American Academy Mentioned in Money Magazine! Robert Armstrong, President of the American Academy of Estate Planning Attorneys, was interviewed by Money Magazine senior writer Penelope Wang for her article " A Midlife Money Checkup" in the March 2008 Issue. The article was part of the Cover Story "A Boomer's Guide to Financial Freedom" that included multiple articles focusing on financial trends, aging well and other issues Baby Boomers are facing today. This is the third mention of the American Academy of Estate Planning by Money Magazine in the last seven issues. The "Midlife Money Checkup" is a nine-step test that highlights questions Boomer's should be asking themselves at this point in their lives. Mr. Armstrong's expertise in estate planning was highlighted in question five, "Is your estate plan in order?" Make sure you don't have to ask yourself that question by meeting with a qualified attorney.
American Academy Mentioned in Money Magazine The September issue of Money Magazine has an article entitled,"20 Timeless Money Rules." Rule 17, Exiting Gracefully, is particularly significant because it emphasizes the importance of putting together your estate plan. The recommendation of Money Magazine is that you search for a member of the American Academy of Estate Planning Attorneys: "To find a lawyer, ask friends and colleagues for recommendations or get referrals online at the website of the American Academy of Estate Planning Attorneys ( aaepa.com)." The American Academy is an exclusive membership organization for law firms dedicated to estate planning. We are proud of our Academy membership and pleased to be one of only ten law firms in Los Angeles county and one of only five law firms in Orange county accepted into this organization. For more information about why our membership is so important to your family, click here. For other great money managing tips, be sure to pick up the September issue of Money Magazine today!
ESTATE PLANNING NEWS How to Leave a Mess to Your HeirsThis article examines several common mistakes that create a mess for heirs: Lifetime Transactions without counsel (such as adding people on title to realty), Failure to Plan, and Failure to Communicate. The article poses the problem and then offers a solution to each.
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ESTATE PLANNING NEWS Give Undue Influence Due Consideration It is natural for people who have a close relationship to want to benefit each other. However, sometimes, people can try to use a close relationship to try to take advantage of the other, more vulnerable person.
EDUCATIONAL ALERTS Court Reformation of Irrevocable Trust Does Not Cause Trust Assets to be Included in Grantor's EstateThis month's Alert discusses PLR 200730015, which dealt with the judicial reformation of an irrevocable trust and an IRS finding that the changes to the trust did not cause inclusion of the irrevocable trust in the trustor's estate. Often, trustors want to change the terms of their irrevocable life insurance trust, irrevocable trust for gifting to children and/or grandchildren or other irrevocable trusts for advanced estate planning purposes. Depending on whether the trust is a grantor trust or not, this may involve substituting the old trust for a new one, or a judicial reformation, as is the subject of this month's Alert.
EDUCATIONAL FYIs CMS Technical Director Opines That States May Impose Penalty on Community Spouse Post- Eligibility TransfersRoy R. Trudel, a Technical Director at the Center for Medicare and Medicaid Services ("CMS") recently opined that a state agency has the option of imposing a transfer penalty on an institutionalized spouse if the community spouse transfers protected resources after the institutionalized spouse's eligibility has been determined. Mr. Trudel's opinion, which is a reversal from statements made by previous CMS (HCFA) officials, came about as the result of an email exchange between elder law attorney Robert Mason of North Carolina and himself.
Estate Planning for the GLBT Community Guidance and assistance with Living Trusts, Health Care Powers of Attorney, and Asset Distribution.
