There is always a media swarm around the death of a celebrity, especially when they’re young, active in their careers, beloved, and tragic. The
death of actor Philip Seymour Hoffman in early February is no exception. Hoffman was an incredibly talented actor who appeared to be in the prime of his career. But that career was cut short by a
history of depression and substance abuse. His long-time partner found him dead in their Manhattan apartment after Hoffman apparently overdosed on heroin, cocaine, amphetamines, and other
Most often, articles about the estate plans of dead celebrities focus on the legal challenges they raise or the amount of estate tax that could have otherwise been avoided. Many of the articles about Hoffman’s death — and Sopranos star James Gandolfini before him — bear this out. But recently an article surfaced about Philip Seymour Hoffman’s estate plan that caught my eye. Published in JD Supra’s Business Advisor, author Anne Bjerken noted that Hoffman’s estate plan specifically included instructions for the guardian of his minor son. The instructions ...
Kent Sausaman is an attorney with The Coleman Law Firm, PLLC. His practice focuses on estate planning, estate and trust administration, income tax planning, asset protection planning, and business planning. Mr. Sausaman has experience representing closely held corporations, partnerships, subchapter S corporations, and limited liability companies.Mr. Sausaman is also experienced in representing partnerships in the acquisition, financing, and operation of rental real estate.
In addition, Mr. Sausaman is well versed in navigating the passive activity loss rules and is the author of "The Passive Loss Rules and Rental Real Estate in a Simple Trust," published by Thompson Reuters in Real Estate Taxation (WG&L) in 2013. During law school, Mr. Sausaman was a legal extern at the Internal Revenue Service Office of Chief ...
At The Coleman Law Firm, we take great pride in our service to clients with special needs family members. To deepen our knowledge and steep our expertise, I recently attended a Special Needs Planning Immersion Camp in Scottsdale, Arizona. Surrounded by dozens of the brightest attorneys dedicated to special needs planning in our country, we dissected the law, debated planning strategies, and poured over ideas to better provide our clients with security and certainty in planning for the future of their loved ones.
The number of people affected by disabling illness and injury is<< MORE >>
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The aging, healthcare and special needs conversation
is vitally important to you and your family.
Except for government employees and Social Security, retirement plans that pay benefits until death are pretty much a thing of the past. Plus, people today are living longer. Yet retirees’ need for income that is sustainable and that they will not outlive is unchanged. Adding to the problem, the cost of health care continues to rise more rapidly than inflation and is now one of retirement’s biggest expenses.
Increases in longevity and starting families later means that many people who are nearing retirement age today also have responsibilities to their parents and their children. In addition, two major bear markets and historically low interest rates have taken a toll on many people’s retirement savings.
For all these reasons, many people today are understandably concerned about how they will make it through their retirement years.
In this issue of The Wealth Advisor, we will look ...
This always seems to be a simple loving gesture on your part as you see them beginning to age and settle into retirement.
The thought of their actually failing in health or mental capabilities seems absurd or at most, years down the road. Thus it catches most children and spouses unprepared and sometimes surprised when
their loved one needs care and help with daily living activities.
A stroke, injury or sudden illness may result in the immediate need for a significant caregiving commitment. On the other hand a slowly progressing infirmity of old age or the slow onset of dementia may require intermittent caregiving. Either way, if you have not made provisions for this, you will accidentally become a "caregiver."
Former first lady Rosalynn Carter made this statement,
"There are only four kinds of ...<< MORE >>
<< MORE >>"Currently, Medicare pays for only short stays ...
The American Taxpayer Relief Act of 2012 (which became law on January 2, 2013) made permanent the temporary
estate/gift/generation-skipping transfer tax exemptions established in December 2010, increased the rate on non-exempt estates/gifts/generation-skipping transfers to 40% and introduced substantial
new income tax burdens on high income taxpayers and trusts. In addition, 2013 is the year in which both of the Medicare surtaxes of the Patient Protection and Affordable
Care Act of 2010 (sometimes referred to as “Obamacare”) kick in. As a result, many people will want to consult their wealth planning professionals for doing more income tax planning, and
estate tax planning will become less of a driving force.
Did you know that April is National Financial Literacy Month?
Many people have large IRAs and retirement plan accounts and need special estate planning for these assets. A 2009 study by the
Investment Company Institute found that retirement plans account for 34% of all household financial assets, up from 14% in 1978; IRAs alone account for more than 10% of all household financial
assets; and 47 million U.S. households have IRAs.