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May 2012 Archives

Making Early Withdrawals from your IRA

An individual retirement account might be set up for your retirement, but did you know that you could use the funds right now, if you wanted?

Of course, it’s not that easy. If it were that easy to remove money from an IRA, the IRA wouldn’t carry the tax benefits. Early withdrawal from an IRA comes with a 10 percent penalty, in addition to the amount being taxed.

Probate Judge Sued, Asked to Sit Out of Rosa Parks Estate Battle

The battle over the estate of Rosa Parks is heating up, again. A probate judge in the case has been asked to recuse himself from the case, reports the Detroit Free Press.

On Tuesday, Judge Freddie Burton Jr. told the lawyers in the case that we would decide on the disqualification motion in 30-45 days, reports the Free Press. A recusal is when a judge formally steps down from a case, typically for reasons relating to bias, or the appearance of bias.

What is the Difference Between a Foundation and a Charity?

While many think that nonprofit law is the domain of a business attorney, there are many New York Estate Planners who are well versed in this area. The reason is because there are many family foundations set up in and around New York.

There is often confusion between a public charity and a private foundation. Many times, people want to set up a philanthropic entity but they don’t fully understand the differences between the two entities.

Families Feud Over Mary Kennedy's Estate and Remains

Mary Kennedy has only been dead for a few days and already, the fight over her estate has begun, reports The Daily Caller.

For starters, the family of Mary Richardson Kennedy failed to invite her estranged husband to a private memorial service held in her honor on Monday.

Mary Kennedy, Ex-Wife of RFK Jr, Found Dead in NY Home

Robert F. Kennedy's estranged wife, Mary Kennedy, was found dead in her New York home on May 16.

Details of her death are still unavailable, although news reports call it a "possible unattended death."

Mary Kennedy was currently in the process of a divorce from her husband.

What is GSTT? Your Grandkids Could Get Taxed

One of the most complicated tax concepts in estate planning is the generation-skipping transfer tax.

For many Manhattanites, your estate might be in the millions so it makes sense to sit up and pay attention to GSTT when planning your estate.

Without planning, your grandkids could be taxed on the wealth that reaches them through your will or your trust. So if you have a considerable amount of wealth to hand down, you want to plan carefully.

Baby Boomers to Inherit $8.4 Trillion

Baby boomers are expected to receive an estimated $8.4 trillion in inheritances, reports Forbes. That’s a lot of cash (and assets) coming their way.

But what to do with all that newfound wealth?

Anna Nicole Smith's Estate Owes Back Taxes

The estate of Anna Nicole Smith is still bleeding money, five years after her death. The IRS is chasing her estate for unpaid taxes, reports NBC.

Earlier this week, the IRS filed a tax lien against Anna Nicole Smith’s estate in Los Angeles County Superior Court. The IRS is trying to recover back taxes in an amount of $289,123.48.

Using Loans to Pay Estate Taxes: What is a Graegin Loan?

What happens if an estate has assets that it simply cannot sell off to meet estate tax obligations? This will usually be the case with high net worth estates and in New York, that could mean that quite a few estates might find themselves facing this problem.

Can the estate take out a loan to pay off its estate tax?

George Lindsey of The Andy Griffith Show Dies

George Lindsey, best known for his role as Goober Pyle on the Andy Griffith Show, died early Sunday morning, reports the Los Angeles Times.

Lindsey died at a healthcare center in Nashville, Tennessee after a brief illness.

The Andy Griffith Show was a 1960's situation comedy with Andy Griffith starring as the Sheriff of Mayberry, North Carolina. Lindsey first appeared in 1964 as Goober Pyle, the cousin of the gas station attendant Gomer Pyle.

The Benefits of a Family Limited Partnership

If you are worried about planning for the succession of your business, you may want to consider the Family Limited Partnership.

Why would you consider such a thing if you are planning your estate? What are the benefits of the FLP? Rather, what is the FLP?

The Basics: What are the Important Documents in an Estate Plan?

So, you want to get started on an estate plan but have no clue what any of these estate planners and financial gurus are talking about?

Welcome to estate planning 101: The crash course on the basic estate plan.

Facebook Organ Donation Tool Can't Replace a Proper Living Will

On Tuesday morning, Facebook founder and CEO Mark Zuckerberg announced on ABC that he added an organ donation tool on Facebook, which would allow donors to put on their timelines their decision to donate organs.

Shortly thereafter, organ donation organizations began receiving phone calls and emails with people interested in becoming organ donors. Zuckerberg said that he was motivated in part by his late friend Steve Jobs and in part by his girlfriend, a medical student.