By Royce Lanning | Published January 3, 2017 | Posted in Estate Planning | Leave a comment
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Royce Lanning
Estate Planning: Planning to Protect Inherited Retirement Accounts
For many years, people that inherited their parent’s retirement accounts believed those funds would be protected from creditor claims just like their own retirement accounts are protected from creditor claims. However, the U.S. Supreme Court rejected that concept in 2014.[1] In Clark v. Rameker, the Supreme Court ruled that the beneficiary’s inherited IRA was subject Read More
Read MoreEstate Planning: Planning for the Fabulously Middle Class
Most people recognize the value proposition that estate planning offers to the wealthy because the proper plan can be used to reduce or eliminate estate taxes. However, estate planning also offers a value proposition to those of modest or moderate means. An estate plan can be used to reduce the costs, expenses and effort of Read More
Read MoreHow to Avoid Having Undue Influence Invalidate Your Parent’s Will
If your elderly parent has no will, for whatever reason, it can be difficult to make them understand why they need one. Without a will, the estate passes according to the state’s laws of inheritance. This means certain types of property may be treated differently than others, which can result in certain loved ones being Read More
Read MoreArbitration: Hoskins’ Choice
Courts have historically been protective of arbitration awards and reluctant to overturn them. However, the level of deference to arbitration awards was significantly increased by the Texas Supreme Court’s recent decision in Hoskins v. Hoskins.[1] In Hoskins the Court expressly overruled two common law basis for challenging arbitration rulings[2], and found that an arbitrator’s ruling Read More
Read MoreEstate Planning: One Size Doesn’t Fit All – Part II (Under Planning)
In Part 1 of this series we discussed the potential for older documents to involve too much estate planning (i.e. over planning) when considered in light of current tax legislation. In this installment we will look at the dangers of a “one size fits all” plan that does not provide enough planning (i.e. under planning). Read More
Read MoreEstate Planning: One Size Doesn’t Fit All – Part III (Special Circumstances)
In Parts 1 & 2 of this series we discussed the potential for older documents to involve too much or too little estate planning (i.e. “over planning” and “under planning”, respectively). In addition to under planning and over planning you should also be aware of some unique circumstances that require consideration in your estate plan. Read More
Read MoreEstate Planning: One Size Doesn’t Fit All – Part I (Over Planning)
With the increase of software packages and online companies that provide forms to complete your estate planning many people think their wills or trusts should be “one size fits all.” Unfortunately, there are very few things in the law that apply equally well to all people and all circumstances and estate planning is no exception. Read More
Read MoreBusiness Owner Planning: Money Now or Business Later
Let’s be honest, not every child is looking to own or run the family business. Many children would be happier to receive a lump sum of money and be done with it. Not surprisingly, clients are often looking for advice on how to avoid a family squabble when one child wants to own/run the business Read More
Read MoreGifts and Tax Planning: Transferring Appreciated Assets
There are a number of motivations to give a gift to loved ones during life; however, it is important to remember that certain assets are taxed more favorably if they are given after the owner’s death. As discussed in my recent blog post, The “Basis” for Good Planning: Using “Stepped-Up” Basis to Reduce Taxes, assets Read More
Read MoreTenant Default: Are You Preserving Your Remedies?
My mother always said, “You can’t get blood from a turnip.” Being a fairly argumentative child (sorry Mom), I proceeded to suggest useful products that could be derived from a turnip and sold/traded for the money I was seeking. Commercial landlords are often faced with the same dilemma. Rent tends to be a high priority Read More
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