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Wills, Trusts, and Estates: Saturday, February 6, 2010 Why the Recent UPC

3:07 AM Feb 6th
• Wills, Trusts, and Estates: Saturday, February 6, 2010 Why the Recent UPC Amendments Were Correct to Reject a "Consent in a Record" Requirement Alison L. Slater (J.D. candidate, Quinnipiac University) has published her note entitled Inconceivable Consequences: Why the Recent UPC Amendments Were Correct …full story

Estate Planning Practice Blog: Plain Language Matters Even In Estate Planning

10:06 AM Sep 19th
• Plain language? Is that even possible? And with drafting wills and trusts? Read on... One thing that good lawyers try to do is use plain language in their writings that can be understood by the opposing party, the court and the client in any situation. That said, it is harder to incorporate plain language in estate planning, trusts and probate matters. This is because some terms and phrases in this area, while foreign to clients, have accepted meanings in this practice and have become terms of art. One word that is often misunderstood, but comes to mind as a great example is the term "issue." Used in a will or trust when one writes and "...to his or her issue..." In this context it means the person's children, grandchildren and maybe even great-grandchildren. It is a nice open ended phrase that can be determined when the person dies as to the extent of their issue for estate planning purposes. Another confusing term is "real property." Real property means real estate or land and is different from personal …full story

Estate planning for all possibilities - Naperville Sun

9:54 AM Sep 19th
• One of the main challenges in drafting estate planning documents is to plan for all possibilities. That is a difficult thing to do successfully. Therefore, building flexibility into one's estate planning documents is critical. One technique that can be used to add flexibility is to include powers of appointment into the document. A power of appointment is a right given to someone to designate who will receive property. The power of appointment may be granted in a will or in a trust. If the holder of the power exercises the power of appointment, the designee will receive the property. If the holder of the power of appointment does not exercise the power of appointment, the will or trust should identify the default taker of the property. …full story

What Is A Will And Why Do I Need One?

9:53 AM Sep 19th
• What Is A Will And Why Do I Need One? by Lisa Smith (Contact Author
• Biography) Email ArticlePrint Comments If you don't currently have a will, your loved ones may not receive the assets you wish to leave them in the event of your death. Making a will is a necessary and usually fairly simple process that can save your family time, money and grief as well as give you peace of mind. If you're unsure of where to start, read on for the basic information you need to know when you're considering making a will. (For a fuller discussion of the information contained in most wills, see the Estate Planning tutorial.) …full story

Keeping Family Wealth From The Taxman - Forbes.com

9:50 AM Sep 19th
• Tax planning for the efficient transfer of the business cannot be done in a vacuum. There are a multitude of tax considerations to keep in mind when attempting to quantify the tax costs involved in the business transfer. Certain methods of transfer are less costly than others from a tax perspective. What is an effective plan from an estate or gift tax point of view may not be so efficient when viewed in the context of personal income tax. Additionally, what most benefits the family may not necessarily be the wisest alternative for the business. …full story

Estate Planning