by Christine | Jul 18, 2014 | Business Succession Planning, Estate Planning, Small Business |
Succession planning where company ownership is concerned can be fairly complicated, but at a simple level every plan is based on two basic issues. You’ve probably thought a lot about who will take over for you; that’s one. But, just as importantly, how can you make...
by Christine | Jul 17, 2014 | Charitable Giving, Wills |
Carl J Drake spent his life studying bugs, everything from aphids to water striders. When he died in 1965, the entomologist left his life savings and his vast insect collection to the Smithsonian. But now Drake's will has become something of a pest. The case of...
by Christine | Jul 16, 2014 | Art, Estate Law, Estate Tax, Tax Law, Valuation |
New rules and enforcement guidelines may render these items not only illegal to export or import, but also unsalable within the United States. Valuing artwork is never an easy task. It gets all the more tricky with antiques composed of protected materials which cannot...
by Christine | Jul 15, 2014 | Disinheritance, Estate Planning |
Lawyers for Mr. Cohen say that he was entrusted with his father’s business, and that the two men enjoyed a close and caring relationship. But lawyers for Ms. Perelman claimed that it was that closeness that allowed Mr. Cohen, who eventually took over operations of...
by Christine | Jul 14, 2014 | Estate Planning, Estate Tax |
Over the past few years pieces have not been selling as well as expected or not selling at all. Often the amount they are appraised for, and thus the amount the IRS views them as valuing, is not close to the amount that they garner at auction. Have you ever watched...
by Christine | Jul 11, 2014 | Estate Planning, Estate Tax, Qualified Personal Residence Trust (QPRT) |
Even with its funny name, a QPRT can save you hundreds of thousands of dollars in estate taxes after your death. Let's take a closer look at what the Clintons did and whether the same strategy could help you. While QPRTs are complicated trusts, the basics of what...
by Christine | Jul 10, 2014 | Charity, Estate Plan, Heirs, Wealth Transfer |
Is inherited wealth making a comeback? Is leaving an inheritance a good or bad idea? Well, it all depends on who you ask. For example, a recently published book by French economist Thomas Piketty, “Capital in the Twenty-First Century,” argues that estates are getting...
by Christine | Jul 9, 2014 | Estate Plan, Estate Planning, Taxes |
From checking Unclaimed Property to setting up automatic bill payments, here are some simple tips each of us can use to keep our finances organized this year. Although you may not live in Missouri and it may not be "spring cleaning" season, Missouri State...
by Christine | Jul 8, 2014 | Elder Law, Medical Directives |
“What about the wife?” the social worker asked. How could we have missed this most basic and vital piece of information? It’s easier than you might think. The sister didn’t get along with the wife and apparently wasn’t moved to tell us of her existence. The social...
by Christine | Jul 7, 2014 | Estate Planning, Inherited IRAs, Trusts |
So, just to be sure we all have this right, when you name a trust as the beneficiary of your IRA, how many beneficiaries are there of the IRA? You got it – ONE – the trust. If you are electing a trust as a beneficiary to an IRA or other retirement account, it is...
