Google Reviews 5 Stars badge
Call Anytime 24/7 800-255-6534
Google Reviews 5 Stars badge
Contact Us
CONTACT

Month: February 2012

2/27/2012

Alabama Residents Prepare for Possible Estate-Planning Changes: Part II

As a follow up to our last post, we now continue discussing the possible estate-planning changes contained in the President's recent budget proposal. • The low-risk grantor retained annuity trust or GRAT This estate-planning tool permits someone to put assets into an irrevocable trust and retain the right to receive distributions for the life of the trust. The annuity is equal to the value of what's been contributed plus interest.

Read more
2/21/2012

Alabama Residents Prepare for Possible Estate-Planning Changes: Part I

If President Obama is successful in passing his proposed budget, beginning next year it will become much harder for Alabama estate planning attorneys to help individuals pass along money to their children and grandchildren without the government tacking a heftier fee. According to a recent article on Forbes.com, the President's recently proposed budget for 2013 would permanently restore the estate tax rates to those that were in effect in 2009 and limit several popular methods for shifting assets to future generations. Click here for a copy of Obama's budge proposal.

Read more
2/10/2012

Child Sex Abuse Victims in New Jersey Suffer Setback, Alabama in Similar Position

The New Jersey legislature recently failed to pass a bill that would have lifted the two-year statute of limitations that victims of sexual abuse have to file civil claims against their abusers. When the bill was initially proposed back in 2010, it received overwhelming support by a state senate committee. However, since that time, the bill has been stalled in the state legislature. On the last day of the legislature's final session, lawmakers failed to vote on the bill. The bill has had significant support in committee, and some believed that because of that support, the bill would make it to the governor's desk. Sadly, for the victims of abuse, they were wrong. Alabama currently has the exact same two-year statute of limitations for suits based on sexual abuse. In Alabama, a victim may bring suit against the perpetrator within two years of the incident.

Read more
2/10/2012

Estate-planning tips for Alabama families

Alabama families need to make sure that their affairs are in order, regardless of the size of the estate, to ensure that the right people inherit your assets. Developing a sound estate plan early can help minimize taxes for your beneficiaries down the road. The following pieces of advice can help anyone; even those who have already begun to prepare their estate plan. • Clearly Declare Who Gets What

Read more
2/8/2012

Even a Millionaire Attorney Has Estate Planning Problems

Famous Houston trial lawyer John O'Quinn's estate is nearly at the end of its massive litigation battle, reported the Houston Chronicle. O'Quinn died in 2009 in a car accident. In his will he left his entire estate to the John O'Quinn Foundation. However, his live-in girlfriend was not particularly pleased with his decision to donate his entire fortune to the foundation rather than to her. Darla Lexington claimed she was O'Quinn's common law wife and claimed that she was entitled to more than just the proceeds of the life insurance policy for which she was the sole beneficiary. As such, she filed a lawsuit against the estate.

Read more
2/6/2012

Estate Planning and the Republican Presidential Primary

After the recent attention directed at Republican Presidential candidate Mitt Romney's tax bill, Alabamans may be curious to see the impact of the various Republican's tax plans, especially for those who are lucky enough to share Romney's tax bracket. Time Magazine ran the numbers and found that under his own plan, Romney would save $3.4 million a year given his $22 million income in 2010. Romney's own plan would reduce his tax bill thanks largely to his proposal to permanently lower the tax on investment income to 15%. The vast majority of Romney's income (and that of many wealthy individuals) is derived from such investments and explains why he's able to keep his overall tax rate so shockingly low.

Read more