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The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

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Home » Professional Resources » Educational Alerts

Educational Alerts

Supreme Court Rules on Bankruptcy Protection of Inherited IRAs

While many people plan out their vacations in great detail, they may be forgetting to address what to do if the unexpected happens while their out of town. Find out how setting an estate plan in place, even a basic one, can minimize your worries about those “what if’s,” and enjoy that vacation you’ve been dreaming of.

Fair Does Not Always Mean Equal

“It’s not fair!”

 

Parents hear this protest all the time, and it often comes from children who confuse being treated fairly with being treated equally.

 

One of the challenges of parenting is figuring out how to be fair to your children when, often, that doesn’t mean treating them exactly the same. Here’s an example:

 

Andy is ten years old and Emma is sixteen. Emma has her driver’s license and a part-time job. If you wanted to treat the two equally, you could insist that Emma ride the bus home from school, eat dinner with the family every night, and be in bed by 9:00 just like her brother. This arrangement would be equal, but it would hardly be fair to Emma. She’s older, she has more responsibilities, and she’s ready for more privileges.

 

The fair vs. equal dilemma doesn’t end when your children leave the nest. In fact, it often extends into your estate plan. It’s easy to feel that you must divide your assets equally among your children. In reality, though, this isn’t always the best plan for your family. The real question is how to accommodate your children’s unique needs so that your estate plan strikes a fair balance.

 

Imagine you have three children, Tom, Adam, and Amy. Each of your children has a thriving career. Tom is an IT specialist, Amy is a doctor, and Adam has helped you build the family business into the success it is today. In fact, your family business is so successful that it makes up much of your net worth.

 

This leads to a dilemma: how do you divide your estate? It makes sense to leave your family business to Adam. He has a passion for it, and he’s poured his life into it for years. The problem is, doing so would mean that Adam would inherit most of your estate – a result that is neither fair nor equal.

 

Another option would be to leave each of your children an equal interest in your business. However, this solution would likely be neither fair nor practical. Tom and Amy have their own careers, with little interest in the day-to-day running of the family business. Entangling them in its operations would not only be a cause of pressure for them, it might turn into a source of conflict, ultimately harming your children and the business.

 

The solution might be to leave the business to Adam, and buy a life insurance policy on yourself to benefit Tom and Amy. The life insurance policy would increase your net worth in an amount sufficient to fund Tom’s and Amy’s inheritances and ensure your children are treated fairly, meeting their individual needs.

 

This is only one of a range of possible solutions. An experienced estate planning attorney can help you sort through all your estate planning options and settle on the plan that best meets your family’s needs so you’ll never again have to hear, “It’s not fair!”

Planning for Retirement Assets Can be Difficult

This month’s Alert examines the rules regarding distributions from IRAs and retirement plans. In particular, it examines reasons to make a trust the beneficiary and rules regarding who is the measuring life for minimum required distribution purposes.

Guardianship Provisions Essential To a Comprehensive Estate Plan

This month’s Alert examines two high-profile cases which illustrate the importance of naming guardians for minor children.

More Reasons for Clients to Review Their Estate Plans

This month’s Alert examines how the “fiscal cliff” legislation could result in changes for estate plans. Depending on the couple, it might mean they could simplify their plan. However, there are many non-tax reasons that they may want to keep a more complex plan.

New Year’s Resolution #3 – Get My Estate Plan Reviewed

This month’s Alert discusses how the “fiscal cliff” legislation impacts your clients’ estate plans.

2010 Tax Law Leads to 2012 Litigation

This month’s Alert focuses on the increased trust litigation arising from the unintended consequences of the temporary repeal of the estate tax in 2010.

IRS Issues “Portability” Guidance

The Alert this month examines “portability” and the steps necessary to take advantage of it under newly-released regulations.

Planning Blunder Leads to Increased Income Taxes

This month’s Alert examines the importance of proper IRA beneficiary designations. The Alert examines a case in which the stretch of IRA distributions was not maximized because of the beneficiary designation.

His, Hers, or Ours? – Estate Planning for Blended Families

With more than half of marriages ending in divorce, an increasing number of families are “blended families.” The Alert this month examines the unique issues faced in planning for blended families.

Millions in Tax Savings Available to Clients Who Act Quickly

This month’s alert examines the current, perhaps short-lived, opportunity for clients to give away millions of dollars during their lifetime without a gift tax. Unless the law changes, this narrow window will close at year-end.

