Recent Posts in Trusts Category

  • Supreme Court Holds Inherited IRAs Are Not Asset Protected

    || 24-Jun-2014

    For Clients, Advisors and Community. If you or your parents have an IRA with six figures or more, you need to read this article carefully. A word of introduction: An “inherited IRA” is an account originally established by Mom or Dad and at the death of Mom or Dad is held for the benefit of son or daughter or grandchild (or other relative). It is typically titled, “Mom or Dad IRA ...
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  • A Lesson From Phillip Seymour Hoffman

    || 10-Mar-2014

    For Clients, Advisors and Community. My staff will tell you that I take pride in writing my own blog articles. I don’t have a ghost writer and I don’t buy a service. This very recent article in “Wealth Management” quoted below is so well written that I can’t possibly do better. Large parts of this blog are taken directly from that article. (“Keeping Up with ...
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  • INHERITED IRAS ARE NOT CREDITOR PROTECTED For Clients, Advisors and Community: Individual Retirement Accounts (IRAs) are becoming an increasing portion of wealth transferred from generation to generation. Do you have or do you anticipate owning an Inherited IRA from a parent or grandparent? If you do, this article applies to you. What is It? An “inherited IRA” is an IRA inherited from ...
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  • The Worst Bank in America

    || 15-May-2012

    For Clients, Community and Advisors. Every day, we assist our clients in transferring assets to their trusts to ensure that the goals and objectives of their estate plans are accomplished. Once the assets are transferred, we endeavor to verify that the assets are correctly titled. I would venture to say that every year, we deal with hundreds of financial institutions. Some are easier to work with ...
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  • Are Living Trusts Created Just For Tax Benefits? For Professional Advisors. Lawyers and advisors around the country are getting some push back from their clients when they recommend Revocable Living Trusts (RLT). The issue seems to be that their clients perceive RLTs to only be good as tax planning tools. With the federal estate tax exemption currently set at $5 million per individual and $10 ...
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  • On first glance, it looks like the recently signed “Illinois Residential Real Property Transfer on Death Instrument Act” would only interest lawyers, title companies, and the government. In fact, this new law, which goes into effect on January 1, 2012, will allow a majority of our clients to “have their cake and eat it, too”, just by addressing how their residence title is ...
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  • Where Is the Original of Your Will?

    || 14-Sep-2011

    For Clients, Community, Professional Advisors. At least once per year (and sometimes more often) we receive a phone call from the children of one of our clients. It sounds like this: “Dad died yesterday. We’re trying to find the original of his will (and/or trust). Does your office have it? Might you know where it is?” In a recent case, three different copies of a will showed up ...
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  • Update on Inherited IRAs

    || 15-May-2011

    For Clients, Professional Advisors Since my March 3, 2011 posting on inherited IRAs, there has been an interesting precedent. A Federal Court in Texas has issued an important appellate decision. The case is Chilton v. Moser. What happened? Shirley died in 2007 naming Janice as beneficiary of her $170,000 IRA. Janice opened an IRA titled, “Janice, beneficiary of Shirley IRA” and ...
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  • For Community, Clients, Advisors In the first installment of this blog series, I described how, for one family we recently represented, procrastination caused unnecessary delay, expense and worry that their objectives would not be achieved. In the second installment, I discussed a case currently in my office where delay and a reliance on joint tenancy property caused husband and wife’s ...
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  • For Community, Clients, Advisors In the first installment of this blog series, I described how procrastination caused unnecessary delay, expense, and worry for one family we recently represented. Here is another. What I now describe is a matter in our office right now. I have the family’s permission to write and publish this expressly for the purpose of helping other families. Phyllis and ...
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