New & Notable Developments from

The Law Offices of James A. Hyatt & Associates
 

This page of our website is designed to bring current news and information about us and about the important developments in areas that affect planning we do for our clients at The Law Offices of James A. Hyatt & Associates.

The Perils of Procrastination

It has almost been a year since Congress placed a two-year band aid on the estate tax and nothing further has been done to deal with the uncertainty over what law will be in effect at the end of 2012. To add to the uncertainty, we are well into another presidential election campaign and we are now seeing some candidates unveil their visions for alternative tax policies – from the “9-9-9 plan” to the flat tax, both of which would eliminate the estate tax...[more]

Does your Living Will Trust Measure Up?

Over the past 10-20 years Living Trusts have become the estate planning vehicle of choice for many people. Such revocable trusts are frequently recommended by estate planning attorneys, financial advisors and CPAs.

Living Trusts come in all shapes and sizes – there is no “one size fits all” form that can be suitable for everyone. I am often asked by advisors and their clients to review Living Trusts that have been prepared by other lawyers (or sometimes by the clients themselves with the help of software or self-help books.) Here is a checklist of things...[more]

A First Look at the New Estate Tax Law - What Am I Telling My Clients?

So, after nine years of waiting for Congress to give us a definitive answer to the question of what to tell our clients about how estate taxes will affect them, what did we get? We got a two year band-aid that leaves us with even more questions unanswered...[more]

February 2011 Client Newsletter: Estate Planning Advisory

You are probably aware that the Tax Bill that Congress passed last December brought some big changes to the federal estate tax, including an increase in both the gift tax and the estate tax exemption amounts to $5 million. Unfortunately, the new law is only a two-year “band-aid” that expires on January 1, 2013. Thus, we are still faced with much uncertainty as we assist our clients in planning for the effective transfer of their estates to their loved ones...[more]

Teach Your Children Well

While our clients range in age from the twenties to the nineties, a large percentage fit into those middle-age years. Many of them have children who have left the “nest” and started their own families. We all remember the adventure and challenges of raising youngsters while struggling to make ends meet financially. Thus, we know it is often difficult for young parents to set aside the time and the money to go see an attorney to get a proper estate plan – including wills, trusts, powers of attorney and living wills...[more]

“Beneficiary-Controlled Trusts” Gaining in Popularity

Over the past couple of years, an increasing number of our clients have been seeking our assistance in structuring well-designed trusts to pass on their wealth to their children. Often, these children are already adults and usually are very responsible. Thus, one might expect that the client would simply leave the child’s inheritance to him or her outright, as opposed to in a trust. However, there are many benefits to leaving a child’s inheritance in a trust, even if the child is a responsible adult. Properly structured, a trust can (1) prevent a child from losing an inheritance in the event of a divorce; (2) protect an inheritance from a child’s bankruptcy or a lawsuit; and (3) prevent the inheritance from being taxed when the child passes the inheritance on to the next generation. By naming the child as the Trustee (or as a Co-Trustee) of the trust, the child can have virtually unlimited control over the Trust. With such trusts, the inheritance actually becomes more valuable to the child – as he or she can use the assets for living expenses, such as mortgage payments, food, clothing, medical insurance and expenses, the purchase of a new car, and even vacations, yet also have the added protections that come with a trust. Thus, it is not surprising that beneficiary-controlled trusts are so popular!