, state statutes provide that the pretermitted spouse is entitled to inherit an amount equal to what the spouse would […]
Credit card debt and real estate – how are they associated?
Stewart Smith
November 22, 2011
November 22, 2011
Credit cards seem to be a blessing and a curse for many individuals. Establishing credit history is important for consumers to earn a high credit store, which will help in securing loans for large purchases such as homes and cars and starting up businesses. However, many people mismanage their credit cards and find themselves in […]
Paterno’s transfer to wife was for estate planning purposes.
Maggie Green
November 20, 2011
November 20, 2011
When I heard about the scandal at Penn State, I never imagined that it would lead to an Epilawg article on estate planning. But somehow, the topic of federal tax planning worked its way into this news story. An article on InvestmentNews.com reported that in July of 2011, Joe Paterno transferred his interest in the […]
Economic Update
J.B. L'Esperance
November 16, 2011
November 16, 2011
It seems that the volatility in the stock market has continued our roller coaster of ups and downs this past quarter. Can this continue? Well it seems that it will with the daily changes of positive and negative news in Europe. As of last week the announcement has come! The European Central Bank has decided […]
The FTC, Debt Collection and Estate Administration
Christopher Wheaton
November 15, 2011
November 15, 2011
This summer, the Federal Trade Commission (FTC) issued a policy statement making clear the responsibilities of debt collectors when collecting the debts of a decedent. The FTC (along with private plaintiff attorneys) is tasked with enforcement of the Fair Debt Collection Practices Act (FDCPA) regulating third-party debt collectors collecting consumer debts. Of particular interest to […]