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Documents on Trusts And Estates
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|Five Reasons Why You Need a Good Succession Plan Now|
Liza C. Moore; Foster, Swift, Collins & Smith, P.C.;
July 25, 2014, previously published on July 18, 2014Remember the old saying “failing to plan is planning to fail”? Here are five reasons why you need a good succession plan now.
|Transitional Rules for The Wills, Estates And Succession Act|
Peter J. Glowacki, Scott Kerwin, Tamara G. Wong; Borden Ladner Gervais LLP;
July 24, 2014, previously published on July 21, 2014The Wills, Estates and Succession Act (“WESA”) came into force on March 31, 2014. The WESA is both a consolidation and a substantial overhaul of British Columbia’s legislation relating to wills and estates. Amendments to the Supreme Court Civil Rules also came into effect on March...
|The Sky is Really Falling|
James M. Kane; Chamberlain, Hrdlicka, White, Williams & Aughtry;
July 24, 2014, previously published on July 9, 2014The advent of the early 2013 Congressional $5.0 million estate exemption also gave us a vastly more complicated income tax system that will apply to a large number of estates.
|Conan Doyle Estate’s Quixotic Attempt to Protect Sherlock Holmes|
Eric K. Gill; Sheppard, Mullin, Richter & Hampton LLP;
July 22, 2014, previously published on July 15, 2014Led by Judge Richard Posner, the Seventh Circuit Court of Appeals recently refused what Posner called a “quixotic” attempt to extend copyright law. While the holding was perhaps to be expected, the opinion introduced a mystery of its own: If not copyright, what will stop today’s...
|Amendments May Be Needed In the New Tax Landscape|
William P. Ellsworth; Chuhak & Tecson, P.C.;
July 21, 2014, previously published on June 26, 2014The current iteration of the federal estate tax affects well under one percent of the population at death. With the estate tax exclusion now permanently set at $5,000,000 and indexed for inflation, a married couple with a basic estate plan utilizing both spouses’ exclusion amounts would need...
|Avoid Bad Planning, Late Planning and Lack of Planning When Estate Planning|
William P. Ellsworth; Chuhak & Tecson, P.C.;
July 21, 2014, previously published on June 26, 2014Bad planning, late planning and lack of planning manifest themselves in every area of life. Most recently, they were on very public display at the Winter Olympics in Sochi, Russia. While I could detail the poor planning by the Olympic committee in choosing a host for the winter games located in a...
|5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning|
Dana B. Perry; Chambliss, Bahner & Stophel, P.C.;
July 21, 2014, previously published on July 2014Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in...
|Estate Planning With Small Captive Insurance Companies|
David Kamer; Kaufman & Canoles A Professional Corporation;
July 19, 2014The use of captive insurance companies has ballooned in recent years. The reasons are many, including traditional insurance companies narrowing the areas of risk they are willing to cover, ever increasing premiums charged by traditional carriers, a desire of insureds to have more control over...
|Child Heading Off to College? Why an Estate Plan is Important|
Daniel J. Hoffheimer, J. Anthony Kington, Richard O. Kissel, David W. Nyberg, Mary L. Rust; Taft Stettinius & Hollister LLP;
July 18, 2014, previously published on July 14, 2014If your child is heading off to college, does his or her college checklist include an estate plan? As you help your child pack for college, will he or she leave you with a health care power of attorney, a HIPAA authorization, a financial power of attorney and a will? If you haven't prepared these...
|I Want to Give All My Property to My Children So the Government Won’t Get It|
Michael C. Pruett; Hall Booth Smith, P.C.;
July 15, 2014, previously published on June 24, 2014This is a statement commonly heard in the estate planning practice. It is an assertion cloaked in unstated assumptions, and the meaning therefore varies. Generally, however, the client making this statement usually has one of two things in mind. First, a surprisingly large number of people seem...