October 2011 Posts

  • 12 Scary Beneficiary Designation Mistakes

    It’s Halloween, and tonight kids of all ages will be dressed in an assortment of costumes, many designed to frighten. What frightens an estate planner? Here are a dozen examples of scary planning (or lack thereof) with regard to life insurance and retirement plan beneficiaries:...
  • The Jolly Testator

    Written by Lord Neaves centuries ago, but true to this day: Ye lawyers who live upon litigants’ fees, And who need a good many to live at your ease, ...
  • SECU – Estate Planning Friend or Foe?

    The North Carolina State Employees Credit Union has a relatively new program called Estate Planning Essentials. Members of SECU are offered "estate plans" for $250, or $350 for married couples. The program description states that "[A] slate of experienced estate planning attorneys has been identified who have agreed to prepare these documents at a set price for Credit Union members." ...
  • Do you know the 10 Warning Signs of Alzheimer’s Disease?

    Alzheimer’s disease has really been on my radar these days. Now, I know I’m an elder law attorney, so of course it’s on my radar, but even so, the blips on the radar seem to be coming more frequently lately....
  • 2012 Retirement Account Contribution Limits

    In IR-2011-103, the IRS announced the pension and other retirement account contributions limit. Certain limits are set for below: Qualified Plans:...
  • AK Bankruptcy Court Avoids Transfer to AK DAPT

    In the May 26, 2011 Alaska Bankruptcy Court decision of In re Mortensen, the court avoided a transfer of real property of the debtor to an Alaska Domestic Asset Protection Trust (DAPT). The judge held that under Section 548(3) of the Bankruptcy Code, any transfer to a DAPT for less than full and adequate consideration is,...
  • The Seven Levels of Asset Protection

    Today I participated in a teleconference on Asset Protection Planning. Although the program was a bit basic for me, speaker Carl Waldman. Esq. included a helpful chart of the Levels of Asset Protection, which I have expanded on here:...
  • National Estate Planning Awareness Week

    October 17-23 is National Estate Planning Awareness Week. Most people are woefully unaware of the importance and benefits of estate planning. Even if you have implemented a comprehensive, up-to-date plan, chances are your family members and friends have not. Encourage them to talk to an estate planning attorney about how to protect their loved ones, preserve assets and save taxes. Here’s our Press Release on the topic. ...
  • IRS Provides Guidance for Protective Claim for Estate Tax Refund

    The IRS has just issued Revenue Procedure 2011-48, which provides guidance regarding the filing and subsequent resolution of a protective claim for refund of estate tax that is based on a deduction for a claim or expense under section 2053 of the Internal Revenue Code....
  • Low Rates, Low Values Create Planning Opportunities

    In How Low Rates Can Cut Your Tax Bill, WSJ columnist Laura Saunders reports out that current low interest rates create several advantageous tax planning opportunities: ...
  • LegalZoom Files Suit Against NC State Bar

    The online legal forms provider LegalZoom.com recently filed a lawsuit against the North Carolina State Bar in Wake County Superior Court, requesting that a judge rule that the company is entitled to sell standard legal forms on its website and be allowed to register in North Carolina to sell prepaid legal services. See this article on the Raleigh News and Observer website....
  • Nevada Asset Protection Trust Laws Improved

    Nevada’s new Domestic Asset Protection Trust (DAPT) laws became effective October 1, 2011. One new feature is the ability to move a DAPT that was established in another state to Nevada without having to start the statute of limitations period over....