‘Tis an ill wind that blows nobody any good. Someone profits by every loss; someone is benefitted by every misfortune. The decline in the stock market, despite its cause, presents us with a tremendous estate planning opportunity. Make gifts now! The most basic reason for estate planning is to provide for those you love, and… Read More
The “Bailout” which is what the public calls The Emergency Economic Stabilization Act of 2008 (H.R. 1424) passed the House and was signed by President Bush on October 3, 2008. Lot and lots of little “additions” appeared – plus lots of “pork.” Good news for charities – the law extends the IRA Charitable Rollover which… Read More
According to census bureau statistics, nearly half of married couples will at some time go through a divorce. If you are going through the divorce process, you’ve got a lot of company. So, do you need a new will? What does the process of divorce do to your estate plan? You need to remember that… Read More
Thank you to Neil Hendershot and his blog for drawing attention to National Estate Planning Awareness Week. I had no idea the statistics were this bad: “a 2004 survey from Lawyers.com finding that: 58 percent of Americans lack a basic will, generally considered to be the first document in an individual’s estate plan. In addition,… Read More
In addition to grief, loss, and loneliness, widows and widowers are faced with many practical problems. There are arrangements to be made, financial matters to deal with, and children to care for, just to name a few. The death of a spouse is a time when the surviving spouse will need love and support. The… Read More
“Probate” is much maligned. To hear some folks talk, having your estate subject to probate is worse than dying. What is all the fuss about? Probate is a title proceeding. If a person dies owning property, the question arises “Who is the next rightful owner?”. Probate is the procedure by which the ownership is determined.… Read More
Where do you keep your original will? Some folks keep their wills in a “fireproof” box in their desk, or under their bed. At your peril, I say. The metal box may not burn but it makes a fine little oven. Some folks let the lawyer who wrote the will hold it in “safekeeping” for… Read More
In Pennsylvania, you can disinherit your children, but you can’t disinherit your spouse. In fact, in all but one of the fifty states, you cannot disinherit a spouse. In Georgia it is permitted. If you leave a will that makes little or no provision for your surviving spouse, or if you have arranged title of… Read More
More to the point – do you have more than one IRA at Vanguard? About a year ago, in July 2007, Vanguard Group sent 170,000 customers a form letter titled “Change in beneficiary policy will help you simplify your planning.” What it really meant, as reported by Ashlea Ebeling writing for Forbes, is: “Warning! Unless… Read More