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In light of the current pandemic, many Americans are becoming aware of the importance of creating or updating their estate planning documents. With the extension of some states’ stay in place orders, it may be tempting to create your own documents all on your own. Whether you are considering writing your own will or using an online “do it yourself” (DIY) document creator, there are many reasons why this is one project you shouldn’t undertake without the help of a professional....

News about the coronavirus is everywhere, and we have all been affected by it in some way, even if we are currently completely healthy. Although it may seem as though circumstances are spinning beyond our control, we are not powerless. There are steps we can take to protect ourselves and our families, both physically and financially. ...

As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you can do (and should do) is to select a medical agent and set up your advance healthcare directive. ...

Working. Paying Bills. Paying taxes. Buying a home. Starting a family. Planning for the future. In the 21st Century vernacular, doing any or all of these things may be classified as “adulting”. A recent survey shows that Millennials, who are new or relatively new to all of this, are far less likely to be prepared for the future than their older counterparts. Specifically, the survey found only 18 percent of people ages 18 to 34 said they had a last will and testament or other estate planning documents in 2019. By contrast, 37 percent of people ages 24 to 54 said they had some sort of estate planning documents last year and 60 percent of people 55 and older said the same. Experts frequently stress how important it is for people of all ages to create an estate plan, but it also appears to be unheard of by millennials or younger generations. This concerns us, as estate planners, as the concerns surrounding estate planning are applicable to all generations. Further, experts also stress estate planning is only the first step. Reviewing and updating this planning as needed is also essential. This can be due to changes in one’s own life, as well as, any change in state or federal laws. In many ways, state law is the primary law that governs estate planning. This means changes in applicable laws could potentially impact: Your spouse’s real property rights Your ability to leave your belongings to your children and choose their guardians Tax planning concerns, including inheritance taxes Your legacy planning and result in probate being necessary When you work with an experienced estate planning attorney, he or she can easily determine if and how new or revised laws could impact your estate plan. He or she can also advise you accordingly and make recommendations. Changes in federal tax laws can also have a dramatic impact on estate planning. The recent SECURE Act serves as a good example. While you may believe this only impacts older generations, this is not the case. While the majority of the penalty may appear to impact your parents and grandparents, the long-range impact can be felt by younger generations. It is through their legacy planning that your inheritance, or even your family business retirement plans, could be impacted. It is important that first you create an estate plan that reflects your wishes, but that you also work with family members who are close to retirement or have retired to make sure they are working with their estate planning attorney to lessen the impact of changes like these. If you have questions or concerns about creating your estate plan as a millennial or revising your estate plan, we are here to help. You can schedule a meeting with us by calling our law firm or contacting us through our website, at any time. We look forward to working with you to create a plan that reflects your needs, both now and in the future. ...

New research finds waning confidence in Social Security, as more Americans expect to work longer....

As tuition and health care costs continue to soar, you may be looking for ways to mitigate these financial burdens on your loved ones. Is a HEET right for you?...

You may be able to postpone taking your first required distribution from an IRA until the following year. However, that can trigger a bigger tax bill....

An example of how the 2018 tax changes may effect your Estate Plan...

What do tax changes for 2018 mean for you and your estate plan?...

Important tax information for 2018...

A recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50. This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age....

Yes, even the undead need an estate plan. After you stop laughing you need to hear me out. As we've learned from the likes of The Vampire Chronicles, the Twilight saga, and HBO's True Blood, vampires aren't immortal. They do die, and it's usually unexpected and messy....

Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. One solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust....

Believe it or not, in the U.S. it isn't easy to disinherit your spouse. But the same is not true for other family members - generally, you can use your estate plan to disinherit your brothers and sisters, your nieces and nephews, or even your very own children and grandchildren. ​...

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More than 10,000 people turn 65 in the U.S. every day according to Aging.gov (http://www.hhs.gov/aging/), a new website recently launched by the Obama administration. The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care, preventing elder abuse, and retirement planning. ...

