Tuesday, January 30, 2007
The following articles have now been posted on the Wealth Strategies Journal and are available for download:
Abstract: Sometimes given short shrift by estate planning attorneys, the guardianship provision is often the most important aspect of a younger client's estate plan. This article aims to provide information and considerations for the counselor and client in the following areas: (1) the differences in state law regarding the appointment of guardians, (2) factors a parent should consider in naming a guardian, (3) the economics of the guardianship decision and (4) specific provisions regarding the guardian that may be included in the cient's Will.
Abstract: Very old, frail and demented elderly need a watchman, but they also need someone who is keeping an eye on the watchman. An essential aspect of planning for agents and surrogates is to provide oversight lest the watchman become the exploiter. As in so many aspects of life, a little planning can prevent a great deal of pain.
Abstract: Estate planners frequently use Crummey Powers and 5 and 5 powers in plans without realizing such powers may expose trust assets to creditor claims. This article examines the asset protection consequences of using Crummey Powers or 5 and 5 powers in states that have enacted Uniform Trust Code Section 505(b).
Abstract: Because of a series of IRS court victories in valuation cases, if taxpayers, estate planners, and valuation experts approach the valuation discounting process as they have in the past, there is a strong possibility that they have unwittingly increased the chance for audit, if audited, decreased the chance of favorable compromise and, if taken to Court, increased the chance of losing. This article explores a series of Court cases on the discount for lack of marketability issue that, when taken together, provide a road map to increase the likelihood of having the IRS and Tax Court accept the discount determined.
Abstract: This article describes the basic concepts of Delaware asset protection trusts and planning opportunities that such trusts offer.
Abstract: For many years, there has been a widespread belief in European bank secrecy. However, as this article discusses, the customary rules of bank secrecy may well be a thing of the past and persons subject to U.S. tax had better be aware of this development.
Abstract: Second marriages are common today. This article provides eighteen planning ideas to consider when designing marital deduction trusts for a second marriage situation where there are children from a prior marriage (or where the widow wants to control who inherits her estate after her (new) husband’s death).
Abstract: While the future is inherently unpredictable, there are things that individuals can do to provide some insulation from uncertainties in retirement planning. This articles discusses such planning, the myth regarding success probabilities in financial planning, and how the foregoing impact retirement planning.