Al Davis’s Estate Could Face Massive Estate Taxes
By Chris Watkins
Oakland Raiders owner, Al Davis, passed away over the weekend. Forbes Magazine published an interesting article by Mike Ozanian, discussing the fact that Al Davis’s estate could face hundreds of millions of dollars in estate taxes, based on an estimated valuation of the Raiders at $761 Million. The article predicts that the Davis family will have to sell its interest in the team in order to pay the taxes.
Although you may not feel too sorry for the family of Al Davis, this story is not uncommon for owners of small [...] Continue Reading…
Oct
10
Al Davis’s Estate Could Face Massive Estate Taxes
Posted in Estate Planning Wills & Trusts | October 10, 2011 | Leave a Comment
Feb
9
New Estate Tax Laws Provide Some Temporary Relief
Posted in Estate Planning Wills & Trusts | February 9, 2011 | 3 Comments
New Estate Tax Laws Provide Some Temporary Relief
By Chris Watkins
Well, in typical Washington fashion, the politicians waited until the very last possible moment to deal with the looming tax crisis that was to occur on January 1, 2011, when the Bush tax cuts were set to expire. In addition to the multitude of other tax increases that would have hit us, we were facing a dramatic increase in the estate tax rate, along with an equally dramatic decrease in the estate tax exemption. Also in typical Washington fashion, Congress didn’t enact any legislation that would provide long-term, reliable solutions [...] Continue Reading…
Oct
12
Get Ready for Increased Estate Taxes in 2011
Posted in Estate Planning Wills & Trusts | October 12, 2010 | 3 Comments
Get Ready for Increased Estate Taxes in 2011
By Chris Watkins
For several years, we have enjoyed ever-increasing estate tax exemption amounts. Last year (2009), the exemption was $3.5 Million. This year, there is no estate tax at all. But beginning January 1, 2011, when the so-called Bush tax-cuts expire (also known as the Economic Growth and Tax Relief Reconciliation Act of 2001), we are facing the largest tax increase in the history of our country. For this you can thank Congress, which has had years to deal with this, but chose to go home rather than do their jobs. This [...] Continue Reading…
May
19
Beware the Contract for Deed
Posted in Real Estate | May 19, 2010 | 14 Comments
Beware the Contract for Deed
By Chris Watkins
These days, as many sellers are in a desperate struggle to sell their homes, and many potential buyers are having trouble qualifying for conventional mortgages (because of tougher loan underwriting policies), the result is that seller financing is on the rise. One form of “seller financing” is the contract for deed.
WHAT IS A CONTRACT FOR DEED?
A Contract for Deed, sometimes referred to as a “land contract” or an “installment sale agreement,” is a form of seller-financing for real estate. In a typical real estate transaction, the seller transfers title to the buyer (by [...] Continue Reading…
Jan
27
The Fair Debt Collection Practices Act
Posted in Miscellaneous | January 27, 2010 | 22 Comments
Fair Debt Collection Practices Act
By Chris Watkins
As the economy continues to struggle along, thousands of people find themselves getting deeper and deeper into debt-related financial problems – credit cards, mortgages, car loans, and the list goes on and on. When debt piles up, inevitably you will find yourself having to deal with debt collectors, who sometimes can be rude, deceptive, and abusive. This article discusses a law passed by Congress as a means to curb such unfair collection practices – the Fair Debt Collection Practices Act.
TO WHOM DOES THE FDCPA APPLY?
The FDCPA generally does not apply to creditors collecting [...] Continue Reading…
Dec
2
Creditor Protection Aspects of LLCs
Posted in Limited Liability Companies | December 2, 2009 | 1 Comment
Creditor Protection Aspects of Missouri LLCs
By Chris Watkins
Limited Liability Companies have become extremely popular entity forms since their inception. The primary reasons for this are their flexible structure and their liability/creditor protection aspects. When most people think of the liability protection that LLCs provide, they are thinking about the protection enjoyed by the owners (or members) of the LLC from the LLC’s liabilities. For example, if an LLC is sued for breach of contract or for damages caused by an employee of the LLC, the LLC’s owners are normally safe from being held personally liable. A common exception to [...] Continue Reading…
Oct
29
Do It Yourself Estate Planning
Posted in Estate Planning Wills & Trusts | October 29, 2009 | 4 Comments
Do It Yourself Estate Planning
By Greg Jones
You are bound to have seen a number of companies with software and self-help online products allowing you to create your own Will. First, let us thank these companies for highlighting that nearly every adult should have a Will — and, possibly, other estate planning documents. We agree! We also admit that the initial cost of using a “do-it-yourself” piece of software or an online service is less than the initial cost of utilizing the services of a licensed attorney — though usually not as much as they might lead you to believe. [...] Continue Reading…
Aug
20
Informal Estate Planning
Posted in Estate Planning Wills & Trusts | August 20, 2009 | 18 Comments
Informal Estate Planning
With few exceptions, almost everyone we meet with to discuss estate planning has one overriding goal if they should pass away unexpectedly – to make sure their children will be cared for. Oftentimes, we hear how people have taken their own “informal” measures to accomplish this goal. Unfortunately, such informal” measures can have unwanted and unexpected consequences.
One example is when a parent with young children names a sibling or other relative as the beneficiary of a life insurance policy, with the expectation that he or she will use the money to take care of the [...] Continue Reading…
Apr
15
Charitable Giving
Posted in Wills & Trusts | April 15, 2009 | 15 Comments
Incorporating Charitable Giving into Your Estate Plan
By Greg Jones
About 70-80% of people give to charitable causes during their lifetime; however, only 7-8% include a provision for charity in their estate plans. Why is this? Frankly, I don’t believe the idea of supporting charity is often prompted by the attorney during the estate planning process. Lawyers generally have the goal of helping their client pass “as much as possible” to the next generation, and while there are tax incentives associated with making gifts to qualifying charities, you are almost never better off financially after making a gift [...] Continue Reading…
Apr
13
Pet Trusts
Posted in Wills & Trusts | April 13, 2009 | 2 Comments
PET TRUSTS
By Greg Jones
Research abounds about the positive health benefits that are afforded by pet ownership—not just to the owner, but also to the animal. In particular, the Research Center for Human-Animal Interaction at the University of Missouri is doing amazing work in this area.
Some of the individuals who benefit the most from human-animal interaction are seniors. However, many of the seniors that I have encountered are reluctant to get pets. They fear that they will outlive their beloved companion and that nobody will be there to adopt the [...] Continue Reading…