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Category -
Estate Planning
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 21:47 |
Well, like many celebrities, Heath Ledger died with an out-of-date will that left nothing to his 2 year old daughter Matilda or her Mother Michelle Williams. The three-page will was made public this week, (all wills are public documents after death) showing that the 28 year old had left everything he owned to his parents and sisters.
Heath's father has publically stated that the family would make sure that Matilda would be taken care of, and there may be laws that end up protecting her too, but Heath's two uncles have come forward warning Michelle Williams that she may have to fight to ensure her infant daughter receives part of her famous father's fortune.
But the most important question is: what would Heath have wanted?
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Read more... [Heath Ledger's Outdated Estate Planning Leaves Nothing to 2 year old Daughter Matilda]
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Category -
Assest Protection
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 21:42 |
You've heard of Robin Hood, the storybook hero who would take from the rich and give to the poor. In many courtrooms today, juries like “playing Robin Hood" and our legal system seems to encourage it. It's not a bad gig, unless you are the one being robbed.
Some people think "this could never happen to me because I am careful and competent and therefore I don't have exposure." The reality is that we live in a "sue happy society," and so it is not a question of negligence, but a question of "deep pockets." It doesn't matter if you are to blame. You have deep pockets and the insurance company that insures your assets have deep pockets. This makes you a target. You may even be aware of your potential exposure but frankly, you just don’t know what to do about it. Unfortunately, most people have not learned what to do about protecting their fortune from "creditors and predators."
So let's talk about what many people are asking about these days: Asset Protection. Specifically, this article is about asset protection estate planning. Asset protection is a part of an integrated estate planning process where you organize your assets and affairs so that you protect and control your assets during your life, in the event of an incapacity, and direct the distribution at the time of death. Your integrated estate plan protects your assets from liabilities and litigation, disability, guardianship, probate, and death taxes.
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Read more... [Asset Protection Estate Planning]
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Category -
Wealth Building
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 21:37 |
Life doesn't seem to get any less complicated the older we get, does it? The first time you married you were probably young and in love, and may not have had two nickels to your name. As we get older, when marriage or remarriage is contemplated, there is a lot more to think about.
Consider an example: your spouse has died following a long, loving relationship. Or maybe you have suffered a divorce. After several years of living alone you've decided to date again, and have found an engaging person who makes you feel alive again. You want to take it to the next level but there are "issues" that must be considered. The companionship is warm and all is well, except for ….. the children.
The adult children of the parent may be having some difficulty with mom or dad's new-found love relationship. Why? They are worried about the inheritance.
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Read more... [Grandma's Dating! Romance and the Revocable Living Trust]
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Category -
Legacy
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 17:50 |
Recommendation #11: Share your story.
Submitted by SunbridgeLegacy.com
Your family history connects you to other families and other historians. People tracing their own family histories might discover a lead in yours. A scholar might find anecdotes about your family that will help bring a historical study to life. The critical step is creating an accurate, well-documented family story or history and helping other people locate it.
- Type up your family story or history and send it on an email or regular mail tour through the family.
- Create your own family history website.
- Find out whether your local library or historical society collects family histories and offer to donate yours
- With other family historians, ask your local library or historical society to begin a collection of local family histories.
- Link your family history website to the appropriate spot in USGenWeb, at www.usgenweb.org.
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Category -
Wealth Building
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 21:36 |
A 1031 Exchange is a great way to sell real estate. Section 1031 of the Internal Revenue Code allows for a real property investor to defer their capital gain when they exchange it for investment property of a like kind. This means that you can trade an existing property for a new property or properties without having to pay taxes on your gain. The tax liability is “deferred” into the new property/ies.
In other words: if you own an investment property which has served its purpose and you would like to upgrade to a better, more profitable property, a 1031 Exchange may benefit you. For example, if you own a rental property, which you purchased in 1990 for $200,000. Now you have found a better property, which could provide more rental income or a better return. But due to appreciation, your old property has gone up in value and is now appraised at $700,000. Under normal circumstances you would need to pay taxes on your capital gain when you sell your old investment property.
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Read more... [The 1031 Tax-Deferred Exchange]
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Category -
Estate Planning
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 21:34 |
Question: My son is 100 percent disabled and is receiving benefits for Social Security disability and Medicare. Upon our deaths, we would like to leave all of our assets to him. We would like our daughter (whom we wish to become his caretaker after we pass away) to administer the funds. How will we be able to do this in a way that the estate proceeds will not endanger the income he receives from Social Security disability and benefits he receives from Medicare? We also would like to avoid our daughter having to pay income taxes on money that will go to our son.
Darlynn says: There is a way! But before taking any action regarding your assets, will, or trust, the first thing you should do is meet with a competent attorney who practices in estate planning matters. It very well could be that if you leave that money to your son without careful planning, then the benefits he has been receiving could be in danger, which would be tragic. This is very important and has life-long implications for your son. Also, you mentioned that you wish for your daughter to become his caretaker and administer the funds upon your deaths. Have you had a discussion with her regarding the matter? The actions you take will have a direct bearing on whether or not taxes will be paid. As mentioned before, this is clearly a case for an attorney who specializes in estate planning matters!
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Category -
Raising Kids
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Posted by Darlynn Morgan, Esq.
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Friday, 25 April 2008 17:59 |
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The process of estate planning and choosing a guardian that will care for your children can be difficult. It is hard to think of your children being raised by anyone else, no matter how loving they may be.
However, planning ahead can make a big difference in your child’s life. There are three simple steps one can follow to ensure that you have chosen the right guardian: Step One: Make a List of Possible Guardians Make the longest list you can of everyone you know that could be a good guardian. Ask yourself if they would provide a better home for the children than foster care. If so, include them. |
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Read more... [Choosing the Right Guardians]
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