Some of my favorite blog topics come from headlines. In this week’s edition, we explore the fate of fortune that resulted from the 1990 discovery of a Tyrannosaurus Rex skeleton. The family made a modest fortune from the sale of the skeleton. In a tale as old as time, now that both the parents have died, the children are fighting over the family fortune. It’s unclear whether the fight itself or the fact it could have been avoided is more unfortunate. Read on to learn more. … [Read more...] about What “Sue,” the Tyrannosaurus Rex Skeleton, Teaches us about Estate Planning
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Estate Planning and Veteran Benefits
If you are a veteran of the United States Armed Forces, both the United States government and every American citizen owes you a debt of gratitude that can never truly be repaid. The U.S. government does, however, try to repay that debt by offering you numerous benefits based on your status as a veteran. As a veteran, these benefits should also be included in your estate plan as some of them transfer to a surviving spouse and/or dependent. To ensure that you are receiving all your benefits, the … [Read more...] about Estate Planning and Veteran Benefits
How to Protect Your Spouse Using Your Estate Plan
If you are married, you undoubtedly want to protect your spouse in every way possible. Fortunately, your estate plan offers a wide variety of opportunities for you to do just that. In fact, a carefully drafted estate plan can protect your spouse from unnecessary litigation, from making difficult decisions, and from financial hardship. To help explain, the attorneys at Legacy Care Law Firm discuss how to protect your spouse using your estate plan. How Your Estate Plan Can Protect Your Spouse … [Read more...] about How to Protect Your Spouse Using Your Estate Plan
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
A Real-Life Look at the Application of the Slayer Statute
Usually women sue their husband’s estate to enforce their right to the elective share of their husband’s estate. Of course, it’s not just wives that sue the estate of their husbands, but both husbands and wives who sue the estates of their spouses, be they husbands or wives. Enforcement of the elective share usually results from a lawsuit, although sometimes its enforcement of provisions of an Estate Plan that cause the lawsuit. This article isn’t about a lawsuit over the right to an elective … [Read more...] about A Real-Life Look at the Application of the Slayer Statute
Building a Legacy: The Importance of Estate Planning for Parents
Estate planning offers benefits to every adult; however, estate planning is especially important for parents. Not only does a comprehensive estate plan ensure that your assets will protect and provide for your children when you are gone, but it can also help pass down the legacy you want to leave behind for generations to come. To help you better understand, the estate planning attorneys at Legacy Care Law Firm discuss the importance of estate planning for parents. Why Is Estate Planning … [Read more...] about Building a Legacy: The Importance of Estate Planning for Parents
Gifting to Grandchildren
If you are fortunate enough to be a grandparent, you understand the joy a grandchild brings into your life. Becoming a grandparent may also prompt you to make some changes to your estate plan if you wish to include your grandchildren in your plan. When including your grandchildren in your estate plan, the North Andover estate planning attorneys at Legacy Care Law Firm suggest that you consider the following when making gifts to grandchildren: Contact Salem, NH Estate Planning … [Read more...] about Gifting to Grandchildren
