Wealth Strategies Journal 2.0 (Beta)

Wealth Strategies Journal 2.0 (Beta) http://www.wealthstrategiesjournal.com/ Developments in estate planning and taxation, asset protection, business succession planning, fiduciary issues, high-net-worth families and family offices, insurance, investments, marketing, multi-generational values, philanthropy and retirement benefits. en Copyright 2013 Thu, 23 May 2013 19:28:10 -0500 http://www.sixapart.com/movabletype/ http://www.rssboard.org/rss-specification Case Highlights British Right-To-Die Law

See "The Right to Die Takes Center Stage in Britain," Wills, Trusts & Estates Blog (May 22, 2013).

See "Paralyzed British men fight right-to-die case in court," Fox News (May 13, 2013).

Posted by Kelly Humke, Associate Editor, Wealth Strategies Journal

]]> http://www.wealthstrategiesjournal.com/2013/05/case-highlights-british-right-.html http://www.wealthstrategiesjournal.com/2013/05/case-highlights-british-right-.html Articles-Other Thu, 23 May 2013 19:28:10 -0500 Using Estate Planning Tactics to Avoid Family Conflict Often times family feuds involving surrounding wealth transfers can end up in litigation, particularly when the estate involves a family business or a high net-worth estate. These family conflicts can be avoided or at least mitigated using some of the following helpful tactics:

Circumstances do not always call for fairness or equitable division of assets.
Transfer assets based on the individual circumstances that apply to the particular estate.
Implement a trust to protect individual and family assets.
Prevent misunderstandings being open and transparent about the estate plans.
Don't wait for an event before addressing an issue.
Evaluate the assets that are best transferred prior to an event.
Update your estate plan after significant life milestones.
Choose a professional advisor you can trust who understands your family dynamics.

See E. Patricia Chantler & Wonsun Willey, Avoiding Family Conflicts During Estate Planning, WealthManagement.com, May 15, 2013.

See also Tips on Avoiding Family Feuds During Estate Planning, Wills, Trusts & Estates Prof Blog, May 22, 2013.

Posted by Anne E. Brown, Esq., Associate Editor, Wealth Strategies Journal

]]> http://www.wealthstrategiesjournal.com/2013/05/using-estate-planning-tactics.html http://www.wealthstrategiesjournal.com/2013/05/using-estate-planning-tactics.html Estate Planning + Taxation Thu, 23 May 2013 13:17:55 -0500 Article: Estate Settlement in Michigan John H. Martin (Warner, Norcross & Judd LLP) examines probate estate settlement, noting its current inefficiency, and explores options which may help make probate a more attractive and viable form of estate settlement.The article focuses on Michigan's Estate and Protected Individuals Code (EPIC), proposing certain changes that would improve Michigan estate settlement.

See John H. Martin, "Improving Michigan Estate Settlement," 29 T.M. Cooley L. Rev. 1 (2012).
See also Gerry W. Beyer, "Article on Estate Settlement in Michigan," Wills, Trusts & Estates Prof Blog (May 21, 2013).

Posted by Morgan Yuan, Esq., Associate Editor, Wealth Strategies Journal.

]]> http://www.wealthstrategiesjournal.com/2013/05/article-estate-settlement-in-m.html http://www.wealthstrategiesjournal.com/2013/05/article-estate-settlement-in-m.html Thu, 23 May 2013 10:35:11 -0500 IRS Posts 2013 Tax Return Statistics

Self-prepared e-filed returns up 4.4%
Total refunds by value down 3.3%
Visits to the IRS website up 24.7%

For the entire table, see "More Taxpayers e-file from Home in 2013," IRS.gov (May 20, 2013).

Posted by Conan Yuzna, Associate Editor, Wealth Strategies Journal.

]]> http://www.wealthstrategiesjournal.com/2013/05/irs-posts-2013-tax-return-stat.html http://www.wealthstrategiesjournal.com/2013/05/irs-posts-2013-tax-return-stat.html Developments - Other Taxation Thu, 23 May 2013 10:30:42 -0500 PLR 201320021: IRAs, See-Through Trusts, and Designated Beneficiaries
See PLR 201320021 (Feb. 19, 2013).
See also Dawn S. Markowitz, "See-Through Trusts and IRAs," Wealthmanagement.com (May 21, 2013).

