In the mid-70’s Arnold Schwarzenegger made a movie called Pumping Iron. It tracked several of the top bodybuilders of the day in their quest for the 1975 Mr. Olympia title. The movie is a cult classic for any bodybuilding aficionado such as myself, and was Arnold’s first significant step toward an acting career. At the… Continue Reading
Category Archives: Estate Planning
Obama Targets Estate Plan Strategies
President Obama hopes to change the tax laws to take away or limit many estate plan strategies that save taxes for families. Grantor Retained Annuity Trusts, annual exclusion gifts and generation-skipping trusts are but a few of the items on the hit list. Moreover, Obama wants to rollback the estate tax exemption to $3.5 million… Continue Reading
Living Abroad Can Affect Long Term Care Insurance
More and more Americans are retiring abroad. What does this mean for your Long-Term Care Insurance coverage? In many cases, benefits will either be reduced or the time period for which they are paid will be shortened. For instance, Genworth tends to cut its benefits payments in half if you reside outside the U.S., and… Continue Reading
States Where Your Trust May Have to Pay Tax
Yikes! That sounds ominous. Well it may be depending on certain factors including where one or more of your beneficiaries live. If you die and leave a trust for your three children, those kids grow up and move to a state other than Washington, your trustee may find him or herself filing and paying trust… Continue Reading
Use a Trust to Protect an IRA
Back in June I discussed the implications of the Supreme Court’s decision in Clark v. Rameker (prior post) regarding an IRA. In Clark the Court said that there is no protection from creditors for Inherited IRAs. Seems now many people and advisors are scrambling to implement ways to project these assets. Remember we are not… Continue Reading