Blog - "Altman Speaks"

Another IRA Beneficiary Snafu

I just got off the phone with a call center at a major brokerage house. I found out that my deceased client did not apparently have a beneficiary completed on her IRA. According to the rules of this brokerage house, the default beneficiary is her children, which is the right result. In this case, the […]

Ability to Elect Portability, Broadened by IRS

We have explored in past blogs the 2010 tax act and the provisions for allowing surviving spouses to elect portability of the applicable Estate Tax exclusion then remaining upon the death of their spouse (i.e., the $5,120,000 exclusion minus the gross estate value). For example, where the first spouse in a married couple dies, with […]

Estate Planning is Comprehensive, Not Just a One Step Process

An Estate plan is a living, evolving creature that will inevitably grow over time to accomplish an individual’s pre-death and post-death goals. “Plan” is defined by Merriam-Webster dictionary as “an orderly arrangement of parts of an overall design or objective.” When I begin working with a new client, this is how we approach the situation. […]

When Two's a Crowd: Conflicts Between Co-Trustees Often Result in Legal Intervention

It is often the case that two or more individuals are named trustees in a trust document. A trustee is an individual who manages and distributes trust assets, and co-trustees perform these duties together. Sometimes co-trustees must agree on all actions taken on behalf of the trust. Other times, co-trustees exercise their powers independently. Either […]

Estate and Gift Tax Savings Through Net Gifts: Real or an Illusion?

Some estate planners herald Net Gifts for their tax saving capabilities. (With Net Gifts, the Gift Tax on the Gift is not to be paid by the donor, but instead paid by the donee out of the proceeds of the Gift he or she receives.) While this may seem like a good deal in theory, I […]

What's In Your Wallet? Altman & Associates Wallet Cards Are Another Way We Protect Our Clients

We are comprehensive estate planning attorneys. When we work with our clients to prepare their estate planning documents, some of the goals are to minimize estate taxes and to eliminate family squabbles. It is also important to us, as your estate planning attorneys, that your estate plan works, from a practical standpoint. This means many […]

A Lesson From Penn State Coach Joe Paterno's Death

The news remains on a negative cycle for those affiliated with Penn State University. First, Joe Paterno’s firing in November of 2011, then comes his unexpected death in January 2012, and latest has been the conviction of Jerry Sandusky, longtime assistant Coach to Joe Paterno. It has been a tumultuous seven months for the University […]

Protecting the Ultimate Liquid Asset: Wine

As many people who know me and read this blog know, I have collected wine for the past 20 years, and take great pride in my wine cellar. For my estate planning clients, wine is an asset like any other, it must be planned for. A large collection may have to be sold or may […]

Supreme Court Upholds the Constitutionality of the Patient Protection and Affordable Care Act

The web is buzzing over today’s announcement that the Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act - the health care reform law known as "Obamacare" that was signed into law on March 23, 2010. (Here is a PDF of their decision.) Many of you may have questions about the […]

Standing on Ceremony: Will Signing

What involves two witnesses and a notary? Your Will signing, of course. Or at least that’s how we do things here at Altman & Associates. And for good reason, too. Ceremony surrounds the signing of a will because the document carries significant weight. Without appropriate, legally recognized proof that your will is in fact your […]

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