Forbes:  “Congress seems likely to clamp down on this wealth transfer technique. Here's how you can still use GRATs [grantor retained annuity trust]. . . . Here’s how a GRAT works“

Forbes:  “For those who dare to think ahead, today's down market and low interest rates offer great tax saving opportunities.”

Calgary Sun:  “the expenses involved in setting up a trust will probably be worthwhile for anyone with an estate worth more than $150,000.”

Forbes:  “Any Momma who would ride the rails . . . probably isn’t worth shoving to a grisly demise.  It’s the Mommas flying on their private jets who need to pack parachutes or watch their backs. Without a doubt, the one- year lapse in the federal estate is a boon to heirs of the superrich. . . . But for ordinary families, it is creating all sorts of grief and unintended consequences and might even cost some of them extra federal tax, to say nothing of lawyers’ bills.”

Forbes:  “There's no estate tax this year, but tangled new income tax rules apply. Here's how to thread your way through the morass. . . .  But behind the scenes, lawyers and accountants are wrestling with a far more practical problem that affects all inheritors this year: the tangled new income tax rules that apply to assets inherited in 2010. “

Dayton Daily News:  “There are many reasons people cite for not filling out important documents like a will or papers dealing with medical decisions.  First, there’s the fear of death . . . . Then there’s good old-fashioned procrastination . . . . None are good reasons . . . . Getting your important documents in order can offer peace of mind and can avoid future costs.”

Morningstar:  “Not doing so can have unintended consequences.  But improper titling–or failing to change asset titles when your life situation changes–can lead to unintended consequences. For one thing, the way your assets are titled will trump anything that's in your will. So if you pass away and you've titled your assets in a way that doesn't reflect your current situation and true wishes, the work you've put into estate planning may be for naught.”

Contractor Mag:  “From a tax-planning viewpoint, once the first (could be second, third, etc.) marriage ends, the ex-husband falls into one of three distinct categories [looking for the next spouse, next marriage, significant other]. Each category requires different economic and tax strategies. Let's take them one at a time.”

Contractor Mag:  “From a tax-planning viewpoint, once the first (could be second, third, etc.) marriage ends, the ex-husband falls into one of three distinct categories [looking for the next spouse, next marriage, significant other]. Each category requires different economic and tax strategies. Let's take them one at a time.”

Forbes:  “Don't trust the courts to follow your wishes–plan the distribution of your own assets.  Many people believe that when they die, their personal belongings and all of their worldly possessions will automatically go to their next of kin–even if they don't have a will. Unfortunately, they're wrong. In fact, if an individual dies intestate (without a will) the probate courts will determine how to distribute that person's assets.”

Wealth Strategies just published the first of a six part series on lesser known trusts written by attorney Wendy Goffe.  She says, “Part I of the article provides a brief outline and introduction.  Part II discusses unusual trusts that still conform to the usual trust model.  Part III discusses commercial trusts, or corporations masquerading as trusts.  Part IV discusses trusts without a beneficiary, the so-called “purpose trusts.”  Parts V and VI discuss miscellaneous trusts, constructive trusts, and trusts that defy categorization.  Finally Part VII discuses sham trusts — creative criminal acts using a trust name.”

Part 2 of the article covers the following commercial trusts:

• Statutory Business Trusts
• Investment Trusts
• Environmental Remediation Trusts
• Statutory Land Trusts
• Liquidating Trusts
• Voting Trusts.

Part 3 covers the following purpose trusts:

• Funeral and Cemetery Trusts
• Gun Trusts
• Pet Trusts

Part 4 is about Trusts That Defy Categorization.

• Blind Trusts for Public Officials
• Blind Trusts for Business Executives
• Coogan Trusts
• Totten Trusts

Part 5 explains Sham Trusts

Forbes:  “Check your estate plan now. A common trust arrangement could leave a surviving spouse with too little. . . . Since the estate tax has been eliminated for persons dying in 2010, a decedent's trust created by the traditional language–‘the largest taxable estate on which no federal estate tax is payable'–will contain all of the couple's assets and the survivor's trust will have no assets!”

New York Times:  “Family limited partnerships are primarily used to reduce the size of an estate for tax purposes. What makes them so attractive is that the value of whatever is in the partnership . . . can be discounted . . . . But now, with continued scrutiny by the Internal Revenue Service, some people are taking another look.”

The State of Washington settled a lawsuit it filed against The Preservation Group, LLC, of Chandler, Arizona, Kevin D. Boterman and Robert J. Feinholz alleging that they violated Washington's Estate Distribution Documents Act found in RCW 19.295.020, which provides:

“(1) Except as provided in subsection (2) of this section, it is unlawful for a person to market estate distribution documents, directly or indirectly, in or from this state unless the person is authorized to practice law in this state.

“(2) A person employed by someone authorized to practice law in this state may gather information for, or assist in the preparation of, estate distribution documents as long as that person does not provide any legal advice.

“(3) This chapter applies to any person who markets estate distribution documents in or from this state. Marketing occurs in this state, whether or not either party is then present in this state, if the offer originates in this state or is directed into this state or is received or accepted in this state.”

The defendants settled the lawsuit and agreed to refund money and not violate Washington's Estate Distribution Documents Act. The following it the text of a July , 2010, press release issued by the Washington Attorney General, Rob McKenna:

The Attorney General’s Office has accused an Arizona company of violating a 3-year-old state law intended to crack down on “trust mill” schemes. The Preservation Group and its founders will offer […]

Wall St. Journal:  “Less than 10 days before [my brother] died, he made me promise that I would write about him again, when his time was up, again because his story would help others. See earlier story. . . . people need to know that they can't wait to take care of the important things in their life too. I don't know how many days I've got, but once you think you can count your days, think of how bad it will be on you and your family if you haven't done the hard stuff.”

The Herald:  “Having a revocable living trust as the centerpiece of an estate plan is the best choice for many.  If properly funded, a trust will avoid probate and conserve the confidentiality of estate assets and distribution. . . . Properly funding a new living trust is an extremely important step in the estate planning process“

ProducersWeb:  “Beginning in January and through the end of December of 2010, there is no Generation Skipping Transfer (GST) Tax, unless Congress changes the law in the meantime. The GST tax was part of the temporary repeal (one year) of the estate tax, which automatically expires at the end of 2010. Starting January 1, 2011, the estate tax and the GST tax come back in full fury, with up to a 55 percent rate of tax. Your estate can suffer both an estate tax and a GST tax at 55 percent each.”

Business & Finance:  Part 1, “Leave Your Estate in the Right Hands.” Part 2, “Make Sure Your Plan Fits Your Unique Needs.”

“The most important product of estate planning isn't avoiding probate or reducing estate tax exposure, it's achieving family harmony. As a result, we must watch out for personal dynamics that might threaten disharmony when a person dies or becomes incapacitated.”