Blog - "Altman Speaks"

The Complexity of Trusts: "No Contest" Does Not Mean No Action

In a recent decision from California, the Court held that a beneficiary seeking to compel the trustee to distribute funds pursuant to the trust did not violate the trust’s no-contest clause. The trust in Arnall v. Arnall, like many trusts, contained a provision that disinherited any beneficiary who contested, attacked, or sought to impair the […]

Plan for the Unexpected

Plan for the unexpected in everything you do. I am sitting right now at my house, built in 1878, watching two guys install a new TV on the wall of my home office. They thought it was going to be easy, until they found out that old houses have different construction in the walls that […]

Time, Detail, Title of Assets & Clarity are Critical to an Effective Estate Plan

On October 12, 2010, the Court of Appeals of Michigan reaffirmed the notion that the title of assets and clear language in a Will or Trust is key effective estate planning. While we want to believe that our friends, family, and peers are goodhearted and will honor their words, the only way to ensure that […]

IRA’ Transferred to Special Needs Trust Given Preferential Tax Treatment

In a previous entry, I cautioned readers of the potential disastrous federal income tax consequences that could result from a transfer of one’s IRA to their revocable trust. As you may recall, the transfer of an IRA to a revocable trust triggers the immediate income taxation of the entire IRA. While this remains true, the […]

IRAs Cannot Be Owned by a Revocable Trust

Once again, the IRS has confirmed that an IRA cannot be owned by someone’s revocable trust during his or her lifetime. Over the years, I have reviewed many revocable trust documents prepared by other attorneys, which include an attached Schedule A that states that the grantor has assigned or transferred his or her IRA to […]

Important Info for Those Who Acquired Property from a Decedent who Passed in 2010

If you acquired property from a decedent who died in 2010, special rules may apply in determining tax items including basis, gain, loss, holding period, and character for the property. Section 301(c) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L 111-312, allows the executor of the estate of any […]

"Eldercare: Sense and Sensibility" - Gary Altman

In an interview with Financial Advisor magazine, estate planning authority, Gary Altman, lends his expertise to the many sensitive matters involved with planning for the aging. Understanding the many unfortunate fallouts that families experience over the absence of proper or adequate estate planning, Altman stresses the importance of having family members on the same page—literally. […]

Why Annuities May Be a Good Idea

An interesting article in the Wall Street Journal on why retirees may want to consider adding annuities to their portfolios: “Making the Case to Buy an Annuity” by Lavonna Kuykendall

Estate Planning is Just as Much About Life as it is About Death

A August 2010 article in The New Yorker supports the notion that estate planning is as important for life as it is for death. As I try to emphasize to my clients, estate planning is also crucial when it comes to situations where a person - young or old - becomes mentally and/or physically unable to make medical and […]

The Issue of Portabilty

The proposed budget our President presented to Congress this week includes raising taxes on the highest U.S. income earners as well as multinational and oil and gas companies. Leaving the issue of income taxes aside, this proposed budget brings back the discussions of 2010, proposing once again that the estate tax should return to 2009 […]

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Recent Posts

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