Interactive Legal Blog

Keeping Your Digital Vault Complete, Correct & Current

Betsy Ehrenberg, CEO and founder of Legacy Concierge

 

With over 2.6 million deaths in the U.S. each year, family offices, wealth managers, loved ones and attorneys are often not prepared to effectively erase an electronic footprint and secure digital assets of the deceased.

Digital vaults are available from insurance companies, software providers, national banks, law firms and determined individuals using home-designed spreadsheets or password lists. Regardless of source or sophistication, users should be aware when a secure digital vault can create more problems than it was intended to solve.

First problem, is the vault complete? One easy way to determine if all needed information is in the vault is to imagine who will have access, what they are looking for and why its contents will be used. Generally, persons who need to access vault materials include spouse, sibling, child and/or attorney. Additionally, the vault builder or owner might need to use items in the vault to obtain user names and passwords. Given its many users and uses, it is vital that stored information should be easy to read and understand.

Not Just Lonely Words on a Page, but REAL People Making REAL Differences

Sally Chung, CFP, ChFC, JD, Elder Law Planning® subscriber, bestows a “basket of thanks” upon InterActive Legal’s Teresa Bush

 

Recently, InterActive Legal Director of Education and Support Services, Teresa Bush, received a sincere and generous “Thank You” from subscriber Sally Chung, who migrated over from a competitor in the Elder Law document drafting arena.

Ms. Chung had requested additional assistance in document selection and interviews within the ILS drafting suite. Teresa went above and beyond in assisting Ms. Chung with the transition from her old system to the more robust drafting system offered by InterActive Legal.

Rock-steady guidance and leadership from Teresa was rewarded in the form of a super-sized gourmet gift basket, sent virtually across the country, from our new subscriber.

We’re proud Teresa is one of our cornerstones. Rock on Teresa!

Have you Met Clayton?

Teresa Bush, JD., InterActive Legal

A television show in the early 2000's had a frequently-used bit where a popular guy would introduce his somewhat shy friend to women at the neighborhood bar with the quick line “Have you met Ted?”  It’s likely that the women otherwise never would have had the opportunity to meet Ted, as he was a bit of a wallflower.  I feel the same way about the Clayton QTIP.

Before joining InterActive Legal (ILS) in 2007, I practiced estate planning law for sixteen years, and I never once drafted a document using a Clayton QTIP.  Nor, to my knowledge, did any of the attorneys with whom I practiced.  Honestly, we didn’t pay much attention to the Clayton decision back then.  Only when I began working with ILS documents did I learn what a great option the Clayton QTIP can be for flexibility in estate planning, as an alternative – or in addition to – a disclaimer plan.  Had I not started working with ILS, I probably never would have taken the opportunity to understand this planning tool.

Are you already an Elder Lawyer?

Some attorneys feel that Elder Law and Estate Planning are distinct disciplines, and that a focus on one or the other for each individual client is critical.  Others are of the opinion that Elder Law is really just good Estate Planning.  Said another way, Estate Planning itself is already the type of asset protection engaged in by Elder Law practitioners, so Estate Planners are ideally positioned to serve Elder Law clients as well.  But which theory is correct?

In this live roundtable, our panelists will discuss the overlap between traditional Estate Planning and Elder Law asset protection planning. 

Society of Trust and Estate Practitioners (STEP) Orange County Bestows Their First Lifetime of Service Award to InterActive Legal Co-Founder

Jonathan Blattmachr recognized for years of teaching and support

Jonathan Blattmachr (on right) holding the crystal award presented by STEP Chair, Kristin Yokomoto (not pictured).  Next to Mr. Blattmachr is STEP, Orange County Program Officer, Richard Albrecht.

 

Melbourne, FL - The Society of Trust and Estate Practitioners (STEP) Orange County has honored Jonathan G. Blattmachr as the very first recipient of STEP’s Lifetime of Service Award at the 7^th Annual Institute on Tax, held February 15-16, 2018 in Newport Beach, California.

On February 15, 2018, STEP Orange County recognized Jonathan Blattmachr, the Founder of Pioneer Wealth Partners, Co-Founder and Editor-in-Chief of Interactive Legal, and Director of Estate Planning of Peak Trust Company, for his decades of contribution to the estate planning industry.  He was awarded with STEP Orange County’s first Lifetime of Service Award. 

