Having a Trust that is Both “Dated” and Irrevocable can be Hazardous to your Wealth.

July 26, 2017

Irrevocable trusts that were set up a few years ago (as well as many trusts that are still being set up today) which have provisions that are “etched in stone,” may later, due to changing laws or family circumstances, operate in a way that was completely unexpected. Continue reading

Money Isn’t Everything in Estate Planning

July 25, 2017

How to Pass Your Stories and Values to the Future Generations

Money may be the most talked about wealth contained within a person’s estate, but the riches of their experience and wisdom can mean even more to family members down the line. Continue reading

Cautionary Tale: Charging Order Upon Death of Debtor, Losing All the Limited Liability Company Asset Protection Benefits

July 20, 2017

The Delaware Chancery Court has now ruled on the continuing asset protection aspect of a charging order against assets in a 49% owned LLC. In that court case, a charging order had been obtained by a creditor who wanted to seize the assets inside of the LLC. Continue reading

Tips for Working with a Law Firm

Isn’t There Already A Law That Leaves Everything To My Spouse And Kids?

July 14, 2017

Many people think that if they die while they are married, everything they own automatically goes to their spouse or children. They’re actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as “intestate.” Continue reading

JPMorgan Chase Bank v. McClure (2017 Colorado Supreme Court Ruling): Are Non-Colorado LLCs Now More Protective than Colorado LLCs for Colorado Residents?

July 12, 2017

In the recent Colorado Supreme Court decision (JPMorgan Chase Bank v. McClure, 2017 CO 22, 2017 WL 1321334 (Colo., April 10, 2017), the Court ruled that in order to enforce a charging order against an LLC, the creditor must bring the action to the jurisdiction where the targeted LLC was formed. Continue reading

The sun has risen again. How you and your family can benefit from a (legal) late portability election.

July 6, 2017

The concept of “portability” is still relatively new in the law of estate planning, having become available only after 2011. Since then, it’s been both a blessing (for its tax saving benefit) and a curse (because of rules that seemed to be constantly shifting). Fortunately, the IRS has recently clarified some important deadlines about portability. Continue reading

How a Divorcing Spouse Can be Caught by Surprise by the Impact that Gifts Made Prior to a Divorce Can Have.

July 5, 2017

Think twice before making gifts from one spouse to the other if there is any likelihood a divorce could follow someday. In the case of Nelson v Nelson, decided on December 16, 2016 by the District Court of Appeal of Florida Second District, the husband and wife’s California home was transferred into a marital trust for the wife. The wife also served as the trustee. When a divorce ensued, the assets of both spouses were subject to division between the spouses. Continue reading