Double Disclaimer Saves Millions in Estate and GST Tax

This month’s Alert examines how effective use of disclaimers can save millions in taxes. The Alert examines a ruling request presented to the IRS involving such a situation.

Tax Changes for 2012

This month’s Alert reviews the inflation adjustments applicable to federal taxation in 2012. It examines changes in the estate, gift, and generation skipping transfer taxes, as well as income taxes.

Income from Trust Excluded in Determining Alimony Payments

This month’s Alert examines when the income of a trust may be considered available to creditors. The Alert examines a case involving the availability for purposes of determining alimony.

Fate of Estate and Gift Taxes Remains Uncertain – But, Many Planning Options Remain Available For Now

This month’s Alert examines the continuing uncertainty with the Estate and Gift Tax and the unique, limited-time opportunities which are available now.

Wisconsin Appeals Court Holds Assets of Irrevocable Trust are Available for Medicaid Eligibility Purposes

Elder law is an increasingly important area of law for clients. This month’s Alert examines a Wisconsin case concerning an Irrevocable trust which was included as an available asset for Medicaid purposes. The Alert also examines what they could have done differently to achieve a better result.

IRS Issues Instructions for Estate Tax Returns for Decedents Dying in 2011 and 2012

This month’s Alert examines the IRS’ recent release of instructions regarding how to ensure portability of the applicable exclusion amount at the death of the first spouse. Many surviving spouses may see an estate tax return at the death of the first spouse to be unnecessary. This alert shows why advisors should document that they advised the filing of an estate tax return.

A “Do-It-Yourself” Mystery: The Case of the Neighbor Girl and the Well-Meaning Widow

Clients occasionally attempt do-it-yourself estate planning. Sometimes they use software assistance, borrow from others’ documents, or amend their professionally prepared documents themselves. This month’s Alert looks at one such story and the havoc it wrought. In the end, the client’s goals were not achieved and her loved ones were pitted against each other in court.

Failure to Review Estate Plans Periodically Can Lead to Unintended Consequences

The estate tax law is a moving target, both at the federal and state level. This month’s Alert examines a case which illustrates how the changing laws can result in unintended results in your plan. Now, more than ever, it is important to review your estate plan periodically to ensure the outcome you want.

2012 Budget Proposal Includes Permanent Estate and Gift Tax Reforms

This month’s Alert examines the Obama Administration’s 2012 budget proposal and how it might affect estate, gift, GST, and income taxes. Further, the Alert looks at how our tax system compares to other developed countries.

Doing It Yourself Can Sometimes Lead to Disaster

Nowadays, a growing number of consumers attempt to prepare estate planning and other documents of legal significance without professional assistance. These do-it-yourselfers are penny-wise and pound-foolish. This Alert examines several cases in which the decedent attempted to create or modify his own estate plan, with disastrous results.

Creditor Protection Extended to Inherited IRAs by More Courts

IRAs and Qualified Plans are an increasing portion of our clients’ wealth. The advantages of the income tax deferral are well-known. This month’s Alert looks at developments regarding the creditor protection such plans provide, not only for the contributor, but also for those who inherit them.

Elizabeth Taylor’s Estate Could Exceed $1 Billion – Much of It Could Benefit AIDS Charities

Elizabeth Taylor died recently with a $1 billion estate. This month’s Alert focuses on her estate, her philanthropy, and various advanced estate planning techniques with a charitable component. Read this month’s Alert to find out how charitable giving can help you and your clients meet estate planning goals.

Annuity Maximization

This Alert examines how a tax-deferred annuity may not be the best solution for senior clients. It demonstrates how a single premium immediate annuity, or “SPIA” may be a better alternative for clients, especially if the client is in a lower tax bracket than the children who will inherit it.

Double Disclaimer Saves Millions in Estate and GST Tax

This month’s Alert examines how effective use of disclaimers can save millions in taxes. The Alert examines a ruling request presented to the IRS involving such a situation.

TRA 2010 Creates Opportunity for New Planning Strategy – The FlexTrust

The question of whether to fund a credit shelter trust has long been a central question in estate planning. With the new tax law and it’s temporarily increased exemption, the question is all the more relevant. This month’s alert discusses a new method of adding flexibility to your clients’ trust. The FlexTrust allows an independent Trust Advisor to decide whether and to what extent the credit shelter trust should be funded.

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

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Testimonials

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

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CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

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HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
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NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

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