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Having the Last Word

Most estate plans are missing a key ingredient. Many estate planners don’t recommend it, and it isn't even mentioned in many estate planning discussions. One reason might be that, despite its importance, the document is not legally binding on...

Published 11-05-2009 4:49 PM by Bob Carlson

Filed under: Estate Planning, estates, Carlson, Bob Carlson, trusts

Avoiding Estate Planning Mistakes

The success or failure of an estate plan often depends on small details. Amid all the big picture issues (taxes, trusts, gifts, business interests), these matters may seem too small to deserve much time. Don’t have that attitude. It could cost you...

Published 09-17-2009 3:40 PM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, wills, iras, trusts, estate taxes, retirement plan, retirement, retirement plans

The Four Goals of Legacy Planning

Perhaps one of the worst effects of high estate taxes is the way tax planning diverts attention from other important estate planning issues. For many years, I have stressed that estate planning is about much more than taxes, but most people believe estate...

Published 08-13-2009 8:29 PM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, income taxes, trusts, estate taxes, grandkids, grandchildren, creditor protection, small business, family limited partnerships

Better Strategies for Estate Planning Gifts

Gift giving is the surest way to help loved ones of all ages, establish a legacy, and reduce estate taxes when the estate is large enough. Yet, many people are hesitant to make significant gifts to loved ones, because of the potential pitfalls. Those...

Published 07-10-2009 11:07 AM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, trusts, estate taxes, grandkids, annual exclusion, grandchildren, creditor protection, asset protection

Your IRA and Your Heirs

The unfortunate fate of many IRAs shows why everyone needs an estate plan, even when the value of the estate is far below the taxable level. Few people are aware of what could happen to their IRAs when the next generation inherits them. Most people, and...

Published 05-29-2009 4:22 PM by Bob Carlson

Filed under: Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, income taxes, iras, trusts, ira distributions, estate taxes, retirement plan, retirement, retirement plans

The ABCs and XYZs of Trusts

Trusts are fairly simple. Lawyers and estate planners make them seem more complicated than they are. That’s too bad, because to ensure they have effective estate plans nonlawyers need to understand the different types of trusts and how they work...

Published 05-06-2009 11:17 AM by Bob Carlson

Filed under: Estate Planning, estates, Estate tax, Carlson, Bob Carlson, wills, income taxes, trusts, estate taxes

Safe Ways to Give Wealth

Gift giving is the surest way to reduce estate taxes, help loved ones of all ages, and establish a legacy. Yet, many people are hesitant to make significant gifts to loved ones, because of some potential pitfalls. Those pitfalls, however, can be avoided...

Published 04-24-2009 8:49 AM by Bob Carlson

Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, annual exclusion, grandchildren

Asset Declines=A Planning Opportunity - Part 2

Last week we discussed how today’s economic distress creates estate planning opportunities. Because of today’s reduced asset values, estate owners can shift assets out of their estates tax at much lower tax cost than they could have a year...

Published 02-20-2009 11:46 AM by Bob Carlson

Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, income taxes, trusts, homes, estate taxes, grandkids, annual exclusion, grandchildren, financial crisis, investments, portfolios

Taking Advantage of the 0% Capital Gains Tax Rate

For the two lowest tax brackets, the tax rate in 2008 through 2010 is 0% for qualified dividends and long-term capital gains. This compares to the 15% top rate others will pay on those types of income. Single taxpayers with taxable income up to around...

Published 01-30-2009 5:21 PM by Bob Carlson

Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, income taxes, trusts, estate taxes, grandkids, grandchildren, retirement, stock, stocks, investments, portfolios

The Neglected Step: Preparing Your Heirs

Many estate plans ultimately fail. The problems are not with the plans. The owners spent a fair amount of time and money preparing and executing the plans. They are sound plans that, if properly executed, would meet the goals. The problems with many estate...

Published 01-23-2009 2:17 PM by Bob Carlson

Filed under: Bob Carson, Estate Planning, IRA Benefits, estates, Estate tax, gifts, Carlson, Bob Carlson, wills, iras, trusts, ira distributions, estate taxes, grandkids, grandchildren, retirement plan, retirement, retirement plans, selling a business

Trustee Strategies for the 21st Century

Trusts are part of more and more estate plans. Often trusts are used to hold and manage assets for younger generations. Sometimes the beneficiaries are too young or inexperienced to manage the assets. Other times the older generation is afraid the younger...

Published 01-16-2009 12:04 PM by Bob Carlson

Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, grandchildren, creditor protection, asset protection, investments

Four Estate Planning Mistakes to Avoid

Estate planning and tax reduction will be returning to the front burner for many people. Congress was unable to pass a permanent estate tax reduction in recent years, but a permanent law is likely in 2009 or 2010.Changes in Washington made permanent repeal...

Published 12-19-2008 3:03 PM by Bob Carlson

Filed under: Bob Carson, Estate Planning, estates, Estate tax, tax-free gifts, taxable gifts, gifts, Carlson, Bob Carlson, wills, trusts, estate taxes, grandkids, grandchildren

A Fresh Look at Family Limited Partnerships

Family limited partnerships have been a key element in many estate plans for decades. The FLP provides an array of benefits to the estate owner, not the least of which are tax reduction plus continuing control of the assets. Those benefits and the popularity...

Avoiding IRA Inheritance Disasters

IRAs are supposed to be simple, but when it comes to inheritance IRAs are more complicated than most people realize. It is not unusual for IRA heirs to misunderstand some key rules. A wrong move or two triggers high taxes, often causing most of the IRA...

Published 09-19-2008 1:31 PM by Bob Carlson

Filed under: Bob Carson, Estate Planning, IRA Benefits, Traditional IRA, Roth IRA, estates, Estate tax, Carlson, Bob Carlson, wills, iras, trusts, ira distributions, estate taxes, grandkids, grandchildren, retirement plan, retirement, retirement plans, stock

Simple Steps to Shield Assets

Lawsuits, accidents, and other unexpected events can put personal assets at risk of loss. Protecting assets from these and other potential losses is a prime goal of many people. While expensive asset protection packages are available from various finance...

Published 07-25-2008 10:26 AM by Bob Carlson

Filed under: Estate Planning, IRA Benefits, estates, Carlson, Bob Carlson, iras, trusts, real estate, mortgages, retirement plans, insurance, lawsuits, annuities, creditor protection, asset protection

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