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It is upon us, the week of Thanksgiving.  Hands down this is my favorite holiday.  The change of season is still new (at least here in Madison, Wisconsin).  The verdant colors of summer long gone.  Only a few burst of gold can be seen on a tree here and there.  And a blanket of white snow covers the ground.  Soon we'll gather in kitchens, sit around tables adorned with a feast, and chat by the fire.  Yes, it is my favorite holiday.   And given how I spend my work days, I see it as the perfect time of year to cover some basics in estate planning with the friends and loved ones you'll spend the holiday with. Okay, so these are not my suggestions for conversations over the actual turkey meal (or tofu if that is your preference), but sometime over the long weekend you might want to: Tell loved ones that you have completed a will, power of attorney, and or beneficiary forms.  They do not need to know the specifics, but they do need to know whe...

Grandma AnnaLee is in her late 70s, living in a Midwestern town.  Like many people, over the years she has acquired some art work.  Paintings to be specific.  Some she purchased, others were inherited from an uncle who was an artist. Unlike many people, Grandma AnnaLee is comfortable with the fact that one day she will be gone, but her art work will remain.  Wanting to take control of the situation now, when she still has a say, she contacted the big art museum in town.  One she enjoys visiting and thought would be a good home for her paintings when her time comes.  To her surprise the museum said "thank you for thinking of us, but do know that if you leave them to us they will essentially be put in storage...in our basement, we have more than we can display." By now you know that Grandma AnnaLee is a savvy woman, and she took this cue from the museum and tried another approach.  After some thought and research she located a smaller, more regional (...

Reviewing headlines posted in an email summary of important news in the world of estate planning, one caught my eye.   Gift tax limits to increase in 2014 per an IRS announcement . What -- I thought the amount was going to remain the same in 2014, what's going on?  This is what immediately popped into my mind. As I dug into the article clarity hit. Oh, the lifetime gift tax exemption is increasing in 2014, not the annual gift tax exemption.  Got it! And then I realized, this is the type of news that makes sense to me, but not many of Americas middle class. Annual exclusion, lifetime exclusion, what....?   I have given enough seminars to know this is the type of distinction that makes people roll their eyes and throw their hands up on frustration. Here is my breakdown: The annual gift exemption is the amount any one person can give another person in one calendar year and not worry about telling the IRS.  In 2013 that amount is $14,000, and it will re...