The term “basis” constitutes a critical concept in income tax law, yet one that’s difficult to grasp. Add to that what’s known as the step up in basis that results at death. Let’s explore this issue in the context of two hypothetical clients I call Bill and Carole. Carole told me she and Bill had […]
One of the most important issues that arises in estate planning is selecting the people who will manage your assets and obligations when you no longer can. Early in my law practice I realized that many, if not most, clients aren’t even aware of this as a problem. Clients just pick one of their children […]
Story telling plays an important role in the estate and asset protection planning strategies I develop for clients in my law practice. Some stories immediately capture your heart and your rapt attention. Others less so. I’ve yet to hear a story yet, though, that didn’t provide insight. It’s not really a story if it’s just […]
The passage of the American Taxpayer Relief Act of 2012 was followed by a collective sigh of relief by people who weren’t extremely wealthy. As those families with less than $10 million in taxable assets wiped the sweat from their brow and heaved that sigh, they all echoed the same mindset: “Dodged that bullet, didn’t […]
Don’t you just hate the Web? Well, no, as a matter of fact, I don’t hate the Web. I’m loving it more and more all the time even though it can frustrate the devil out of me when it doesn’t do what I want it to and won’t tell me why. I recently read an […]
When it comes to estate planning, it’s important to first get past the issues of the amount of wealth a person may or may not have and so-called “death taxes.” The fact one doesn’t have great wealth or is unlikely to owe estate taxes shouldn’t control the conversation. Most people want their children to inherit […]
In the course of my law practice I often ask clients, “What is it that you will leave to your loved ones?” During the discussion, the beginning answer of “my wealth” evolves into the real answer — “myself and my stuff.” All of that really is one’s wealth. Drilling down into the meaning of “myself” […]
My telephone rang and the caller identification was blank, showing only an area code and number. I rarely answer the phone in those situations, since they’re mostly sales call. Besides, if someone wants to speak to me badly enough, they’ll leave a message. For some reason, though, I broke tradition and picked up. I knew […]
Consider the circumstances of these hypothetical clients: Bill and Carole Nelson’s grandson just turned 19. He’s lived at home in a great environment all his young life, but now he’s off to college some 400 miles away. He’s happy as a clam and looking forward to his first real freedom. Billy Planwell and his wife […]
The Smiths are in their 50s and remain employed. They’ve always worked hard, consistently earning a good living while shepherding their three children through the “growing up” minefields. The couple has accumulated savings in liquid investment accounts as well as two well-managed individual retirement accounts. The IRAs aren’t as large as the savings investments because […]