DIVORCE AND ESTATE PLANNING BY DEFAULT
This is what happens if you get divorced and don’t bother to change the title or beneficiary designations of your investments and don’t revise your estate planning documents. Dr. Howard Davis recently divorced for the second time. While in Medical School, he met and married his first wife. They had one son, Sam, now age […]
PROTECTING YOUR INHERITANCE THROUGH A DISCRETIONARY TRUST
Dr. Cory, a well-respected surgeon and man about town, came from money. He carries no malpractice insurance. He has met with his asset protection attorney and has made use of the generous Florida exemptions and has 2 limited liability companies. His parents are getting older and their health is deteriorating. At the same time, he […]
DIGITAL ASSETS RELIEF
Earlier this year, we wrote an article concerning what happens to your digital assets, such as email accounts, social network, on-line bill paying accounts, etc., if you became incapacitated or died. Our fear was that your credit card bills would not get paid, your family would have difficulty determining where some of your investments were, […]
THE CASE OF THE $3,000,000 IRA AND THE SHOPAHOLIC SPOUSE
Dr. Allen, a retired surgeon in his early 70s, is not well. His big concern is his spouse, who is a spendthrift, knows nothing about finances, and has never missed a sale. Through great effort and secrecy, Dr. Allen has accumulated $3,000,000 in his IRA. He is concerned about what will happen after he dies. […]
PORTABILITY AND YOU
Here is a typical estate planning problem for our clients: Husband and Wife, both in their 60s, have a combined net worth of $9,000,000, with $8,000,000 titled in the Husband’s name and $1,000,000 titled in the Wife’s name. They wish to leave their assets to their two children with minimal taxes. They are aware that […]
PLACING THE HOMESTEAD IN A REVOCABLE TRUST DOES NOT AVOID PROBATE!
PLACING THE HOMESTEAD IN A REVOCABLE TRUST DOES NOT AVOID PROBATE! Copyright © 2014 by Robert M. Kramer. All Rights Reserved. Sometimes common legal problems are hard to solve. For example, Dr. Kellogg’s mother, Mrs. Kellogg, a widow, died recently. She owned a $300,000 homestead and various liquid investments. Her estate planning attorney set up […]