Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Add flexibility to a trust by using power of appointment. This article will examine the different types of powers of appointment and how that can impact taxation. The last blog examined the basics of powers of appointment. This blog will examine how they can impact taxation. From a gift and estate tax perspective, there are two kinds of powers of appointment, a limited power of appointment (or “LPOA”), and a general power of appointment (or “GPOA”). They can cause dramatically different gift … [Read more...] about Basics of Estate Planning: Powers of Appointment: Part 2
Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust. Trusts have many potential benefits. One of those benefits is that they can be very flexible. One way to increase the flexibility of a trust is by including powers of appointment. What is a Power of Appointment A power of appointment is giving someone the ability to direct the assets … [Read more...] about Basics of Estate Planning: Powers of Appointment
New Asset Transfer Look-Back for VA Aid & Attendance Coming Soon: The Window of Opportunity is Closing Quickly! Background: The VA offers a valuable benefit to wartime veterans through Aid & Attendance, i.e., those who served even 1 day in a time of war and served at least 90 days in one of the branches of the service. The veteran must also have not received a dishonorable discharge. If the veteran is age 65, and the veteran or their spouse can receive assistance in daily … [Read more...] about Look-Back for VA Aid & Attendance
Lottery winners often end up in bankruptcy. Learn how an estate planning attorney can help you avoid mistakes and plan for your newfound wealth. This article looks at ways to protect the wealth and ways to benefit charity and others. This is a two-part series concerning planning for lottery winners. The first part concerned avoiding pitfalls. Here we take a look at planning strategies to consider. Now that the lottery winner has avoided some of the possible pitfalls, let’s look at some … [Read more...] about Planning for Winners, Part 2 of 2