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Full-Text Articles in Law
Naming A Trust As The Beneficiary Of A Qualified Retirement Plan Or Ira, Barbara Freedman Wand
Naming A Trust As The Beneficiary Of A Qualified Retirement Plan Or Ira, Barbara Freedman Wand
Marquette Elder's Advisor
In this column Wand explores the advantages and disadvantages of naming a trust as a retirement plan beneficiary. Reasons such as investment management, spendthrift concerns, and second marriages are discussed, as well as the possible loss of tax advantages that might occur. Particular strategies for overcoming obstacles and fulfilling a multitude of requirements are explored.
Planning For A Disabled Child, Judith G. Mcmullen
Planning For A Disabled Child, Judith G. Mcmullen
Marquette Elder's Advisor
McMullen provides a comprehensive view of the problems encountered when estate planning includes providing for a disabled child of any age. Traditional approaches, such as outright gifts and trusts, are discussed. Particular attention is paid to situations which might limit access to potential public benefits, including medical assistance programs. Various aspects to consider while evaluating possible options are discussed.
Transferring Wealth With The Grantor Retained Annuity Trust: Gratifying Results At Low Cost, Barbara Freedman Wand
Transferring Wealth With The Grantor Retained Annuity Trust: Gratifying Results At Low Cost, Barbara Freedman Wand
Marquette Elder's Advisor
By using a Grantor Retained Annuity Trust (GRAT), a client can transfer significantly appreciating assets to family members at a reduced transfer tax cost. This article discusses strategies for maximizing the effectiveness of a GRAT.
Disclaimer And Elective Share In The Medicaid Context, Cynthia L. Barrett
Disclaimer And Elective Share In The Medicaid Context, Cynthia L. Barrett
Marquette Elder's Advisor
Disclaimers of inheritance must be handled with care to ensure that they do not harm the long-term benefits provided by the federal Medicaid program. This article explores recent developments in Medicaid law, some disclaimer situations in practice, and effects of forced elective shares on Medicaid benefits. This article also discusses various means to plan for Medicaid, including the use of a Special-Needs Right-of-Election Trust.
Ticking Time Bombs In Ira Planning For Professionals, Jack E. Stephens
Ticking Time Bombs In Ira Planning For Professionals, Jack E. Stephens
Marquette Elder's Advisor
Individual retirement accounts (IRAs) are generally a significant part of any client's estate these days. Professional estate planners must familiarize themselves with the multifarious rules that affect IRAs and take into account basic planning requirements to avoid potential catastrophic tax traps for the client and liability for the advisor. This article highlights twenty-two significant issues with IRAs that estate planners must address.
Elder Law: General Practice With A Niche, Jane Rupprecht Mulcahy
Elder Law: General Practice With A Niche, Jane Rupprecht Mulcahy
Marquette Elder's Advisor
This article provides an overview of elder law practice and the importance of a client centered practice. Developing an elder law practice requires specialized marketing to the growing aging population. The elder law attorney must be knowledgeable in broad areas of law included in that practice. Expertise in property law and health care law are two of the most common areas of law practiced by elder law attorneys.
Advising Clients Regarding Lifetime Distributions From Qualified Retirement Plans, Barbara Freedman Wand
Advising Clients Regarding Lifetime Distributions From Qualified Retirement Plans, Barbara Freedman Wand
Marquette Elder's Advisor
This column reviews various requirements of qualified retirement plans, their myriad rules and requirements, and how uninformed decision-making can negatively impact a client's overall program. Wand's column is intended to aid an attorney in advising clients as to the appropriate choices.
Special Needs Estate Planning-A Family Perspective, Terry L. Toske
Special Needs Estate Planning-A Family Perspective, Terry L. Toske
Marquette Elder's Advisor
Toske illustrates the need for early estate planning involving the entire family when a developmental disability affects a family member. The importance of maintaining eligibility for government programs is stressed, as well as the benefits of the planning to all concerned. Two case studies are used for illustration. A what do I do now? list is included.
Guardians And Wills: "Substituted Judgment" In Estate Planning Deserves Another Look, Edward A. Shipe
Guardians And Wills: "Substituted Judgment" In Estate Planning Deserves Another Look, Edward A. Shipe
Marquette Elder's Advisor
In some circumstances, a guardian is faced with estate planning documents that may not reflect the ward's true intentions. In many states, the guardian has no option to alter or change those documents. The author asserts that in some circumstances, a guardian should have the authority to change a ward's estate plan.
Education And Estate Planning, William Josh Ard
Education And Estate Planning, William Josh Ard
Marquette Elder's Advisor
No abstract provided.
Has Your Client Lost It? Ethical Considerations In Estate Planning, Marita K. Marshall, Frayda L. Bruton
Has Your Client Lost It? Ethical Considerations In Estate Planning, Marita K. Marshall, Frayda L. Bruton
Marquette Elder's Advisor
This article examines competence issues that lawyers may encounter with a new client with suspect competency or a current client who is now incompetent or whose competency is questionable.
Psychological Perspectives On Competency, John Becker
Psychological Perspectives On Competency, John Becker
Marquette Elder's Advisor
This article considers how law and psychology can work together cooperatively toward understanding the competency of individuals to make plans for themselves and to take care of themselves personally and financially.
Income-Only Trusts: A Win-Win-Win Option In Estate Planning, Billie M. Castle
Income-Only Trusts: A Win-Win-Win Option In Estate Planning, Billie M. Castle
Marquette Elder's Advisor
When appropriate, income-only trusts can achieve the multiple objectives of preserving assets while minimizing tax liability, protecting assets against the possibility of long-term care costs, and retaining control of the grantor. This article examines the important factors that need to be considered to use income-only trusts successfully.
