Morton Legal Blog

Big Changes for Private Annuities

The article examines the IRS' recent issuance of proposed regulations cracking down on Private Annuity Trusts used for income tax avoidance. The article looks at why PATs are still a viable tool in estate planning.

Don't Forget Guardian Selection

When people think about estate planning, they typically think of who will get   their possessions. Upon further thought, they recognize that the most important   decisions they make will be the identity of trusted decision makers like guardians,   executors, trustees, and agents.

If the individual has a Will, an executor or personal representative is named   in the Will to manage the affairs of the estate. This person has the responsibility   of collecting all the assets of the person who has died, managing those assets,   paying debts of the estate, and then distributing the assets to heirs or other   beneficiaries.

Open Enrollment for Medicare Part D Means More Choices to Make

If you are a Medicare beneficiary, it is time to review your Medicare prescription drug plan options. The Medicare Part D open enrolment period began November 15, 2006, and ends December 31, 2006. During this period you can sign up for a prescription drug plan if you don't have one or you can switch to a different plan if you are unhappy with your current plan. Even if you are happy with your current plan, you should make sure that it isn't changing significantly. In addition, there may be new plans available that have lower premiums or offer more drug options.

Ethical Will Book Published

If you have thought about creating an ethical will but didn't know where or how to begin, this guide can serve as a great starting point. An ethical will is not a legal document -- it is a letter to your descendants that enables you to pass along information. You can use it for many things, including telling your loved ones how important they are, reflecting on your life, or explaining your estate plan.

Anna Nicole Smith Can Teach Us a Few Things

Anna Nicole Smith has become a household name. But that was not always the case. She was born as Vickie Lynn Hogan and grew up about 80 miles south of Dallas,Texas.

She was raised by her mother and, at age 17, she married Billy Smith, age 16, a cook at the restaurant where she worked. She divorced Smith after a brief marriage which produced her son, Daniel. She worked various jobs to support herself and Daniel, including as an exotic dancer in a Houston nightclub, where she was known as “Anna Nicole,” as well as other stage names. It was here that she met J. Howard Marshall, a frequent customer at the club. 

529 Plan Benefits Made Permanent by the Pension Protection Act

Whether your client is a parent with future educational obligations for young ones, or perhaps a loving aunt, uncle, grandparent, or stepparent, now more than ever 529 plans are an attractive tool for the escalating costs of education, as well as for income and estate planning purposes. This is because one of the hidden gems of the new Pension Protection Act of 2006 (signed into law on August 17, 2006) is a provision that makes permanent the income tax-free growth of Section 529 plans used for qualified higher education expenses. Prior to this new law, these provisions would have expired December 31, 2010.