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Estate Planner - March April 2017

in Estate, Trust & Probate, News

Here’s a brief glance at what you’ll find in the 2017 – Estate Planner – March April issue…

Carlin Comments – The Love-Letter Will (Part 2)

In the Estate of Eric Anthony Hand, an appellate court upheld the decision of the probate court denying the application of his widow and appellant therein, Natalie Hand, to admit to probate the purported will of her late husband, Eric. The parties were married in April 2014. Eric died on September 7, 2014. He was survived by Natalie and four minor children from a previous marriage. Eric’s former wife was Shannon who is the minor children’s mother. In searching for a will, the appellant discovered, in a box of love letters she received from Eric over the years, a three-page handwritten letter dated January 23, 2014 (the “Love Letter Will”). Unlike the other love letters, decedent Eric signed this letter with his full name. It consisted of three paragraphs. The last paragraph read as follows: “As my last will and testament, I appoint you the primary beneficiary of all I have and all I have worked for. With the complete trust that you will look after the children, my business interests and all other things that I have put together over the years and not let anyone try to deprive you of those things.” Read more 2017 – Estate Planner – Carlin Comments – The Love-Letter Will (Part 2)

Keeping the family business in the family

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and the older and younger generations often have conflicting interests. This article discusses strategies to resolve these conflicts and transfer the business in a tax-efficient manner. A sidebar explains how an ESOP can provide an effective exit strategy.

Home sweet vacation home

Minimize family strife with smart planning and rules

Vacation home owners know what a relaxing refuge the home can be. However, without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse yet, selling the home. This article details steps to take to minimize potential family squabbles over a vacation home.

Don’t overlook securities laws when planning your estate

For a variety of estate planning and asset management purposes, many affluent families hold their assets in trusts, family investment vehicles or charitable foundations. If assets held in this manner include interests in hedge funds, private equity funds or other “unregistered” securities, it’s important to ensure that the entity is qualified to hold such investments. This article defines an “accredited investor” and “qualified purchaser.”

Estate Planning Red Flag

You missed the 60-day IRA rollover deadline

IRAs and employer plans can provide valuable estate planning benefits. If a person holds an IRA for life, his or her children can stretch out distributions over their lifetimes, maximizing the IRA’s tax-deferred growth and preserving more wealth for loved ones. If a person receives a distribution from an IRA or employer plan, he or she can preserve these benefits by rolling over the funds into a new IRA or plan within 60 days. This brief article explains what happens if the 60-day deadline is missed.