Recently read this article in the WSJ, it has some great points. Let's think of our children's futures now and make sure our kids are getting what we want for them.

Most Americans don't have a will, let alone an estate plan. But that's not a good excuse. Here’s a checklist for getting your estate planning in order.

Legacy Locker helps you leave Twitter, e-mail, social network accounts to beneficiaries

Sharon Gaudin 12 March, 2009 08:07

See original article.

When people plan for their death, they make sure their homes, cars and money are left to someone. But what about their Facebook page?

Well, if they do want to make sure that someone can update their status or continue to post updates about the latest episodes of Lost or Battlestar Galactica, there's a new company that will help them do so. Legacy Locker, based in San Francisco, is slated to launch their digital estate planning service in April.

"We see Legacy Locker filling a serious unmet need considering the modern, digital lifestyle," said Jeremy Toeman, founder of Legacy Locker, in a statement. "It's not fun to think about, but the reality is most Web-based companies have no provision for managing your account in the event of your passing. Further, when I think of the assets we create online these days like Flickr, my multiple email addresses, and my PayPal account, they have real, significant value to me and to my family."

Elder Law: Recession can have silver lining for wealthy

Gifts can be made of assets

William Edy • Special to news-press.com • March 8, 2009

I am sure the recent economic downturn, or recession, has made life difficult for most of our readers. However, for some very high net worth individuals, there may be a silver lining.

Let's look at some tax planning which works better in a down economy.

Among other things, now is a good time to make gifts for estate planning. Such gifts will take advantage of the tax-exclusive nature of the gift tax and the million-dollar lifetime exclusion for gift taxes, as well as the bad economy. Let me illustrate an example.

Read full story here... 
http://news-press.com/article/20090308/BUSINESS/903080344.

If you've already got an estate plan in place and you are going through a divorce, you've got some steps to take because no matter how you cut it, divorce has a major impact on your estate plan. I hate to tell you that because I know that the last thing you want to think about in the middle of your divorce is your estate planning and, yet, it's critically important unless you want your ex to end up with control over all of your assets if anything happens to you.

Yep, that's what could happen if you don't address your estate planning as part of your divorce .... your ex could end up with everything or at the very least in control of everything.

For most people going through a divorce, this is the last thing they want.

To make sure this doesn't happen, you need to revamp your estate plan and create a new Will, Trust, Powers of Attorney and Health Care Directives during your divorce and not wait until afterwards.

Revamp Your Estate Plan During Your Divorce Or Your Ex Could Get Everything (including control of your medical decisions!)

Here's the truth: if you are in an accident during your divorce, it's your soon to be ex who will be making  your health care decisions, who will be in control of your money, and will inherit everything if you die unless you have new documents drafted.

AIKEN

Judge delays James Brown settlement

An S.C. judge on Friday said the relatives of James Brown and court-appointed trustees need to coordinate their dispute over the late soul-singer's wealth and charitable trust. Judge Jack Early said approval of a settlement will have to wait because of tax risks.

Lawyers had expected the judge to OK an agreement that would have given 50 percent of the estate to Brown's charitable trust to educate needy students, 25 percent to Brown's surviving spouse and 25 percent to some of Brown's adult children.

But court-appointed trustees say taxes put the money at risk unless people who want it can prove they were related to Brown.

"We're a lot closer than we were this time last year. We have a settlement," said Brown's daughter Deanna Brown, 39. "We're just going to fix a few things and come back. And I have a lot of faith in Judge Early that he will approve the settlement."

Attorney Robert Rosen said a decision on the settlement was expected, but "litigation takes time."

http://www.myrtlebeachonline.com/news/local/story/765670.html

New Book Helps Americans Properly Plan for and Preserve Wealth

Newport Beach, CA (January 15, 2009) -- There are few things in life more certain than death and taxes. However, the fact is few people actually plan for them. According to a recent survey, nearly 60 percent of Americans do not have a will. While there is more to estate planning than simply creating a will, it is a step in the right direction.

In the new book WealthCounsel® Estate Planning Strategies: Collective Wisdom, Proven Techniques, local attorney, Darlynn Morgan, along with a consortium of nearly 100 estate planning attorneys have outlined essential estate planning strategies all Americans, no matter their level of wealth, can utilize to plan not only for death and taxes, but to ensure their wishes are carried out exactly as they desire. In easy-to-understand language, WealthCounsel® Estate Planning Strategies helps people comprehend the entire estate planning process. The book not only provides insights and advice to those with large estates, but also offers help to those with very basic estate planning needs.

“Estate Planning Strategies is a great reference book for all professionals. The chapter I wrote on Joint Tenancy is particularly important since it is so frequently misunderstood. I am often asked about Joint Tenancy, and incorrect titling of assets can pose real difficulties if done incorrectly,” says Darlynn Morgan, attorney and founder of Morgan Law Group, co-author of the book.

WealthCounsel® Estate Planning Strategies explains:

• The goals and objectives of estate planning
• The basic and advanced documents used in estate planning today
• Basic rules for titling assets and property ownership
• How today’s changing estate, gift, and income tax rules affect legacy planning
• Life insurance strategies and techniques
• Retirement plan rules and principles
• How to plan for today’s blended and non-traditional families
• Asset protection strategies
• Business succession planning

The Wall Street Journal features an article, "Tax Report: Tips for Dodging an Audit."  Tax audits on those filing with incomes of $200,000 and above are sharply up and likely to continue at higher rates. 

A few other interesting facts from the article: Most audits now are done by mail, enforcement revenues dropped from 2007 to 2008, and anyone can "tip off" the IRS that you are cheating and the agency is likely to investigate.

Check out the article today!