If you have created a dynasty trust that you intend to last for decades into the future, choosing the right trustee is critical to the trust's longevity and ultimate success....

As of July 1, 2015, Connecticut probate courts earned the dubious distinction of charging the highest probate fees in the U.S. Amazingly, the Connecticut legislature voted to completely cut general fund support for the state's probate courts for the next two fiscal years, thereby creating a $32 million deficit. In order to cover the shortfall, the fees charged for settling a deceased person's estate in Connecticut were significantly increased and the $12,500 cap on probate fees was eliminated. To make matters worse, these changes apply retroactively to all deaths dating back to January 1, 2015. As a result, it is estimated that a handful of Connecticut estates will owe in excess of $1 million in probate fees and at least a dozen will owe in excess of $100,000....

Recently the IRS issued the final rules governing the 'portability election' as it relates to the federal estate tax exemption. Married couples need to understand how these final rules may affect their existing estate plans, while recent widows and widowers need to understand how these finals rules may affect their deceased spouse's estate....

With cases of financial exploitation of the elderly on the rise, advisors who work with older clients are looking for ways to head off the abuse before it happens. Enter the 'Emergency Contact Authorization Form,' a document in which clients can list a trusted person who should be contacted if an advisor suspects a client is starting to lose their mental capacity or, worse yet, being financially abused or scammed....

While approximately 10,000 cases are appealed to the U.S. Supreme Court each year, only 75 to 80 make it to oral argument. Of those cases, only a handful grab the media's attention. Below is a summary of three landmark decisions handed down in 2015 that could affect how you are taxed, pay for healthcare, and plan your estate....

Due to the increased volume of federal estate tax return filings in order to make the 'portability election,' the IRS has announced that estate tax closing letters will only be issued upon request by the taxpayer. This change in IRS policy started on June 1, 2015....

Like any other complex subject, estate planning has its share of myths and misconceptions. Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it's needed....

You may be surprised to learn that not only has asset protection planning been around for a long time, but you have already engaged in it at some point during your life. In fact, you probably have one or more types of traditional asset protection planning in place at this very moment. The problem is in many cases the type of planning you have right now won't be enough to protect you and your family....

Some view asset protection planning with a skeptical eye. They believe there is a moral obligation to pay one's debts. They think that asset protection planning is immoral because it prevents a creditor from collecting on a judgment entered by a court....

After a loved one dies, you need to gather the important documents that are necessary to settle their final affairs. While the documents required will vary depending on what your loved one owned and owed, below is a list of common documents you will need to find:...

While it's not unusual for an original last will and testament to be misplaced, it is when your daughter happens to be the Register of Wills for Baltimore City....

Farming or ranching is more than a means of livelihood - it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family's unique lifestyle choice....

Estate planning attorneys are often asked where original estate planning documents - wills, trusts, powers of attorney, and healthcare directives - should be stored for safekeeping. While there is no right or wrong answer to this question, consider the following:...

One of the first things you should do as a newly appointed executor of a deceased person's probate estate or successor trustee of a deceased trustmaker's trust is ask the post office to forward the deceased person's mail to your address. Unfortunately, along with important pieces of mail - statements, bills, and refunds - many not-so-important pieces - catalogs, solicitations, and plain old junk mail - will end up in your mailbox...

Whether you are a physician or not, you probably know that the practice of medicine is a profession fraught with liability. It's not just medical malpractice claims either - employment related issues, careless business partners and employees, contractual obligations, and personal liabilities add to the risk assumed by a physician in private practice. Unfortunately, in our litigious society, these liability risks are not unique to physicians. Business owners, board members, real estate investors, and retirees need to protect themselves from a variety of liabilities too. ...

One common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. This is accomplished by adding the names of the children and certain legal terms to a new deed for the property and then recording it in the applicable public land records....

Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer ('GST') tax....

Revocable Living Trusts have become the basic building block of estate plans for people of all ages, personal backgrounds, and financial situations. But for some, a Revocable Living Trust may not be necessary to achieve their estate planning goals or may even be detrimental to achieving those goals....

