Our New Jersey readers have already heard about the upcoming expiration of the $5.12 million federal estate tax exclusion amount. That number will drop back down to $1 million if Congress fails to act by the end of the year. At this point, it isn't clear exactly what...
Our readers may not be aware of it, but everybody has an estate plan, whether they want it or not. Did you know that? That's right. If you choose not to work with an attorney to get your affairs in order, you still have an estate plan provided by the state. That plan...
In a previous post, we wrote about the death of Thomas Kinkade earlier this year. As we noted, the 54-year-old painter died of accidental alcohol and Valium overdose, leaving behind over $66 million. Not long after his death, his estranged wife of 30 years and his...
In our last post, we spoke about the importance of reviewing one's estate plan periodically to ensure it keeps up with current law and continues to serve one's needs. We named five different events that should prompt the review of one's estate plan. A recent article...
While many people know, at least in theory, the value of getting estate planning documents in place, even fewer people understand the importance of ongoing estate planning. Good estate planning is not a one-time event, but an ongoing process. Decisions made in the...
Self-settled trusts, or asset protection trusts, are an important tool to be aware of when going through the estate planning process. In self-settled trusts, the grantor and the beneficiary are the same person.In these arrangements, the trust assets are protected from...
In our previous post, we began looking at a case in which a court ruled to be invalid a trust amendment executed shortly before the death of a woman. That trust setup, as we noted, contained a formula clause intended to utilize the full exclusion amount and minimize...
A recent probate case out of California demonstrates the importance of foresight in estate planning. In that case, a couple had set up a trust in order to minimize estate taxes, and made use of a device called a formula clause, which allows typically divided the...
