Posts Tagged 'estate planning'

How Did Kim Jong Il Die?

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By Kristy Phillips

Kim Jong Il, who ruled over North Korea for decades died Saturday of a supposed heart failure. The 69-year-old had lived a decadent life and shocked the world with his eccentric tastes and stretching the truth about his life and conquests.  The West will not miss him.  I perked up when I heard a reporter question how he died.  His son, Kim Jong Un, is ...

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Estate Planning and Your Obituary

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Estate planning must involve every aspect of your estate.  As a result, I recommend that you prepare your obituary in advance.  It will make things easier on your family later.  As you prepare the obituary, keep in mind identity thieves.   Identity thieves regularly scan the obituaries. They note all the personal information and use it to their advantage.

Some thieves will use the deceased information to get duplicate driver’s licenses and birth certificates.  They take these documents and use them to ...

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How Estate Planning is like eating a Marshmallow?

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Years ago I remember reading about a “Marshmallow Experiment,” where Stanford researcher Walter Mischel gave a group of three to five year-olds a choice: Eat one marshmallow now, or wait fifteen minutes and get two marshmallows. The experiment was intended to measure children’s ability to delay gratification.

Mischel found that only 30 percent of the children were able to wait fifteen minutes; most of the children gobbled down the marshmallow before the time was up. As I read this I remember ...

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Why Do You Get Different Answers From Different Attorneys and Lawyers?

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Why Do You Get Different Answers From Different Attorneys and Lawyers?

I have clients come to me all the time and they’ve gotten one story from one attorney and another story from a different attorney and they don’t know which one to believe or what’s happening. What’s happening is a lawyer only has so many tools. A carpenter only has so many tools. Here’s the question: Does a hammer drive a nail in? or does it take it out? Well, it ...

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Wrongly Foreclosed in Florida

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Can you imagine having a bank foreclose on a home that you have paid off?  It happened to Maureen Collier and her retired police officer husband Sgt. Warren Nyerges.  In February 2009, for some reason the bank and their attorneys became convinced that they should foreclose on the Collier –Nyerges home.  It must have been a complete nightmare as Collier –Nyerges, who owned the home outright, had to hire a team of ...

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How Does a Grantor Trust Work?

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How Does a Grantor Trust Work? T. Rodriquez

Answer. A Grantor Trust is a trust in which the person establishing the trust retains enough “ownership rights” or “incidents of ownership” that the person is treated by the IRS as the owner of the trust assets for tax purposes. The right to revoke the trust is sufficient to make the trust a grantor trust.

A living revocable trust is a type of Grantor trust.  It is used in estate planning to avoid probate, ...

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Estate Planning Taxes

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“Estate planning taxes” do not exist. There is no tax on the process of estate planning. However, if you neglect to set up an estate plan, it will cost you. If you don’t take action, your family will lose money in the form of probate, state estate taxes, and federal estate taxes. None of these is an “estate planning tax,” but they are all very real costs that you can and should avoid.

 

What documents ...

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The Art of Insurance Estate Planning

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Life insurance has always been an estate planning tool. Estate planning, life insurance, wills, and trusts have always gone together like bread and butter.

But, life insurance estate planning techniques have taken a hit since the Obama tax extensions.

Life insurance is sold on three premises.

1) Don’t you love your family, and don’t you want them to be comfortable if you die?

2) You have a large estate and are going to lose a ton of it in estate taxes when you die. ...

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Family Limited Partnership Estate Planning Strategies

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One of the most popular estate planning tools is the family limited partnership. It allows a family to divide up family assets, while allowing Mom and Dad to maintain control. It allows a family to shift income from high tax bracket individuals to lower tax bracket individuals. It is a great asset protection tool. There are many family limited partnership estate planning strategies.

Family Limited Partnership Estate Planning Strategy 1: Division of Family Assets

Families with ...

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