Estate Planning Mistakes - Number Twenty-Four

Do Not Fail To Plan for Federal Estate Tax. For the next 2 years, 2011 and 2012, those whose estates are under 5 Million Dollars (10 Million for married couples) will not be subject to the Federal Estate Tax. This could be stay the same, be raised or reduced in 2013. It would be a mistake not to address the potential exposure your estate might have to the Federal Estate Tax. This tax currently would be 35% of the estate. It was even higher in the past so it is not a tax to be taken lightly.

So, make sure your estate planner explains your potential exposure. If your estate is close to the amount or over, you want to make sure you have a Credit Shelter/ By-Trust in place. This type of Trust will allow you to avoid and in some cases eliminate the Federal Estate Tax.

Contact us at http://www.ythlaw.com/ for expert estate planning advice that will save you money on taxes and preserve your estate for distribution in accordance with your wishes.

Estate Planning Mistakes - Number Nine

Do not make the mistake of not providing adequate powers to your Executor. In order to properly administer the estate, your Executor should be able to handle the affairs of your estate without court approval. It is not efficient to have the court approve every or even most aspects of the administration of your estate. There would be significant delay.

You want expert advise when it comes to preparing your Will and other estate planning documents. Contact us at

Segway Company Owner Dies

You have seen the Segway. Police officers, tour guides, and then others all over started using it. They caught on and of course the money has followed. This is an estate to follow. Will keep you posted on the estate planning lessons to be learned.

Giving Birth is Like Estate Planning

I was talking with a client today about how estate planning is about everything we do. My client is a mid-wife. She thought awhile and then compared estate planning to giving birth. I thought that was very interesting.

She said you have to prepare for child birth and if you don't there may well be complications. Hello, the same is true for estate planning. If you do not plan for when you die, there may well be complications.

She said the baby is coming whether you are ready or not. Well, Well, the same is true for estate planning. Sooner or later, death will be our reality, ready or not.

Preparing for child birth is so very important for your health and the health of your baby. Preparing for death is so very important for your family and for the legacy you leave behind.

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Estate Planning Moment in the Poconos

Over the Fourth of July Weekend, we spent sometime in the Poconos so our daughter could enjoy the indoor waterpark. Later during the weekend, while my husband played golf, I was lounging on the pristine shores of Lake Harmony and my daughter was taking in the water sports. I soon struck up a conversation with another vacationer and before long the conversation turned to estate planning. Ok, I just can't help myself...I love estate planning.

The question pertained to providing for your children, upon your death, when you are estranged from your husband. You need to understand that without a will, the intestate laws would distribute over 1/2 of your estate to your spouse. Even with a will, the spouse can not be disinherited. The spouse is entitled to an elective share unless there are circumstances to justify otherwise, but that would have to be proven and remember, this is after you have passed.

So, I was able to provide my fellow vacationer with some food for thought. She said that she looked forward to purchasing my book, Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning so she could be prepared for her meeting with an estate planning attorney in her state. Feel free to contact us at http://www.ythlaw.com/

L'Oreal Heiress is Among the Top Richest Women in the World

Liliane Bettencourt, the 87 year old French heiress to the L'Oreal cosmetics empire, has attacked her daughter for questioning her right to donate 1.2 billion in gifts to a 61 year old society photographer. The daughter who stands to inherit the family fortune which includes 30% interest in L'Oreal has sued the photographer for fraud. Now the courtroom drama begins. With such a large sum of money involved, the lawsuit will involve not only the family fortune but politics, power and sex. Yes, it is an estate planning soap opera. As of this writing the trial has been postponed due to tapes made by the butler (yes, the butler did it) and leaked to the press that raises issues of foreign tax shelters and questionable financial transactions. One question asked during all of this is whether there will be any impact on the company, L'Oreal. Well, time will tell but probably the family and the company are separated enough to protect the company, financially, from this particular drama.

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Estate Planning as a Family Conversation

I read a good article in the New York Times written by Deborah Jacobs. It was entitled Estate Planning as a Family Conversation. When I saw that article, I could immediately relate to her story.

When I wrote Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning, I viewed it as a way to open up the estate planning dialogue with family members, especially aging parents. It is not easy for children to discuss their parents' immortality. But, it is a fact of life. So, how do you go about doing it? What happens if you do not do it? Determine the answer to that question and that will be the basis of the conversation. Then you use a guide, like my book, to provide substantive information to the discussion.

In the New York Times article, the father was estanged (but not divorced) for over 30 years from his wife. He wanted his children to receive his assets. Without a will and in the state where he lived, upon his death, his wife would receive his entire estate. He had to plan to reach his desired result.

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Who Is Clark Rockerfeller?

I found this story amazing. How could someone create identities at a whim and in high circles? How can one claim to be a Rockerfeller without immediate attention or confirmation?

When families are estanged from their relatives this, among other situations, creates such an opportunity. Sometimes estate planning can provide a chance to reunite families in ways that protect their identity and heritage. Estate planning does not require equal sharing of wealth but it can at least make clear who belongs.

Of course, estate planning nor anything else can stop people from being unscrupulous. How can your family reunite broken ties? Contact us at www.ythlaw.com or leave your comments here.

Cold Case

I was channel surfing last night and landed on Cold Case. Basically, each week the show takes a look at an unsolved case, aka cold case. It made me think about the estate plans not yet done. You should have a plan for your loved ones when you are no longer around. When we die what do we leave behind for the ones we love? Why leave everyone guessing on what you want or what you would have done if you planned?

When you leave your estate plan undone, it becomes a Cold Case for someone else to solve. My experience has shown that no investigator, detective, officer nor forensic specialist can figure out your intent.

So, don't leave your family with a mystery to solve. It is not a pleasant affair for anyone. Contact us at http://www.ythlaw.com/ and let the estate planning process begin.

Lessons Learned

Over the last few days we have had an estate planning moment from the archives of the rich and famous. Now, what do you do with this information? Well, just today, I had a new client tell me that these specific blogs made him think about what "could" happen. And with that comment, I realized my intent had been fulfilled.

You see, these are the types of mistakes I think about daily. However, such issues do not form a part of most people's regular thoughts or concerns. But, when I show you how it could play out with folks you "know" then I bring it home to you. It becomes more personal.

It also demonstrates how important it is that you seek professional estate planning guidance from one who is an expert in this area. Their insight is invaluable to you and your family.

Leave your comments here or contact us at http://www.ythlaw.com/