Wednesday, November 30, 2011
Tuesday, November 29, 2011
Monday, November 28, 2011
- New Mexico;
- Oklahoma; and
Friday, November 25, 2011
Thursday, December 1st6pm -8pm
Thursday, November 24, 2011
I am taking the day off from law and blogging to enjoy the holiday with my family. I am sharing a favorite photo, one I took a few years ago. As we prepare to say good-bye to Fall and hello to Winter, may be pause and give thanks.
Wednesday, November 23, 2011
Today I am posting a review that I wrote for the Wisconsin Lawyer Magazine in December 2008 of the book Alive and Kicking: Legal Advice for Boomers by Kenney F. Hegland and Robert B. Fleming. Enjoy.
Short, concise chapters on a wide variety of issues, Alive and Kicking is a useful book for any lawyer who works with today’s Boomers. Chapters address issues ranging from estate planning to identity theft to Social Security as well as divorce and remarriage. Written for the Boomer, as opposed to attorneys, the book offers straightforward insight into the issues faced as people age.
The primary strength of the book is its ability to serve as a quick and handy reference guide to the common issues older clients might raise in the course of representation. While it is not wise to practice outside of your given emphasis, estate planning for example, no lawyer wants to answer a client’s inquiry with “I have no idea”. Alive and Kicking can serve as a quick reference to address a client’s question while you develop a more detailed referral if needed.
As with many books related to these timely topics, the book is limited in that each State may have a different procedure – the book is not
However, those limitations come with most print media these days, and I would recommend the book to anyone whose practice involves serving the Boomer population. At just over 250 pages, it is a quick and often humorous read. One piece of new information I gained was related to the 1983 Congressional action to prohibit federally assisted housing, designated for the elderly or disabled, from discriminating against owners of cats, dogs, and fish.
Tuesday, November 22, 2011
"I learned the hard way how NOT to scatter ashes....into the wind." -anonymous.
Monday, November 21, 2011
- if you have minor children;
- if you need to do tax planning;
- if you have adult children who are not good with money; and
- if you have pets.
Friday, November 18, 2011
- the national average daily rate for a private room in a nursing home was $239 in 2011;
- the national average monthly rate for assisted living care was $3,477 in 2011; and
- the national average hourly rate for an in-home health aide was $21 in 2011.
Thursday, November 17, 2011
Tangible personal property includes, but is not limited to: works of art, jewelry, furs, silverware, books, statuary, vases, oriental rugs, and coin or stamp collection.
Wednesday, November 16, 2011
Tuesday, November 15, 2011
- filing a claim for life insurance;
- transferring non-probate assets (IRAs, 401ks, etc.);
- closing cell phone and other utilities; and
- closing social media accounts.
Monday, November 14, 2011
- There is a perfect match. I'd call this analysis paralysis....you search and search, but take no action;
- Someone will step up;
- A letter or email is sufficient;
- You don't need to ask the guardian before making the nomination.
Friday, November 11, 2011
Thursday, November 10, 2011
- Transfers to political organizations, as defined under Section 527(3)(1);
- Transfers to qualifying educational organizations in the form of tuition for education or training. Not included are transfers for books, supplies, room / board, or deposits into 529 college savings plans; and
- Transfers for medical treatment so long as that treatment would qualify as a deduction for income tax purposes.
Wednesday, November 9, 2011
- history and beliefs;
- the basic service;
- holy days and festivals;
- life cycle events (birth, initiation, marriage, funerals); and
- home celebrations.
Tuesday, November 8, 2011
Husband and wife create a living revocable trust, fund it, husband dies and it becomes irrevocable on when the first spouse dies, requiring distributions to survivor.
Same scenario as listed above, however, the surviving spouse never took the annual distribution out of the trust....over 20 years. Upon the second spouse's death serious tax issues emerged. The unclaimed income created income tax issues (it was never reported), and leaving it in the trust was viewed as contributing to the principal of an irrevocable trust. Plus, probate was required to received the 20 years of distributions out of the trust that were never taken.
Monday, November 7, 2011
Is it time to update your estate planning documents? My personal recommendation is that powers of attorneys be updated every 5 to 7 years. Wills and trusts should last generations, however small amendments may be need to reflect relationship changes (marriages, births, deaths, conflicts between parties, and acquisition of new property). Don’t put off changes until it is too late.
Friday, November 4, 2011
- Michael Jackson, $170 million;
- Elvis Presley, $55 million;
- Marilyn Monroe, $27 million;
- Charles Schulz, $25 million; and
- John Lennon, $12 million.