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May 2012 Archives

Durable power of attorney can prevent guardianships, conservatorships, P.2

In our previous post, we began looking at durable powers of attorney and how they match up to guardianships. A power of attorney is a document giving another individual the legal authority to act on one's behalf. The scope of that authority can be general or specific, limited to a particular asset, transaction or period of time. Another feature of powers of attorney is that they can be made effective immediately or upon incapacity.

Durable power of attorney can prevent guardianships, conservatorships, P.1

In early May, attorneys for the aging actress Zsa Zsa Gabor were set to appear in court for a hearing as to whether the aging celebrity should have independent management of her finances and health care. The hearing was requested by Gabor's daughter Constance Francesca Hilton, who feels it is necessary for her to have a conservatorship, though her husband Frederic von Anhalt apparently opposes the request.

Filing inheritance tax return can help minimize capital gains taxes

In New Jersey law, there are not only federal estate tax, gift tax and income taxes to consider, but also state estate taxes and inheritance transfer taxes. Inheritance tax is not due for certain types of beneficiary-specifically, father, mother, grandparents, descendants, spouses, civil union partners, or domestic partners-though it is due for other types of beneficiaries in varying amounts. Those who owe inheritance tax are required to file a return with eight months of the decedent's date of death.

Capital gains tax considerations can pop up in estate planning

Tax implications are around every corner when it comes to estate planning. Not only is there estate and gift taxes to think about, but also income and capital gains taxes to consider. The way one disposes of items in one's plan can trigger different tax consequences, and it is important to consider all possible scenarios when setting up one's plan.

How to use trusts and LLCs for real estate in planning your estate, P.2

In our last post, we began looking at how one can use trusts to protect real estate as part of the estate planning process. We already looked very briefly at irrevocable trusts, particularly Qualified Personal Residence Trusts, and the advantages they offer.

How to use trusts and LLCs for real estate in planning your estate, P.1

Protecting one's real estate assets is an important part of estate planning. Whether one is dealing with real estate connected to a business, rental property, or a personal residence, it is important to consider tools that allow for the protection of these assets.

Gary Coleman's estate claimed by ex-girlfriend, ex-wife P.2

In our previous post, we began looking at a legal dispute over the estate of deceased actor Gary Coleman. As we noted last time, Coleman's ex-wife and an ex-girlfriend are both laying claim to his estate. The size of Coleman's estate is unknown, though court documents reportedly list a $324,000 house and a pension. Price's attorney has said that the suit is more over future rights to Coleman's name and brand than his current assets.

Gary Coleman's estate claimed by ex-girlfriend, ex-wife P.1

Because it makes for interesting writing for this blog, we love to see estate disputes make headlines. Well, we don't love it exactly, as much as see it as an opportunity for discussing the important of cleaning up one's estate planning. Because, while few estate plans can be completely insulated from all possible challenges in probate court, it is always worth looking at how to reduce that risk.

Last will and testament: important part of a balanced estate planning diet

The most important thing we try to emphasize on this blog, in addition to various tips relating to specific aspects of estate planning, is the importance of writing a will. This means that one should not procrastinate.