A review of the rules, probate and estate administration exceptions to avoid issues regarding self-dealing transactions between a foundation and a donor.
How to Talk with Your Family About Estate Planning
With the holidays around the corner, it is a great time to begin having conversations about estate planning with your loved ones.
Your family members can benefit significantly when you talk to them and share with them that you have completed your plan. It creates some peace and tranquility among your loved ones to know that things are in order. ACTEC fellows share tips to talk with your family about Estate Planning.
What to Consider When Setting Up Trusts for Children
What’s the best way to leave assets to minor children. Should children receive equal assets? What’s a Pot Trust? What should be considered if my child is married? These and other questions are answered by trusted estate planning advisors.
Social Security Retirement Age and Benefits | When to Apply for Social Security
What are the advantages and disadvantages of taking Social Security retirement benefits early, at age 62? Should you delay taking Social Security retirement benefits to age 70? How does taking retirement benefits impact your spouse, dependents and disabled dependents? ACTEC Fellows explain what Americans need to consider in determining when to take their Social Security retirement benefits.
Lessons From the Tax Court Decision in the Estate of Michael Jackson
SCHOOLEY LAW FIRM’S FUN ARTICLE FRIDAY: MICHAEL JACKSON EDITION!
Understanding the tax court’s decision of publicity rights in the Michael Jackson estate and applying business estate planning techniques to postmortem publicity rights.
ACTEC’s Guide for Agents Acting Under Durable Power of Attorney
Like most legal undertakings, setting up and using power of attorney documents can be a confusing process. Yet, powers of attorney enable adults and their families to create a solid plan for addressing future care needs and offer peace of mind. If you have been named as a power of attorney (POA), ACTEC’s Guide for Agents discusses your rights and responsibilities as well as the limitations come with this appointment.
Understanding Powers of Attorney
The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to make decisions about other person’s property and finances. A power of attorney could be considered one of the most important estate planning documents you can sign.
What is Portability for Estate and Gift Tax?
In July 2022, the IRS issued a revenue procedure (Rev. Proc. 2022-32), which extended the filing of estate tax returns to elect portability to five years from the date of death of the decedent. What is portability and how does it affect the estate and gift tax exemption? Federal gift and estate taxes have implications at death and the surviving spouse has options for handling the estate, one of which is using portability. Trust and estate experts explain portability of the estate and gift tax exemption and what to consider if electing to use it.
Top 10 Recommendations for Planning Retirement Benefits under the SECURE Act and Proposed Regulations
Planning for retirement benefits under the SECURE Act is complicated. Hear the top ten recommendations from a trust and estate expert when planning distributions.
Proposed Regulations for Estate Tax Deductions
ACTEC comments on proposed regulations under IRS Code Section 2053 and the effects on estates seeking to deduct funeral expenses, administrative expenses, loans and claims against estates.
What is Estate Administration?
Estate administration is the process by which an individual's lifetime financial affairs are wound up and their property and assets are distributed after they die. This process differs from state to state. The time it takes to administer the estate can vary based on whether the legal documents are in order, on the value and extent of the assets in the estate, and on the number of beneficiaries involved.
What is involved in estate administration? How long will it take? What happens if there is no will? ACTEC Fellows answer the questions that many people have surrounding estate administration.
When and How to Use a Prenuptial Agreement
Should you get a prenuptial agreement, aka premarital agreement, before getting married? How and when do you discuss a prenuptial agreement with your fiancé? What should you do if you plan on moving after getting married? ACTEC Fellows explain the important details in this short video.
Unconscionability of Premarital Agreements,
ACTEC Fellow Richard Gorini explores case disputes of premarital agreements, aka post-nuptial agreements, based on the concept of unconscionability under the Uniform Premarital Act.
Preparing for Your Initial Estate Planning Meeting
Experts in estate planning explain what information and documents clients need to provide to an attorney during the initial meeting to be efficient with time.
How to Talk With Your Parents About Estate Planning
It’s never easy to have end-of-life conversations with your loved ones. How do you talk with your parents about their estate planning documents such as their wills, trusts, power of attorneys, and advance medical directives?
ACTEC Fellows Jean Gordon Carter and Linda Funke Johnson have a practical discussion on what estate planning documents need to be in place and difficult end-of-life decisions with parents. Presenters review critical estate documents, funeral arrangements, and how to get started.
The SECURE Act and Retirement Account Planning Opportunities
A significant new federal law called the SECURE Act, which went into effect January 1st of 2020, has fundamentally changed how we plan with retirement accounts. ACTEC Fellow Laura Fine from New Orleans, Louisiana explains planning opportunities in light of the SECURE Act.
How to Pay for College for a Grandchild or Someone Else
What do grandparents or family need to know about paying for a family member’s college tuition? What are the taxes associated with gifting for education? What’s a UTMA, 529, or Coverdell account? Could my gift impact financial aid for the student?
ACTEC Fellows Michael H. Barker and Jean Gordon Carter, estate planning experts, explain what a grandparent, aunt, uncle or benefactors needs to know about helping a student pay for college and where to find resources to explain the options.