Category: Blog
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Beware of a Spousal Rights Trap That “May Be” in a Revocable Trust
For years, I have been counselling clients as to who should have a revocable trust without ever thinking of a serious trap for the unwary. But as can happen, even after many decades of practice, you encounter clients whose circumstances make you rethink what you thought you knew and re-evaluate the sufficiency of your checklists.…
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Finally Final SECURE Regulations
Last week, the IRS issued the long-awaited final regulations implementing the changes made by the SECURE Act. The regulations take effect 60 days from the date on which they were published (the publication date is July 19, 2024) and certain provisions apply for purposes of determining required minimum distributions for calendar years beginning on or…
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Estate Planning Excellence: The ACE Roadmap to Success
The list of things they teach you in law school is long. We know how to read a case, how to draft a brief, and how to craft an argument. We know how to issue spot. We know how to “think like a lawyer”. The list of things they don’t teach you in law school,…
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Always Learning
I was new to estate planning in the early nineties, and I was reminded recently that even though it may seem like the nineties were ten years ago (and it truly does, to me), they were thirty years ago. Some of you reading this were born in the nineties. My reference is only to point…
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Take Steps Now to Harness AI for the Future
I am fortunate to be in a position that affords me access to other attorneys grappling with this subject and people with technical backgrounds who have a good understanding of current and developing AI technology. Although I am not an expert, I have experience in the area that other estate planning and elder law attorneys…
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Viability of Using AI to Draft Wills
U.S. News & World Report recently interviewed InterActive Legal CEO, Vanessa Kanaga about the viability of using AI to draft Wills. Although current AI technology is impressive and can be put to beneficial use, the public should be wary of AI-generated Wills. In addition to generating Wills that may not be valid, AI is also…
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Why I Do Not Fear AI
Last year, I was working with a physical therapist to rehab a hip injury, and I asked him, “What do you think about foam rollers? Are they good or bad?” His response: “A foam roller is a tool, so it depends on how you use it. Would you ask whether a hammer is good or…
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What to Know About SECURE 2.0
The Setting Every Community Up for Retirement Enhancement Act (“SECURE”), which became effective in January of 2020, made major changes in how beneficiaries of retirement plans and IRAs receive those assets after an account owner’s death. Proposed regulations were issued last year to provide additional guidance on SECURE, but they are not yet final.
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SECURE 2.0 Opens Door for Qualified Longevity Annuity Contracts (“QLAC”)
Back in the spring of 2022, in a rare show of bipartisan action, the House and Senate passed a law intended to give Americans an incentive to save for retirement. The bill received over 400 votes in the House and over 80 in the Senate. The bill, dubbed SECURE 2.0, is a follow-up to the…
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An Estate Planner’s Unexpected Journey
Fans of country music know that many songs are detailed stories about life – and that’s true for other types of music as well. A new country song called “Next Thing you Know” reminds me of one from a few years back called “Don’t Blink” – both describe how life can speed by before you…
