Estate Planning practitioners guide clients in naming trustees and personal representatives (collectively “fiduciaries”) as part of the Estate Planning process. These conversations cover many topics including the fiduciary’s duties and responsibilities upon taking office. For example, fiduciaries marshal the assets of the estate or trust; make decisions regarding the distribution of assets to the beneficiaries; […]

The Academy Team is looking forward to seeing our Members and their teams face-to-face at our Spring Summit in Austin, TX. For our Member Firms that did not attend our Fall Summit in San Diego, it has been 2+ years since their last in-person Summit. That got me thinking, I bet a lot of attorneys […]

Estate Planning attorneys have a difficult job. They need to understand each client’s family dynamic, identify areas of concern, provide advice regarding the best course of action, and consider potential tax ramifications while protecting beneficiaries from themselves. All that occurs before the attorney ever puts pen to paper. The attorney then needs to create documents […]

When was the last time you have completely lost yourself in a task? Been so absorbed by it, so in the zone, that the rest of the world fell away into the background? Do you remember what it was you were doing when that happened? What the task was? Can you remember what it was […]

Individuals undertake Estate Planning not only to ensure the smooth transition of their assets upon their death, but also to prevent certain beneficiaries from inheriting or limiting the gift or bequest to a beneficiary. A will or trust can limit the amount given to a beneficiary, for example, by providing one child with a smaller […]

We occasionally notice attorneys feel that because a document wasn’t particularly difficult to produce, or (in the attorney’s mind) because the client can’t afford the fee quoted in the last meeting, or even perhaps because they haven’t had anyone pay them the fee they are quoting, they ask for a lower fee than another attorney […]

In a prior blog, we examined the role of entities in Estate Planning, focusing on entity documents that allow flexibility in allocating rights to profits and capital, shifting income and property appreciation from one generation to the next, and providing asset protection. That article examined what occurred when Estate Planning documents conflicted with the operating documents […]

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Last week’s blog focused on the recent taxpayer win that resulted from the Estate of Marion Levine v. Commissioner, (158 T.C. No. 2). This week’s blog focuses on other issues that could arise when planning with life insurance. Remember that Internal Revenue Code (“Code”) Section 2042 causes inclusion of the proceeds of a policy on […]

Have you inherited your family’s photo collection? Is it overwhelming your life? What can you do to manage these photos, and how do you deal with the emotional baggage tied to all these things? Martie McNabb, a personal historian and founder of Show & Tales and Memories Out of the Box, has helped hundreds of […]