In the United States, certain states collect a death tax based on the value of the deceased person's estate and who inherits it....

Payable on death accounts, or 'POD accounts' for short, have become popular for avoiding probate in the last decade or so....

If you think you only need to create discretionary lifetime trusts for young beneficiaries, problem beneficiaries, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike....

Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family....

The Obama administration recently released its budget proposal for the 2016 fiscal year. As in past years, this budget proposes changes to the laws governing federal estate, gift and generation-skipping transfer (GST) taxes. Several of these changes would raise revenue by limiting the tax benefits achieved by using certain estate planning techniques, while others would decrease exemptions and increase rates. In addition, the fifth proposal discussed below is a brand new one that has raised some eyebrows:...

Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become mentally incapacitated during your life....

A common misconception is that estate planning equates to death planning. But planning for what happens after you die is only one piece of the estate planning puzzle. It is just as important to make a plan for what happens if you become mentally incapacitated....

On December 19, 2014, President Obama signed the Achieving a Better Life Experience Act (ABLE Act) into law. The ABLE Act will allow certain individuals with disabilities to establish tax-free savings accounts that can be used to cover expenses not otherwise covered by government sponsored programs. These accounts can be a great alternative or supplement to special needs or supplemental needs trusts....

Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse's lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include a trust protector who will have the ability to adjust the trust provisions as circumstances, beneficiaries, and governing laws change. ...

Today many estate plans contain trusts that will continue for the benefit of a spouse's lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important for the trust creator to consider including powers of appointment in the trust agreement to allow trust beneficiaries to be added or excluded at each generation. ...

Today many estate plans contain irrevocable trusts that will continue for the benefit of a surviving spouse's lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is crucial to choose the right succession of trustees....

Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third....

A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest....

With 2015 right around the corner, it's time to start thinking about your new year's resolutions....

As a result of a 2010 tax law, a surviving spouse can receive his or her deceased spouse's unused estate tax exemption. This is called a 'portability' election. You may have seen it called the 'deceased spousal exclusion amount' or 'DSUE amount.'...

With the end of 2014 fast approaching, now is the time to take a look at your year-to-date retirement plan contributions to see where yours stand when compared with the 2014 contribution limits....

The Internal Revenue Service has released the official inflation adjustments that will affect 2015 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. ...

Don't let the chaos of the holiday season prevent you from avoiding federal gift tax by making 'annual exclusion' gifts, medical payments gifts, and educational gifts....

Many people believe that once they set up and fund a revocable living trust, property held in the trust will avoid estate taxes after they die. In reality, this may or may not be true depending on your choice of beneficiaries and the terms written into your trust agreement. ...

A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances. Below are three tips that you can use right now to protect your assets from creditors, predators and lawsuits....

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season. One area of planning that many people overlook is ensuring that their final wishes remain private....

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season. One area of planning that many people overlook is making sure their mental disability plan is up to date....

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season. One area of planning that many people overlook is their beneficiary designations....

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season. One area that married couples should revisit is their estate tax planning. ...

Death is a costly business. Aside from funeral expenses, legal fees can take a big chunk out of how much is left for your loved ones after you're gone. ...

If you are married and you die without a Last Will and Testament, you may mistakenly believe that your spouse will still inherit your entire estate. Not so fast. Who will inherit your estate depends on several different factors:...

If you've set up a Revocable Living Trust, congratulations! You're definitely on the right track. But...you're only half way there. Many believe because they took the time to create a Trust, their estate will automatically avoid probate. Unfortunately, this is a false sense of security....

Probate can be easily avoided, but most estates are dragged through the process. Why? Many people fail to create an estate plan, so probate is required. And - others plan with just a Will, so probate is required. As a result, assets end up at the mercy of a probate judge, open to public scrutiny, and delayed passing to beneficiaries....

I'm sure you have heard this less than eloquent phrase before - 'Garbage in, garbage out.' The phrase is typically used in computer programming and scientific research. Unfortunately, it also applies to the law, legal documents, and writing your own Will....

