June’s newsletter delves into all things life insurance. This critical yet often misunderstood aspect of financial planning can help secure your family’s future. In the newsletter, we explore innovative life insurance applications, from funding trusts for dependents to covering estate taxes and debts. We’ll also discuss the importance of naming the right beneficiaries and ensuring…
The Wall Street Journal (Feliz Solomon) 06.02.24, published an article titled “She Hooked Me: How an Online Scam Cost a Senior Citizen His Life’s Savings.” It’s the true story of a man who fell victim to online seduction and paid a significant price. We want to think that such online scams are few and far…
The Wall Street Journal (Ashlea Ebeling) 06.01.24, published the article “The Brady Bunch Breaks Down: Estate Fights Tear Stepfamilies Apart.” The article provides real-life examples of blended families facing legal battles and discord due to poor estate planning. However, it also highlights success stories where thoughtful estate planning preserved family legacies. Estate planning for blended…
The IRS imposes a gift or estate tax on the transfer of money or property from one individual to another, with certain exceptions. One exception that we’d like to delve into is the self-canceling installment note (SCIN). It is a promissory note used to transfer valuable accounts and property between individuals. However, the note includes…
Estate planning can be a sensitive subject, but the experiences of iconic figures like Gloria Vanderbilt, Aretha Franklin, and Lucille Ball offer valuable estate planning lessons. This month’s newsletter explores their practices and pitfalls to gain insights into the importance of clear, strategic planning. Gloria Vanderbilt: No Trust Fund As baby boomers prepare to pass…
By James C. Man, Esq. In the nuanced and complicated world of corporate and contract law, there are three fundamental properties that all agreements must have: offer, acceptance, and consideration. Generally speaking, once an offer is revoked, it cannot be accepted because there is, in effect, no outstanding offer. Nonetheless, in some jurisdictions (e.g., TX, NY, UT) a…
Many individuals choose to incorporate a charitable bequest into their estate plan. For some, this decision stems from a deep sense of altruism; for others, the drive is the significant financial advantage. Yet, for the vast majority of donors, the charity they leave behind represents a harmonious blend of both motivations. Including charitable donations in…
Your business is likely one of your most valuable assets. For this reason, business succession planning is crucial when creating an estate plan. A business succession plan clearly defines who will take on which roles, aiming to prevent disputes among family members or employees. If the business is sold later, the plan will also clearly…