2012 Special Needs Trusts National Conference
I’m looking forward to this year’s Special Needs Trusts National Conference next week in St. Pete Beach, Florida. This is the conference’s 14th year, and it’s going to be a great one. Speakers from all over the world will share their stories as leaders in the estate planning and special needs trusts fields. The conference…
Read MoreDigital Media After Death
What happens if you want to pass on your incredible iTunes music library to a family member, like you would leave a stack of rare records or compact discs? You curated it, you whittled it down to the best, you paid for it, but is it yours to give? According to the Apple contract you…
Read MoreThe "Rules of Retirement"
Retirement accounts are not what many people expected they would be in light of the global recession. What’s in them isn’t the only factor to consider, however; it’s important to understand who is entitled to your assets. According to New York State CPA, Ed Slott, retirement accounts and 401ks are “surrounded by a complex labyrinth…
Read MoreWorld's Richest Cat Can't be "Trusted"
According to an article in The Guardian, “Tommaso, a four-year-old, one-time stray from Rome, is thought to have become the world’s richest cat.” We’ve seen cases like this before, but unlike Massachusetts, which allows residents to establish trusts for their pets before and after death, Italy does not. So in the case of Tommaso, the…
Read More"Inheriting a Home, and a Loan"
We’ve discussed estate taxes quite a bit on this blog, because it can be a contentious and politicized topic; but while the word “inheritance” has a wealthy ring to it, most bequests come with strings attached. Estate taxes and the ways to “avoid” them are applicable to the minority. According to the Census Bureau, for…
Read MoreNational Estate Planning Awareness : Pass it On
Over the course of this blog I’ve advocated for immediate design of an estate plan under the advisement of an estate planning lawyer like me. As this is National Estate Planning Week, it’s only fitting that I should make another attempt at getting the word out to Fields and Dennis blog readers: please create an…
Read MoreAnother Estate Tax Deadline Looming
By November 15, 2011, an important estate planning decision must be reached: either opt to have the imposed federal estate tax rate reached last year by President Obama and Congressional Republicans, or opt out. If you opt-in, then assets on your estate are subject to a 35% tax rate after the first 5 million dollars;…
Read MoreNews Update: Trusts for Pets
Effective April 7, 2011, residents of Massachusetts may now establish pet trusts to care for one or more animals, living during the settlor’s lifetime. This trust now allows individuals to plan for and take care of their pets not only during their lifetime but also after their death. The court does retain the right to…
Read MoreRoom to Grow, Your Right to Know: HIPAA and HCPOA Forms
Our children are growing up in so many ways: they’re going off to college or into the work force, where they will gain valuable life skills and learn important lessons. Most of them are also going become adults, by which I mean, they’ll be 18. While your children may be slipping into their future without…
Read MoreThe importance of being earnest (when designating beneficiaries)
No one likes to make a will and people constantly put it off, but one thing that should never be put off is designating beneficiaries. Not only should beneficiaries be named carefully, they should also periodically be reviewed, verified and possibly updated. Many financial institutions require that you name a beneficiary, so the institution you…
Read More