OK, great! You've finally decided it's time to meet with an estate planning attorney and get your affairs in order. It's time to make sure your family is protected....

It's that time of year - the time for beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons. While this is a joyous time for everyone, it's also time for you and your new spouse to plan for your future - for richer or for poorer, in sickness and in health....

On June 12, 2014, the U.S. Supreme Court--in a unanimous decision--ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement funds and therefore are not protected from the beneficiary's creditors in bankruptcy....

Owning property as Joint Tenants with Right of Survivorship is easy, common, and often disastrous. Sadly, children - both minor and adult - are often disinherited....

Are you married and is the last time you and your spouse updated your estate plan more than a few years ago? Then chances are your estate plan contains good old 'AB Trust' planning (also called 'Marital and Family Trusts' or 'QTIP' and 'Bypass Trusts') which, up until 2011, was the only way for married couples to double the value of their federal estate tax exemptions. All of this changed in 2011 when 'portability' of the estate tax exemption between spouses was introduced for the first time....

When planning their estate, most parents express the desire to treat their children equally out of a sense of fairness. However, sometimes being fair or doing what's right by your children may not mean equal or the same inheritances....

If you're reading this, you need an estate plan. Why? The short answer is 'Everyone, age 18 and older needs an estate plan.' It doesn't matter if you are old or young, if you have built up considerable wealth or if you are just entering adulthood --you need a written plan to keep you in control and to protect yourself and those you love....

Surprising to most people, the federal estate tax is a voluntary tax. Estate planning attorneys used to say, 'You only pay if you don't plan.' Now, portability provides both an alternative and a back up plan to lifetime tax planning. This means you might be able to minimize or even eliminate federal estate taxes even if you didn't plan. Here's how....

Review your life's circumstances from three years ago. Think about what you knew and what you didn't know about managing your wealth. What were the top five lessons you learned? How have your views about money and wealth changed? Given all that, where do you want to be financially in three years? Think about how you will get there and how to do so efficiently....

Everyone makes financial mistakes. The key is to learn from them, try not to repeat them and then pass on this hard-earned wisdom to your loved ones as an element of your financial legacy....

What you don't know about Social Security benefits can hurt you and your spouse for the rest of your lives. Here are three traps to avoid when taking your benefits....

Everyone faces hassles in life. We can't escape them completely, but if we can minimize them, our quality of life improves. There are hassles in managing your finances and wealth, too. Here are five tips that will help you get financial aggravation under control....

The combination of your talents, experience and skills represents an asset. Like any asset, it should be managed and protected. This includes keeping yourself healthy, having sufficient insurance protection, planning for both the near term and the future, investing in yourself, and having contingency plans if a sudden turn occurs....

A comprehensive financial plan that is effectively executed delivers dollar savings in improved investment returns, lower taxes, lower fees, more efficient wealth and more stable income. However, an important outcome of this process addresses what may be on your worry list: running out of money, family strife, unexpected losses and making financial mistakes....

We use a variety of insurance products to manage risk in different areas of our lives in order to protect our wealth from losses that can come from property damage, businesses we own, disability, retirement and death. Instead of considering these products as separate items, make them part of an integrated, overall risk management plan....

We live in a litigious society. Lawsuits abound, whether deserved or not. If you own property or stock that was purchased at a low price and has had high appreciation, it is at risk to litigation and creditors--even if you are not in a high-risk profession. Others may be in a private business such as medicine or law that bring with it additional exposures to monitor....

Most investors are familiar with the magic of compounding interest but they often fail to realize that when the portfolio loses money, the math of compounding works against them. That's because when a dollar is lost, it is not just a dollar but a compounded dollar that is lost, so the investor must regain more just to break even....

You can't create wealth until you preserve it first. Each dollar lost unnecessarily isn't just a single dollar lost, but a compounded dollar lost. A dollar not lost allows wealth to compound from a higher floor. Losses can occur from many places beyond investments: property, income, taxes and fees. It is well worth paying for the expertise of professional advisors who are able to prevent or reduce losses in all of these areas....

