Blog - "Altman Speaks"

To Direct or Not Direct, That is the Question!

Recent discussions by estate planners on several list serves have focused on the legal ramifications of the Grantor of a Trust directing/mandating, in said trust, the use of a defined attorney for that Trusts administration. Cases dealing with this question are few and far between. Of note, in the past 200 years, only two cases, […]

Virginia: The New Kid on the Block

Virginia has become the Thirteenth state to enact “asset protection trust” legislation. In its original form, § 55-545.05 states that a creditor of the settlor of an irrevocable trust, despite spendthrift provisions, can reach the maximum amount that may be distributed to the settlor or for their benefit. (§ 55-545.05. Creditor's claim against settlor). This […]

Word of Mouth - Still Not Binding

I recently had a client contact our office regarding her deceased relative’s retirement account. In the later years of her relative’s life, her relative spent the majority of his time in a nursing home. During this time, our client alleges that on multiple occasions her relative verbally expressed to the nursing home, and her, that […]

April is National Financial Literacy Month

Last year, President Obama signed a proclamation declaring April as “National Financial Literacy Month” in an effort to highlight the importance of financial literacy and teach Americans how to maintain healthy financial habits. People are naturally more inclined to focus on their financial fortitude as it pertains to their investment, insurance and retirement planning versus […]

When Battles Over Estates Ensue – The Astor Case

When Brooke Astor died at the age of 105, she left behind a $100 Million fortune that has since been the center of a bitter battle plaguing the NY court system. The case, an estate planning nightmare, underscores the corruption that can take place in the absence of a solid estate plan and, of course, […]

Fame, Fortune and No Plan!

I was recently forwarded an article regarding the much publicized death of singer/songwriter Amy Winehouse. Ms. Winehouse, a multiple Grammy award winner and owner of many successful songs and albums, had an extremely successful, yet short-lived career. Prior to her death, on July 23, 2011, Ms. Winehouse amassed a fortune reported to be approximately $4,660,000.00. […]

Outdated Estate Plans: Even The Rich and Famous Are Guilty

As an estate planning attorney, I make every effort to remind my clients to keep their estate plans current. My general rule of thumb is to have your estate plan reviewed every four years, or, any time there is a significant life change (i.e. divorce, remarriage, change in intended beneficiary, etc.) For this reason, it’s always particularly […]

IRS Proposes Requiring EIN Holders to Update Their Information Periodically

The Internal Revenue Service has proposed new rules that would require taxpayers who obtain employer identification numbers to keep their information up-to-date with the IRS. Currently, many EINs are issued to nominees whose authority to represent the applicant expires sometime after the EIN is issued. Under the proposed rules, the EIN applicant would be required […]

Man Adopts His 42 Year Old Girlfriend as His Daughter and Heir

Facing a 2010 manslaughter charge that could wind him up in jail for 30 years, millionaire business tycoon, John Goodman, made headlines this year for legally adopting his girlfriend, Heather Hutchins, as his daughter in an effort to include her in his family trust (originally set up years ago for his two minor children). Such a move […]

The REAL March Madness!

According to the College Savings Plans of Maryland, the average cost of attending an in-state four-year public college beginning 2013 will be approximately $41,763 per year; for a four-year private/out-of state college, experts note that tuition has increased as much as 105% over the past 10 years. Over the last decade, published tuition and fees […]

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