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
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
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.
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 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.
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.