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. However, if property has appreciated and there isn't sufficient insurance for replacement value, any losses must be paid out of pocket. To protect your wealth from these kinds of losses, it is important to determine replacement values so you will have adequate insurance....

Many retirees today worry about having enough money for their retirement. But there are some things you can do now to help manage your shortfall risk and protect your assets....

Most of us will admit to having made some financial mistakes we regret--running up credit card debt, impulse buying, or making a bad investment or business decision. While there can be significant devastation, the key is to move beyond regret into productive action. What, then, are some strategies that can restore a person's self-confidence and avoid financial failures in the future?...

Bill Gates, Warren Buffet and over 50% of the Fortune 400's The Richest People in America list have decided to give away their wealth for charitable pursuits. Of course, not many of us have that kind of money or are inclined to give away all we own. However, giving to charitable organizations is something that anyone can do, and we can all derive a similar satisfaction by investing in causes that light our passion....

So far in this series on wasting money, we have looked at how people may overpay for housing, interest, transportation, food, clothing and entertainment. In this last part, we will look at a few more areas in which we may pay more than necessary--taxes, insurance, not obtaining bids for services, and not negotiating for large purchases....

In Part One of this series on wasting money, we looked at housing, interest and transportation--areas in which you or your loved ones may be wasting larger amounts of money. In Part Two, we will look at how money can be wasted in everyday areas of life--specifically food, clothing and entertainment....

Most of us are guilty of wasting money in one way or another. Often we are so busy that we pay too much for convenience, and we don't comparison shop or look for bargains. Sometimes we waste money because we just stay in the same routines--shopping at the same stores, eating at the same places, using the same services. And sometimes, especially if we don't keep good records of how we spend our money, we may not even realize how much money we are wasting....

Americans are very generous when it comes to charitable giving. In addition, lower earners give more proportionately than higher earners. Perhaps this is because lower earners understand how easily a family can slip into financial crisis through the loss of a job or medical expenses. The thought of 'that could be me' makes people very sympathetic to helping others in need, and many cheerfully give their hard-earned money to try to help people. People of faith tend to be generous and faithful givers, and Americans, in general, are quick to help whenever tragedy or devastation strikes anywhere in the world....

The first part of planning for long-term care is realizing that, a) most of us will need this kind of care for at least some time before we die and b) the cost of this care can be financially devastating for a family if it is not planned for in advance. This was covered in Long-Term Care Planning, Part 1....

Health care has been the topic of discussion lately, but the greatest threat to your financial health is long-term care. This is the kind of care you need if you are not able to perform normal daily activities (such as eating, dressing, bathing and toileting) without help, and it is expected that you will need this help for an extended period of time, often for the rest of your life....

Paying insurance premiums to protect against potential losses frees us mentally to enjoy driving a car, leave our house empty while on vacation and receive medical treatment for an injury or illness. In the same way, the use of trusts acts like insurance and can shift anxiety to comfort, turmoil to peace, and complexity to understanding....

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Money values can be a guiding light that is a component of your legacy. If communicated frequently and purposefully, these values can be an important reference for your loved ones as they learn to handle money....

There may be people close to you (spouse, parents, children) who are practicing financial behaviors that are unproductive or destructive. You want to help them get back on track, but you don't want to come across as judgmental or condescending, or put them on the defensive....

Setting spending priorities will allow you to process your income in a rational way, while giving you the satisfaction that your wealth objectives are on their way to fulfillment....

Budgets do control spending behavior. However, budgets also allocate resources to the areas of highest impact or interest. When a budget is structured based on priorities and values, much of the controlling element is removed....

You've made the hard decisions, your documents are signed, your trust is funded, a business succession plan is in place. Congratulations, you've finished your estate planning. But have you, really? Have you explained your planning to your family? Will they understand how your plan will work and what they may need to do if you become ill or when you die? Will they wonder why you made certain decisions?...