Posted by David Song, Associate Editor, Wealth Strategies Journal
]]> http://www.wealthstrategiesjournal.com/2013/05/plr-201320021-iras-see-through.html http://www.wealthstrategiesjournal.com/2013/05/plr-201320021-iras-see-through.html Wed, 22 May 2013 22:12:00 -0500 Robots as Healthcare Providers? before 72 million Americans are older than 65. These healthcare positions are often left unfilled due to their poor salaries. With basic robot models already built, help could be on the way. However, the basic ethical dilemma of whether or not to leave a human's care to a robot is still to be determined.

See Nick Bilton, "Disruptions: Helper Robots Are Steered, Tentatively, to Care for the Aging," NYTimes.com (May 19, 2013).

Posted by Kelly Humke, Associate Editor, Wealth Strategies Journal

]]> http://www.wealthstrategiesjournal.com/2013/05/robots-as-healthcare-providers.html http://www.wealthstrategiesjournal.com/2013/05/robots-as-healthcare-providers.html Tue, 21 May 2013 17:38:05 -0500 Kansas Supreme Court Halts Sale of Trust Property by Trustees " . . . DENNIS HAMEL has the option to purchase any or all of the farmland for three years immediately following my death at the appraised price." The Court reasoned Arthur's true intent was the have the farmland sold within three years of his passing, therefore a transaction wherein Dennis would buy the farmland under a six year contract was not permissible.

See "Hamel v. Hamel Examines the Interplay Between Broad and Specific Trust Provisions," Wills, Trusts & Estates Prof Blog (May 16, 2013).

See Luke Lantta, "When The General Powers Granted To A Trustee Conflict With A Specific Trust Provision," BryanCaveFiduciaryLitigation.com (May 10, 2013).

See Hamel v. Hamel, No. 102, 744 (Kan. 2013).

Posted by Kelly Humke, Associate Editor, Wealth Strategies Journal

]]> http://www.wealthstrategiesjournal.com/2013/05/kansas-supreme-court-halts-sal.html http://www.wealthstrategiesjournal.com/2013/05/kansas-supreme-court-halts-sal.html Fiduciary Issues Tue, 21 May 2013 16:39:20 -0500 Estate Planning and Gray Divorce

See Andrea Dunbar, "Gray Divorce: Retirement Accounts and Estate Planning," Massachusetts Divorce Law Monitor (May 13, 2013)

See also Gerry W. Beyer, "Gray Divorce Considerations," Wills Trusts & Estates Prof Blog (May 17, 2013).

Posted by Morgan Yuan, Esq., Associate Editor, Wealth Strategies Journal.

]]> http://www.wealthstrategiesjournal.com/2013/05/estate-planning-and-gray-divor.html http://www.wealthstrategiesjournal.com/2013/05/estate-planning-and-gray-divor.html Estate Planning + Taxation Tue, 21 May 2013 01:35:14 -0500 U.K. Government Rejects Regulation of Will Writing Rejecting recommendations by the Legal Services Board ("LSB"), whose two-year investigation found incompetent will writing caused serious harm, the Ministry of Justice will not regulate will writing or probate and estate administration in the United Kingdom. Though Justice Minster Helen Grant agrees that there is room for improvement, she says, "other options should be explored first, including better guidance for professionals and making better use of existing consumer information and protection." The LSB, though disappointed, has vowed to work with the Justice Ministry to increase consumer confidence and protection. Desmond Hudson, chief Executive of the Law Society, called the decision "deeply disappointing" as it leaves consumers without recourse and exposed to "unregulated will writers who can be incompetent, untrained, and uninsured."

Samuel Dale, Govt Rejects Calls to Regulate Will Writing, MoneyMarketing.co.uk (May 15, 2013).

Posted by, Evin E. Wick, Esq., Associate Editor, Wealth Strategies Journal.

