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Note: Nothing in this publication is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisors regarding the same. [See IRS Circular 230.]

Volume Ten Number One January 2012

Five Estate Blunders

Estate Planning Mistakes Quick. When you hear the words estate planning, what mental images do you see? Do you see beautiful, tanned people with incredible wealth, living in enormous mansions, riding in shiny limousines and boarding private jets bound for exotic destinations? If so, then you are only partially correct. In reality, everyone has an estate worth planning. Some are just more complex than others. In this article we will review five basic estate blunders common to princes and to paupers alike, from Wall Street to Main Street.

Read on about Proper Estate Planning...

Family Feuds

The bloody feud between the Hatfields and the McCoys ended well over a century ago, spanned two decades and resulted in a dozen deaths in and around the Appalachian area of eastern Kentucky. This famous inter-family feud had all of the elements of a Hollywood drama.
While the Hatfields and the McCoys may have settled their differences long ago, intra-family feuds are rather common these days following the death of a family member. That fact was confirmed in a survey conducted by the AARP/Scudder Investment Program (the survey) of Americans age 50 and over. According to the survey, 20 percent of the respondents cited problems among surviving family members due to their inheritance, or lack thereof. More often than not, these feuds are over tangible personal property and family business interests.

Read on for more information about Family Feuds ...

Did You Know?

Did you know that:

While three in ten Americans DO have a plan, the average age of a will coming into a law office for update or probate is nearly 20 years?
A Power of Attorney of similar vintage may be rejected by banks and other third parties?
In three out of four cases, a Health Care Directive (also sometimes called a "Living Will") is unavailable when needed?
Ten out of ten Americans MISTAKENLY believe that life insurance proceeds are automatically exempted from Federal Estate Tax?
The Wills of most married couples control ONLY personal effects?
There are legitimate means of leveraging the $13,000 annual gifting exclusion, of avoiding capital gains tax on super-appreciated low-yield assets, and of ensuring that 99% of assets flow to the next generation in a thoughtful, protected manner?

QUICK TIP

Identity Theft Help

According to the Federal Trade Commission’s Consumer Sentinel Complaint Count, identity theft complaints rose from just over 30,000 to more than 300,000 from 2002 to 2008. Identity theft occurs when a criminal obtains access to your personal information and then uses that information to obtain goods, services, credit and even commit crimes using your identity. The imposter makes out like a bandit and you are left financially ruined … or, even under criminal investigation. As information technology advances, so does the risk of identity theft.
The Identity Theft Resource Center (ITRC) is a nationwide nonprofit organization dedicated to helping people prevent and recover from identity theft. For more information call the Center at (858) 693-7935 or visit their Web site at www.idtheftcenter.org. The ITRC is affiliated with the Privacy Rights Clearinghouse, which as its name suggests, is concerned with myriad privacy issues. For more information call the Clearinghouse at (619) 298-3396 or visit their Web site at www.privacyrights.org.

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