All too often, estate planning is viewed as a transaction: a will, a living trust, powers of attorney, etc. But the best planning happens when the professional can get to know the client on a deeper level, to uncover hopes, dreams and aspirations. It becomes more about family and values, and it becomes a process instead of a transaction....

When you establish a trust, you name someone to be the trustee. A trustee basically does what you do right now with your financial affairs--collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records and generally keep things organized and in good order....

It will probably cost more initially to set up a well-drafted living trust than to have a will prepared. A true cost comparison should include not only the expense to establish the will or trust, but also what it will cost should you become incapacitated and after you die...

Think for a few moments about what would happen if you suddenly became incapacitated or died. Would your spouse or family know what to do?...

If you are part of the baby boomer generation (born between 1946 and 1964), you may also find that you are a member of the sandwich generation, with responsibilities to both your parents (now or in the future) and your children. This should change the way you think about estate planning....

In first marriages, the couple generally has the same goals when it comes to their estate planning: take care of the surviving spouse for as long as he or she lives, then whatever is left will go to the children. They may own many of their assets jointly and, at the death of the first spouse, more than likely everything will go to the surviving spouse just as they had planned....

If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role in the effective execution of your estate plan....

While estate planning is important for everyone, women especially need to understand estate planning and have a plan of their own in place. Here are some issues that are of particular interest to women and their estate planning....

Unmarried partners do not have the same protections and benefits under the law that married partners have. An estate planning attorney who has experience working with unmarried partners can help you navigate the issues and make sure your after-death plan will work the way you want it to work when it is needed....

One area that is often overlooked in the divorce process is the need to update estate planning. Most people would agree that their ex-spouse is the last person they want to inherit their assets when they die--or to have that person make life and death decisions for them. But that is exactly what can happen - and often does - when these documents are not updated....

Once a child turns 18, parents lose the legal ability to make decisions for their child or even to find out basic information. Learning you cannot see your college student's grades without his/her permission can be mildly frustrating. ...

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Parents with minor children need to name someone to raise them (a guardian) in the event both parents should die before the child becomes an adult. While the likelihood of that actually happening is slim, the consequences of not naming a guardian are great....

Some of the most generous provisions of the tax code are those that permit beneficiaries of IRAs and other qualified retirement plans to defer income tax on the plans until time of withdrawal. This allows the IRA or qualified plan to grow significantly more than if it were subject to tax on gains each year. ...

All too often, estate planning is viewed as a transaction: a will, a living trust, powers of attorney, etc. But the best planning happens when the professional can get to know the client on a deeper level, to uncover hopes, dreams and aspirations. It becomes more about family and values, and it becomes a process instead of a transaction....

It wasn't very long ago that we had only paper for financial and tax records. We could simply point to a file cabinet or drawer and tell someone, 'Everything is in there when the time comes.' But now we have computers and the internet, and so much of our lives is online. Unless we include our digital assets and social media in our estate planning, our family or administrator may not be able to find critical documents....

With the number of online and do-it-yourself (DIY) legal providers continuing to grow, some of individuals may be wondering if they could do their estate planning themselves. The advertising is seductive: attorneys use similar forms, the cost is significantly less than hiring an attorney, and many of these websites and kits are created by attorneys. In addition, most people think their estates are not complicated, and many think they are just as smart as (or smarter than) professionals....

With the $5.12 million per person exemption from federal estate tax ($10.24 million for married couples), most of the estate planning 'talk' recently has been on the planning opportunities available to affluent families. However, the need for estate planning remains for everyone....

A recent Forbes article claims that '70% of intergenerational wealth transfers fail,' discussing a new Williams Group study examining the long-term effects of wealth transfers in 3,250 families. 'Failure,' according to the study, means situations where the heirs dissipated wealth, often with the family assets becoming a source of friction and dispute....

According to a recent study, family values, traditions and history still mean more than money as an inheritance....

