Good Tax News! Positive news from the Internal Revenue Service is like the 1972 song by Climax, “precious and few.” Yet, we had such news recently. The Federal government taxes transfers of wealth but for intra-spousal transfers. These taxes are separate from and in addition to income taxes, unemployment taxes or Medicare taxes. The transfer […]
Estate Planning frequently requires choices as to how and when wealth is distributed to family. Just as death and taxes are certain, so too issues will arise and plans will be challenged. The skill of an attorney who can both craft and draft a document may be the difference between discord and harmony, especially when […]
Mom’s attorney asks her to select a trustee for the testamentary trust being created under Mom’s will. The trust is for the lifetime benefit of one child. The remainder will pass to the then surviving children or their families in equal shares. So who does mom trust to administer this trust fairly and devoted to […]
When children have unequal skills or different needs, estate planning can be flexible. The best planning may include a testamentary trust, designed to manage estate assets after the grantor’s death. While the solution is simple to suggest, the person engaged in estate planning will have to cope with several difficult choices As a result, Mrs. […]
As George Orwell wrote, all are equal, but some are more equal than others. In the context of wealth planning, not all children are created equal. Not equal in abilities. Not equal in interests. Not equal in the eyes of their parents. In four segments, I’ll attempt to address the range of considerations given by […]
Benjamin Franklin cautioned us that neither death nor taxes were avoidable. What we can control is how we approach death, for ourselves and with our loved ones. Evan Krame the lawyer of 40 years and Evan Krame the rabbi of seven years, both contributed to this series of posts to help you think about preparing […]
Credit card and frequent flyer miles can add up to free trips around the globe. These valuable points can also disappear upon death. To whom should loyalty currency belong when the owner passes away? Loyalty points or miles are NOT your property. Look at the fine print. For example, Delta’s mileage program states that “miles […]
Personal trusts often own residential real estate. In the case of persons with disabilities, the trust format allows a trustee the discretion needed to maintain a home. Along with those powers comes great responsibility to ensure that the trust is serving the needs of its beneficiaries in the best way possible. Home ownership creates great […]
In this second installment on the topic of home ownership and persons with disabilities, I will offer an example of the complications the trustee might face. I am the Trustee of a special needs trust established for an adult woman named Sasha. Although Sasha faces special challenges due to certain disabilities, she has achieved a […]
Home ownership has been a cornerstone of the American dream. Yet, the ownership of a home presents challenges for persons with disabilities. As none of us knows if we might become disabled, these issues are universal in nature. Trusts are often employed to managed and administer and protect assets for a person with a disability. […]
