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Estate Planning News
Law Day, U.S.A., 2006
America's legal system is central to protecting the constitutional principles on which our Nation was founded. As we observe Law Day, we celebrate our heritage of freedom, justice, and equality under the law.
This year's Law Day theme, "Liberty Under Law: Separate Branches, Balanced Powers," honors the wisdom of the separation of powers that the Framers of our Constitution established for the Federal Government. Delegates to the Constitutional Convention recognized the risks that accompany the concentration of power and devised a system in which the Federal Government's authorities are divided among three independent branches. James Madison highlighted the importance of our Constitution's separation of powers when he wrote, "the accumulation of all powers, legislative, executive, and judiciary, in the same hands . . . may justly be pronounced the very definition of tyranny."
Throughout our Nation's history, we have been reminded repeatedly of the wisdom of the Framers' design. Our system of separation of powers has safeguarded our liberties and helped ensure that we remain a government of laws. Law Day is an occasion for us to celebrate our Constitution and to honor those in the judiciary and legal profession who work to uphold and serve its principles.
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.
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Law Firm, Ironically, For The Unfair
In February, 2003, the California Attorney General sued a law firm, ironically, for the unfair business practices of targeting thousands of sm... Read more >
Definition:
The total of all assets, all debts and other obligations of an individual. At the time of death the total amount of benefits (life insurance, annuity and retirement benefits) to be paid to beneficiaries are often also considered part of the estate for Federal Estate Tax purposes
Trust
Definition:
A long recognized legal concept (first used in ancient Greece during the times of Socrates and Plato) in which some or all property of a Trust Creator is held on behalf of a beneficiary (which may include the trust creator) in the name of the Trustee.
Probate
Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.
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