What Elder Law Attorneys Need to Know About MSAs

Author: Joanne Marcus, MSW
Commonwealth Community Trust, Richmond, VA

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This is the third article in a series on Pooled Special Needs Trusts. Click here to read the first installment, An Overlooked Planning Option: Pooled Special Needs Trust.

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Medicare Set Asides (MSAs) are common in the Workers’ Comp field and may become more commonplace in liability cases sooner than later.   At settlement, many attorneys acknowledge that their clients are incapable of managing the settlement proceeds, but many do not know the effect that an award can have on means-tested benefits such as Medicaid and SSI. 

Estate Planning Under the 2017 Tax Reconciliation Act

President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017, making massive changes to business, personal, and estate tax rules. Every aspect of planning will be affected: asset protection, charitable giving, planning for itemized deductions, choice of entity, trust income tax planning, the structure of trusts (grantor vs. non-grantor, ING, SLATs, DAPTs, etc.), and more.

This is the most sweeping tax legislation since the 1986 tax act. It might also be the most quickly cobbled together and passed piece of major tax legislation ever, creating a myriad of questions and issues. It will transform estate planning. Income tax planning (and not just basis maximization), will be the new driver to motivate clients. New trust techniques will help practitioners serve this changing dynamic.

A brand-new book, "Estate Planning Under the 2017 Tax Reconciliation Act", by Martin Shenkman, Jonathan Blattmachr, and Joy Matak addresses this legislation in incredible detail.

The book explains many of the new provisions and explores how planning will change, with an emphasis on estate and transfer tax planning, and tax planning for individuals. 
We're excited to work with our partners to offer a Pre-Publication version of this ground-breaking and incredibly timely book, available for digital download as a PDF. 

*This may constitute attorney advertising.

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For more information, visit estateplanning2018.com

Advise Clients of Opportunity to Act Now to Preserve Charitable Deduction

Due to changes brought about by the new tax law, some charitably-motivated clients may wish to act now to make the most of the charitable deduction

Author: Jonathan Blattmachr Editor-in-Chief, InterActive Legal

 

The Tax Cuts and Jobs Act of 2017 (the "Act"), signed into law on December 22, 2017, makes sweeping changes to U.S. tax law.  The Act touches on almost every aspect of tax law, including the estate and gift tax.  The amount of the basic exclusion from estate tax is increased from $5 million to $10 million, which, adjusted for inflation, means that decedents dying in 2018 will have an $11.2 million exclusion from federal estate tax.  Unlike prior versions of the legislation, the final Act does not provide for the ultimate repeal of the estate tax.  Instead, it includes a "sunset" for the increased estate tax exemption, by providing that the increased basic exclusion amount applies to estates of decedents dying before January 1, 2026.

Helping Clients Understand Disbursements from a Pooled Special Needs Trust

Author: Joanne Marcus, MSW
Commonwealth Community Trust, Richmond, VA

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This is the second article in a series on Pooled Special Needs Trusts. Click here to read the first installment, An Overlooked Planning Option: Pooled Special Needs Trust.

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The number one concern among Beneficiaries and Advocates regarding a pooled special needs trust (PSNT) is understanding how the trust and disbursement process work. Accessing the trust and requesting disbursements should not be frustrating. Upfront explanation of how the disbursement process works and how and why decisions are made can help your client avoid confusion.

Digital Marketing for your Estate Planning and Elder Law Practice

Author: Eric Needle | President, Longbow Strategic Group

In 2018, we recommend you do one thing to market your business: Engage in digital marketing.

When people search for the services you provide, they need to find your practice. If you’re not actively marketing yourself online, focused on search, then you risk losing new business.

When a Gen-X’er or Millennial needs information, they turn to Google—and other search engines.

As someone who just this year had to research living wills, trusts and managing the financial affairs of my aging parents, I understand the mindset.

Mom and Dad live two hours south of me in West Palm Beach, Florida. They shouldn’t be driving and they need help, daily. Outside of my local sphere of influence, I can’t hop in the car and rush to their defense with just a moment’s notice.

Questions I need to know include:

• How do I protect my parents?
• What are their wishes, do they have living wills, and what is a living will?
• When do I need to take control of their affairs and how do I do that?
• What is power of attorney?
• How does assisted living work?
• How do I pay for it?
• How do I manage my Dad’s VA benefits?
• or help them manage their bills, finances and taxes?

I’m sure you hear these questions—daily—in the operation of your legal practice.

When people have these questions and search online, what answers, or more importantly, where do they turn for a solution?