Martinson & Beason, P.C.

4/26/2012

A proper estate plan requires putting it all on the table

The Huffington Post recently published an article explaining to its readers the importance of a properly constructed estate plan. While there are some who believe that they should not leave anything to the next generation, it is entirely possible that even those people may die unexpectedly leaving assets that have to be distributed to rest of the family. That means that it is never too early to begin making preparation for which family members will get the things that you leave behind. The first thing that must happen to put together a proper estate plan is to have a conversation with the entire family. Although the conversation will not be easy, and it may even be painful, it is completely necessary. The failure to have this conversation will cause more pain and difficulty than actually having the conversation.

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4/16/2012

How to decide if you should get your own attorney or work with your spouse for estate-planning purposes

According to a recent post on Forbes.com, the importance of estate planning for married couples cannot be stressed enough. The seriousness of such forward thinking is even more critical in blended families which tend to present more opportunities for volatility following the death of a parent. The first issue for all couples to resolve is whether to be represented jointly by the same estate planner or for you each to go it alone. While joint representation can be more cost-effective, it can mean that both parities don't have the freedom to speak up about their individual concerns. Unless there is healthy communication between the spouses joint representation can be a recipe for disaster.

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4/6/2012

Kony 2012: How Charitable Giving Affects Alabama Estate Planning

According a recent article in Forbes, the recent online film "Kony 2012" has sparked an international crusade for the capture of reputed war criminal Joseph Kony. In addition to the film's attempt to raise awareness about Kony's war crimes in Uganda, it also raises a significantly important question with regard to estate planning, i.e., charitable giving. It can make a sizeable impact on the tax consequences of any Alabama estate. Kony 2012 documents the crimes of Joseph Kony and the filmmaker's desire to make Kony famous in order to bring him to justice. At the end of the 29-minute piece, the filmmaker encourages the viewer that he or she can get involved in the movement by doing a few simple things, one of those being make a donation to the Invisible Children non-profit organization. The film and the organization, however, are not without their critics. Several people have accused the organization of using the tragedy in Uganda to make money.

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4/4/2012

Why You Need a Will

Here's a shocking fact: approximately 70% of Americans don't have a will. A will is a fairly simple legal document to create so why do so many people avoid it? Just a few reasons might include: I don't have anything to leave to my heirs; I've got plenty of time to write my will; bad things don't happen to good people; I can't afford it, etc. After all, no one really wants to think about their own death, let alone prepare for it. In reality, though, preparing by creating a will is exactly what we should all be doing. Protecting the people you love most is the main reason to consider drafting a will and to not waste any time in doing so.

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2/27/2012

Alabama Residents Prepare for Possible Estate-Planning Changes: Part II

As a follow up to our last post, we now continue discussing the possible estate-planning changes contained in the President's recent budget proposal. • The low-risk grantor retained annuity trust or GRAT This estate-planning tool permits someone to put assets into an irrevocable trust and retain the right to receive distributions for the life of the trust. The annuity is equal to the value of what's been contributed plus interest.

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2/21/2012

Alabama Residents Prepare for Possible Estate-Planning Changes: Part I

If President Obama is successful in passing his proposed budget, beginning next year it will become much harder for Alabama estate planning attorneys to help individuals pass along money to their children and grandchildren without the government tacking a heftier fee. According to a recent article on Forbes.com, the President's recently proposed budget for 2013 would permanently restore the estate tax rates to those that were in effect in 2009 and limit several popular methods for shifting assets to future generations. Click here for a copy of Obama's budge proposal.

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