An interesting discussion on CNBC’s website of what happens when you die with different types of debt. Spring is the perfect time of year to review and update your estate plan. Give me a call or email me if I can help you with the estate planning process this spring.
(c) 2012, Stephen M. Johnson, Esq.
The Wall Street Journal has this story about the latest demographic study of wealth concentration. The WSJ notes that (1) the concentration of multi millionaires mainly tracks the population and (2) the number of high network individuals in a community and their relative concentration within that community may be very different. As always, if we can help with your estate planning or small business needs, call or email us for a convenient appointment.
(c) 2012, Stephen M. Johnson, Esq.
Here’s the first part of the Trusts and Estates annual roundup from the Heckerling Institute in Florida. The Heckerling Institute is America’s premier estate planning seminar for attorneys and other professionals. If we can help you with your family business, gift planning, or other estate planning, call or email us.
(c) 2012, Stephen M. Johnson, Esq.
If you’re a member of the Baby Boomer generation, you would be well advised to read this demographic study regarding investment returns and retirement planning. If we can help you optimize your estate plan for your retirement needs, please give us a call or send us an email, and we look forward to meeting with you.
(c) 2012, Stephen M. Johnson, Esq.
The Wall Street Journal has this interesting article on offshore estate planning tactics with reference to Mitt Romney’s IRA. If I can help you with offshore or domestic estate planning issues, please call me at your convenience.
(c) 2012, Stephen M. Johnson, Esq.
The Wall Street Journal offers some interesting insights about different ways families can keep a vacation home or similar special property in the family for generations to come while minimizing taxes. If I can help you pass your vacation home on to the next generation in your family, give me a call at your convenience.
(c) 2012, Stephen M. Johnson, Esq.
CNBC offers this advice to parents whose children want more money. If you need counsel on estate planning or gifting options to your children, give me a call to schedule a convenient appointment.
(c) 2012, Stephen M. Johnson, Esq.
A brief story: In high school trigonometry class, my math teacher used to give us frequent quizzes over basic trigonometry equations and other pre-calculus functions. I vividly recall him pacing up and down the thin aisles of desks (about 20 or 30 students), cradling his hands behind his back, and looking out over the class through his glasses while calling out “take your time,” then “hurry up!” a few seconds later. It was a charming eccentricity if you weren’t knee deep in a math problem, or an annoying interruption if you were racking your brain to remember that math formula you had stayed up late the night before trying to learn.
The changing economic realities, increased life spans, and increasing standards of living are causing many retirees to go on the “hurry-up offense” with retirement planning. There’s a similar phenomenon in estate planning. The tolling of the New Year bells draws closer, you get married and have a child, you get divorced, a relative dies and you receive an inheritance, or you or your spouse get the dreaded grim health news from the doctor. Time to visit your estate planning attorney.
While several “hurry-up offense” estate planning tactics that can be helpful, I recommend confronting these issues when you are healthy and have some time to contemplate how you want your last affairs handled. We all know that it’s best to make big decisions when you’re calm, relaxed, and feeling great. A Will or trust, living will, and durable financial and medical powers of attorney are the estate planning building blocks that every adult needs. Cross an item off your new year’s to do list, or make a new resolution to take care of your estate planning needs this year. Need to do any digital estate planning for your computer, email, Facebook, LinkedIn, online banking, or other valuable electronic information? Have a small business you’re looking to transition, or thinking about family business succession and your kids? We can help with that too. Call or email us any time to set up a convenient appointment and start off 2012 right with the peace of mind that good planning brings.
(c) 2012, Stephen M. Johnson, Esq.
Some news you can use, for lawyers and accountants (and others) preparing or filing 2011 tax returns. Because April 15, the traditional tax deadline, falls on a Sunday in 2012 and the 16th is a D.C. holiday (Emancipation Day), your 2011 tax returns won’t be due until Tuesday, April 17, 2012. Of course, you can still file for a 6 month extension via Form 4868, which pushes your (individual income tax) due date out to October 15, 2012 (the IRS also has extension forms for other filers). As one of Kansas City’s favorite sons (and H&R Block co-founder), Henry Bloch, titled his memoir, Many Happy Returns! It’s a good book that relates a fascinating story of perseverance and growing a family business into an accounting and tax empire, written with warmth and charming anecdotes by a gem of a gentleman.
If I can help you with your individual, corporate, or fiduciary tax returns for 2011, give me a call or send me an email.
(c) 2012, Stephen M. Johnson, Esq.
This Daily Mail article highlights a classic case of lawyers (and accountants) getting removed from a case by the judge because of conflicts of interest, in the Clark case, for each being slated for an $8 million bequest from the estate. This is a classic legal ethics question that confronts estate planning attorneys – can the lawyer accept a gift from the estate of the deceased? Short answer is “no.” If a lawyer drafts estate planning documents for family members, the relative is entitled to independent legal counsel if they so choose and the lawyer may not receive more than an intestate share of the estate (e.g. what they would’ve received if the relative had died without a will). A client can theoretically leave gifts to their lawyer or other professional advisors in a will or trust, but those gifts are automatically suspect and best practice is to only be paid your attorney’s fees and not accept gifts from a client’s estate.
If you need legal counsel with year end estate planning or if you’re an attorney who has a conflict of interest and need independent legal counsel to help, give me a call or send me an email. Merry Christmas and see you in the New Year – 2012, here we come!
(c) 2011, Stephen M. Johnson, Esq.
Estate Planning, Entrepreneurial, and Entertainment Law
Estate Planning, Entrepreneurial, and Entertainment Law
The KC Estate Planner 