The recent repeal of the federal estate tax is having a profound impact on the estate plans of millions. Littman Krooks LLP is offering a complimentary estate tax seminar for those who wish to learn more about how they might be affected. This repeal has the potential to affect the estate plans of millions of Americans, as wills and trusts that were once properly prepared may no longer provide protection for spouses or other beneficiaries […]

All parents want to minimize the opportunity for conflict among their children once they have passed away. Sometimes, however, conflict arises when parents have gifted money to one of their children and not to the others. Such conflict may be avoided by including provisions in your estate plan for gifts and loans previously made to children. Parents’ intentions regarding gifts to children should be made clear in their estate planning documents. A document could state, […]

New amendments to the SEC Custody Rule will take effect this month. These changes will impose a number of additional controls on registered advisors in order to decrease fraudulent activity. The SEC’s adoption of amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 (the “Amended Custody Rule”) and related changes to Form ADV are effective March 12, 2010. The primary purpose of the amendments to the custody rule is to impose additional controls […]

Establishing a Special Needs Trust for a loved one with disabilities can ensure that he or she will be taken care of in the future. However, it is important for families to choose the right type of trust. There are two major types of Special Needs Trusts: testamentary and intervivos. The major difference in these trusts is that a testamentary trust is created through a Will, and it only becomes effective after the death of […]

Financial elder abuse is a serious problem for many senior citizens in the United States. Being able to recognize and report this kind of abuse will ensure the safety of your loved ones. Elder abuse occurs when a victim is financially exploited, usually due to his or her diminished mental capacities. Financial elder abuse can take a number of different forms, including stealing money and other assets, forcing the elder to sell his or her […]

A large number of same-sex couples will be entering retirement in the next few years, and many of them will face great challenges in planning for their financial futures. The majority of these problems will stem from their unmarried status. Unmarried couples are not guaranteed the automatic legal protections that take effect when one member of a married couple dies. In addition, unmarried couples lack many of the other advantages in planning for financial security […]

The government recently eliminated the estate tax for the entire year of 2010. Effective January 1, no federal estate tax or generation-skipping taxes (GST) will be imposed upon individuals who pass away in 2010. Both federal estate taxes and GST taxes are to be reinstated in 2011, and there will be a $1 million exemption (for GST taxes) and a maximum federal tax rate of 55 percent. The million dollar exemption is less than the […]

Being the trustee of a Special Needs Trust is a job that comes with great responsibilities. Many family members consider naming a relative as trustee of their child’s Special Needs Trust. However, some families choose to go with a professional special needs trustee, as they have extensive experience in handling all issues associated with a Special Needs Trust. Before making this decision, families should consider the extensive responsibilities that go along with being a special […]

All parents of children with disabilities worry about the day when they will no longer be able to care for them. While many parents have figured out ways to make life more comfortable for a child with disabilities while they are around, thinking about a time when they can no longer be personally responsible for their child’s well-being can be stressful. Many parents believe that they can continue to care for their child with special […]

Once you have decided to establish a Living Special Needs Trust, you must also decide whether or not this trust will be revocable or irrevocable. There are benefits and drawbacks of each type of trust, and you must carefully consider your family’s circumstances before making a decision. With a Revocable Trust, you retain the right to add or subtract assets to the trust at any time. This gives you a great degree of flexibility, as […]