Most parents choose to leave their estates equally to their children. But sometimes, parents intentionally choose to not leave anything to a child. There may be what the parents consider to be a legitimate reason: one child has been more financially successful than the others; not wanting a special needs child to lose government benefits; or not wanting to leave an inheritance to an irresponsible or drug-dependent child. Sometimes a parent wants to disinherit a child who is estranged from the family, or to use disinheritance as a way to get even and have the last word....

April 16th is National Health Care Decision Day. Advanced Health Care Directives and Living Wills are key components in any effect Estate Plan. If you do not have these documents in place we strongly encourage you to use today to remember to do so. Also, if you have documents in place are they current and up to date? In July of 2011, the State of Illinois made major changes to the Statutory State Health Care Power of Attorney. If your documents are dated before then you may want to consider updating them as well....

Most parents want to treat their children fairly in their estate planning, and many assume that means having their children inherit equally. But fair does not necessarily mean equal. There may be special circumstances to consider....

Not many parents like to talk to their children about their wealth. How much money people have is usually considered a private matter, something it's not polite to talk about. But not talking to children about how much they may inherit can leave them unprepared to handle even a modest amount...

Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results....

When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this doesn't necessarily mean they should receive equal shares of the estate. For example, it may be desirable to give more to a child who is a teacher than to one who has a successful business, or to compensate a child who has been a primary caregiver....

The main reasons most people have life insurance are to pay final expenses (medical, funeral, burial, etc.), replace an income stream and/or create wealth for our dependents after we die. Life insurance can also play an important role in business, estate planning and charitable giving....

Life insurance can be an affordable way to provide for our children, spouse, a sibling, aging parents and others if we should die while they are depending on us. Life insurance proceeds can provide extra income to help pay ongoing household bills and child care; pay off a mortgage, credit cards and other debt; pay for college; and pay funeral costs and other final expenses. (Life insurance also plays a vital role in business succession planning and it has numerous applications in estate planning.)...

With people living longer due to advances in medicine and changes in lifestyle, odds are that most of us will become disabled for some time before we die and may need long-term care. Unfortunately, too few plan for an event that is more likely to be a probability than a possibility--and the consequences of not planning can be disastrous for all involved....

Many clients use beneficiary designations, and for good reason. Some significant assets, including life insurance policies, IRAs, retirement plans and even bank accounts, allow a beneficiary to be named. It's free, it's easy, and, when the owner dies, these assets are designed to be paid directly to the individual(s) named as beneficiary, outside of probate....

Many Americans have the misperception that estate planning is simply preparing for one's death and is only necessary for the affluent. To the contrary, estate planning is as much about passing values to loved ones as it is about passing material possessions....

Estate planning is not simply the documents prepared by an attorney, nor is it the insurance and financial plan recommended by a financial advisor. Properly done, estate planning encompasses at least the legal and financial elements, but it may include more, as estate planning often points out the need to plan in other areas....

The recent tax legislation dealing with the 'fiscal cliff' included significant revisions to the estate tax law that will affect estate planning for the foreseeable future....

Here are four more common mistakes in estate planning. If your plan is in place and current, this will serve as more validation that you are on the right track. Feel free to share this information with friends and family members, especially those who may not have a plan in place....

From time to time, it's good to review why having a complete, up-to-date estate plan is so important. In addition to confirming our own actions, it can provide us with valuable information to pass along to friends and family who, for whatever reasons, have yet to act. So, here are five common estate planning mistakes to avoid....

Now that the health care law has been declared constitutional, several significant provisions will become effective on January 1, 2013....

For the rest of 2012, every American can transfer up to $5.12 million free of federal gift, estate and generation-skipping transfer tax--and estate planners are doing everything they can to motivate their clients to take advantage of this unprecedented opportunity....

The end of the year will be here before we know it. But there is still time to meet some major estate planning goals. Here are ten things to do before the end of 2012....

There has been a lot of media coverage about the Bush tax cuts that are set to expire on December 31, 2012 and whether they will be extended for all taxpayers or if they will be discontinued for top earners. But not nearly as much has been said about the current estate and gift tax rates that are also due to expire on December 31....