]]> http://www.wealthstrategiesjournal.com/2013/05/uk-government-rejects-regulati.html http://www.wealthstrategiesjournal.com/2013/05/uk-government-rejects-regulati.html Estate Planning + Taxation Practice Development + Management Mon, 20 May 2013 20:31:22 -0500 Elderly Woman's Costly Guardianship Battle Prompts Talks of Reform
See Andrea Ball, "Woman's Costly Court Battle Prompts Call for Reform of Guardianship System," Austin American-Statesman (May 12, 2013).
See also Gerry W. Beyer, "Elderly Woman Prompts Guardianship Reform After Spending $100,000 to Prove Her Competence," Wills, Trusts & Estates Prof Blog (May 17, 2013).

Posted by David Song, Associate Editor, Wealth Strategies Journal
]]> http://www.wealthstrategiesjournal.com/2013/05/elderly-womans-costly-guardian.html http://www.wealthstrategiesjournal.com/2013/05/elderly-womans-costly-guardian.html Mon, 20 May 2013 14:06:47 -0500 French President Signs Gay Marriage into Law French President Francois Hollande has signed into law legislation authorizing gay marriage and adoption by same-sex couples. Within approximately 10 days, the first gay marriages may be celebrated in France. Hollande's office said he signed the bill Saturday morning, a day after the constitutional Council struck down a challenge to the law. The bill passed despite widespread protests by the country's conservative and religious groups.

See French president signs gay marriage into law after national debate, Globeandmail.com (May 18, 2013).

Posted by Anne E. Brown, Esq., Associate Editor, Wealth Strategies Journal

]]> http://www.wealthstrategiesjournal.com/2013/05/french-president-signs-gay-mar.html http://www.wealthstrategiesjournal.com/2013/05/french-president-signs-gay-mar.html Articles-Other Mon, 20 May 2013 13:53:12 -0500 Obama Appoints Daniel Werfel as Acting IRS Chief

Michael D. Shear, "Obama Names New Acting IRS Commissioner" NYTimes.com (May 16, 2013).

Posted by, Evin E. Wick, Esq., Associate Editor, Wealth Strategies Journal.

]]> http://www.wealthstrategiesjournal.com/2013/05/obama-appoint-daniel-werfel-as.html http://www.wealthstrategiesjournal.com/2013/05/obama-appoint-daniel-werfel-as.html Developments - Other Sun, 19 May 2013 16:19:07 -0500 Article: Transferring Art Through Remainder Trusts
See Michael Duffy, "Using Remainder Purchase Marital Trusts to Transfer Works of Art," Probate & Property, (May/Jun 2013).
With thanks to Gerry W. Beyer, "Article About Using Remainder Trusts For Transfers," Wills, Trusts & Estates Prof Blog (May 17, 2013).

Posted by David Song, Associate Editor, Wealth Strategies Journal
]]> http://www.wealthstrategiesjournal.com/2013/05/article-transferring-art-throu.html http://www.wealthstrategiesjournal.com/2013/05/article-transferring-art-throu.html Fri, 17 May 2013 18:24:48 -0500 The Rising Price of Long-Term Care

Many older Americans assumed they would follow the path of older generations wherein an individual would turn to defined benefit pensions and a healthy profit from selling their home to pay for the costs of long-term care. However, between the 2008 downward spiral of the stock market and the housing market climbing out of a slump, many are wondering where they are going to find the necessary funds. "With 10,000 baby boomers retiring every day for the next 19 years, the issue of how to pay for care is more pressing than ever."

See Caitlin Kelly "Covering the Rising Cost of Long-Term Care," NYTimes.com (May 14, 2013).

Posted by Kelly Humke, Associate Editor, Wealth Strategies Journal

]]> http://www.wealthstrategiesjournal.com/2013/05/the-rising-price-of-long-term.html http://www.wealthstrategiesjournal.com/2013/05/the-rising-price-of-long-term.html Articles-Other Fri, 17 May 2013 17:10:41 -0500 Bill Gates Named World's Richest Again
See Alex Cuadros & Crayton Harrison, "Bill Gates Retakes World's Richest Title From Carlos Slim," Bloomberg.com (May 17, 2013).

Posted by Morgan Yuan, Esq., Associate Editor, Wealth Strategies Journal.
]]> http://www.wealthstrategiesjournal.com/2013/05/bill-gates-named-worlds-riches.html http://www.wealthstrategiesjournal.com/2013/05/bill-gates-named-worlds-riches.html Fri, 17 May 2013 14:28:25 -0500