Isolated And Underserved: Reaching Lesbian, Gay, Bisexual, And Transgender Seniors, Nancy Flaxman
Isolated And Underserved: Reaching Lesbian, Gay, Bisexual, And Transgender Seniors, Nancy Flaxman
Marquette Elder's Advisor
This article examines how elders with diverse sexual orientations typically have spent a lifetime in the closet. Though many would benefit from professional advice that would assist with estate and financial planning and other issues raised by their nontraditional relationships, an attorney may never know unless the firm takes the first steps and lets the public know that LGBT elders are welcome and respected.
Post-Mortem Ira Planning For The Surviving Spouse, Greg Reymann
Post-Mortem Ira Planning For The Surviving Spouse, Greg Reymann
Marquette Elder's Advisor
In 2002, the IRS issued simplified regulations governing required minimum distributions (RMDs) for IRAs. The new rules make elections at the time of one's required beginning date obsolete, and shift the deadline for many of the planning options to a specified date following the IRA owner's death. This article discusses those planning options faced by the surviving spouse.
Mediation In Estate Planning: A Strategy For Everyone's Benefit, David Gage, John A. Gromala
Mediation In Estate Planning: A Strategy For Everyone's Benefit, David Gage, John A. Gromala
Marquette Elder's Advisor
How much better would this world be if we all believed that most disputes could be avoided? Mediation is offered as a tool to reach agreement, but the hard work of mediating a dispute requires a knowledgeable, experienced professional. These authors offer observations and strategies based on their expertise and success in the field.
Wrestling With The Economic Growth And Tax Relief Reconciliation Act Of 2001: Useful Web Sites For Estate Planners, Kathryn Hensiak
Wrestling With The Economic Growth And Tax Relief Reconciliation Act Of 2001: Useful Web Sites For Estate Planners, Kathryn Hensiak
Marquette Elder's Advisor
Looking for information on complex estate planning and tax issues such as EGTRRA? One readily available, extremely economical resource is the Internet. Here are some tips for conducting research online, along with a listing of more than a dozen helpful Web sites.
Using Family Limited Partnerships For Estate Planning, Milton Childs
Using Family Limited Partnerships For Estate Planning, Milton Childs
Marquette Elder's Advisor
By using a family limited partnership, parents can keep control of a family enterprise while providing limited ownership rights to their children. Estate planners can use this device to protect assets and reduce income taxes. Childs suggests and explains different methods of reducing or eliminating estate taxes, discussing the need to differentiate between safe and dangerous assets.
Elder Law And Estate Planning For Gay And Lesbian Individuals And Couples, Ralph Randazzo
Elder Law And Estate Planning For Gay And Lesbian Individuals And Couples, Ralph Randazzo
Marquette Elder's Advisor
This comprehensive article discusses the unique problems in estate planning encountered by gays and lesbians. Among the items explored are joint representation, advance directives, guardianship, long-term care planning and insurance, Medicare and Medicaid planning, nursing home care, exempt transfers, wills, revocable trusts, gift taxation, and the unique problems encountered which counselors must consider when representing gay and lesbian clients.
Family Harmony: An All Too Frequent Causality Of The Estate Planning Process , Timothy P. O'Sullivan
Family Harmony: An All Too Frequent Causality Of The Estate Planning Process , Timothy P. O'Sullivan
Marquette Elder's Advisor
In this in-depth article O'Sullivan explores reasons for naming a non-family member as fiduciary, while maintaining family input. Bequests involving family businesses or farms are investigated. Also discussed are issues involving loans to children, compensation for parent care, blended families, and the advisability of discussion of will provisions with adult children, especially if bequests are unequal. In all instances, steps to maintain family harmony are urged.
Elders And End-Of-Life Medical Decisions: Legal Context, Psychological Issues, And Recommendations To Attorneys Serving Seniors , Ed De St. Aubin, Sheila Baer, Joan Ravenelli Miller
Elders And End-Of-Life Medical Decisions: Legal Context, Psychological Issues, And Recommendations To Attorneys Serving Seniors , Ed De St. Aubin, Sheila Baer, Joan Ravenelli Miller
Marquette Elder's Advisor
Much more than the disposition of worldly goods must be considered when preparing legal documents for end-of-life situations. This article stresses the necessity of client autonomy in preparing dispositional gifts as well as decision planning for medical care and treatment for senior citizens, and also explains the concept of Generatively: the desire to contribute to the well-being of . . . future generations.
Maximizing The Benefits Of Estate Planning Bet-To-Die Strategies: Clats And Private Annuities , Peter Melcher, Matthew Zuengler
Maximizing The Benefits Of Estate Planning Bet-To-Die Strategies: Clats And Private Annuities , Peter Melcher, Matthew Zuengler
Marquette Elder's Advisor
Because the IRS must normally use actuarial tables to determine life expectancy, particular persons whose life expectancy may be much shorter than projected may be able to preserve a much larger than usual portion of family assets through the use of Charitable Lead Annuity Trusts (CLATS) or private annuity sales. The advantages, disadvantages, and basic tax considerations of each are shown through several detailed examples.
Ensure Your Pet's Future: Estate Planning For Owners And Their Animal Companions , Rachel Hirschfeld
Ensure Your Pet's Future: Estate Planning For Owners And Their Animal Companions , Rachel Hirschfeld
Marquette Elder's Advisor
Pets are a central and vital part of their owners' lives, and it is statistically well-documented that seniors and people with health issues derive substantial benefits from their pets. However, pet owners often do not consider what will happen to their pets if they die or become disabled. Many older people do not have pets because they are concerned about who will care for their pets if they become disabled or die and their pet survives them. Often, older people would like to have a pet companion and would benefit from acquiring one or keeping the one they already have. …