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The Montana Estate Lawyer

Thursday, September 12, 2019

529 Plans and Their Advantages


A 529 plan, otherwise known as a qualified tuition plan, is a tax-sheltered way of saving for education. 529 plans are sponsored by states, state agencies, or educational institutions, and offer several estate planning benefits.

Distributions from the 529 plan, if used for the beneficiary’s qualified education expenses, including tuition, fees, books, supplies, equipment, and a limited amount of room and board, for students at colleges, junior colleges, technical schools, and even, with limitations, primary and secondary schools, are income tax-free.

Even though you can change beneficiaries or get your money back, 529 plan contributions are considered “completed gifts” for federal gift tax purposes.  As such, they are eligible for gift tax annual exclusion, currently $15,000 per year per person, $30,000 for married couples, for any number of recipients.
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Thursday, August 22, 2019

Your Estate Plan - Follow George Washington's Example


We talk often about the importance of a well-thought out estate plan.  Such planning includes giving thought to and identifying your goals and concerns, addressing those goals in a manner that makes most sense to you and fits your needs, and communicating your plan to family. With that in mind, I read with great interest a recent article that the “father of our country,” George Washington, did exactly that when formulating his last will and testament in 1799.  See Chris Creed, Smart Tips for Estate Planning: Write Your Will Like George Washington Did, Kiplinger, August 9, 2019. Whether it’s a will-based plan or a trust-based plan, we can all benefit from following his example.
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Thursday, August 8, 2019

The Grantor Trust - It's an Income Tax Concept


Many kinds of trusts are used in estate planning.  Trusts can be revocable or irrevocable, and their primary purpose may be to provide for such things as a means for planning for incapacity or disability, minimizing or eliminating estate tax, promoting a charitable purpose, or even avoiding probate, to name a few.  They can be set up for the use and benefit of the creator of the trust or for other individuals. The creator of a trust is known as the grantor.  The person or a member of the class of people for whom the trust assets  are intended to benefit is known as the beneficiary (which could be or include the grantor), and the person or entity that manages the trust is the trustee.
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Thursday, July 25, 2019

Who Should Handle Your Affairs?


Have you taken the time to consider whom you want to name to help if you become incapacitated or pass away? Keith's Book, "Introduction to Estate Planning - How to Protect and Pass on Your Legacy," Bardolf & Company, 2017, provides some great insight:

Healthcare Agents

Healthcare decisions are often time-sensitive. So, you may name a partner or spouse as primary decision-maker and then someone who lives nearby as a backup. People often want to name their kids as backups, which may be fine unless they live across the country.

You may decide that there are several people who could serve as backup healthcare decision-makers and that you'd be comfortable with any of them acting alone. If so, you might designate, say, all three of your kids "individually or jointly," meaning that if only one can make it to the hospital in time to help, he can act alone.


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Thursday, July 11, 2019

State Taxation of Trusts


On June 21, 2019, the US Supreme Court ruled in North Carolina Department of Revenue v. Kaestner 1992 Family Trust that the presence of in-state beneficiaries alone does not permit a state to tax trust income that has not been distributed to the beneficiaries where the beneficiaries have (1) no right to demand the income and (2) no guarantee that they would eventually receive the income from the trust. 

In 1992, Joseph Lee Rice III created a trust for the benefit of his children. The trust was to be governed by New York law (Rice’s home state), with the initial trustee residing in New York and the trust custodians residing in Massachusetts. The original trust provided that the trustee would have “absolute discretion” to distribute the assets to the beneficiaries “in such amounts and proportions” as the trustee might “from time to time” decide.
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Thursday, June 27, 2019

Are you prepared if disaster strikes?


The most common response I hear when I ask if a person has finished  his or her estate planning is, “I’m not worried, I have plenty of time.”  People view estate planning as simply directing how their stuff is distributed.  Estate planning, however, is more involved than that.  Proper estate planning should address both what happens while you are alive and what happens after your death.  First, you should ensure you have named people you trust to make decisions on your behalf while you are still alive and that your affairs are organized enough that they are able to do so.


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Thursday, June 13, 2019

Your Estate Plan – It’s Not Just About Your Assets, It’s About Your Legacy


What’s most important to pass on to the next generation? A recent survey by Age Wave Consulting asked Americans aged 45 years and older this question.  The results may surprise you in that the number one ranked answer was not “financial assets or real estate.”  The number one ranked answer was actually “values and life lessons” from 74% of the respondents.  The lowest ranked answer was "financial assets or real estate," while ranked in between were “instructions and wishes to be fulfilled” and “personal possessions of an emotional value.”


Traditionally, legacy planning has focused on the legal documents and financial techniques needed to transfer tangible assets.
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Thursday, May 30, 2019

Hospital Ordered to Pay $400,000 in Do-Not-Resuscitate Lawsuit


I saw the following article in the Great Falls Tribune this past weekend, as report by the Associated Press. The article, in its entirety, states:

“A Montana hospital has been ordered to pay more than $400,000 in damages to the estate of a man after jurors found the hospital, on two consecutive days, violated the man’s wishes not to be resuscitated.

A jury on Thursday found St. Peter’s Health in Helena and Dr. Virginia Lee Harrison negligent for violating Rodney Knoepfle’s patient rights.


Read more . . .


Thursday, May 23, 2019

Tanya is Retiring


May 31st marks the last day for our longtime employee, Tanya Steil, who is retiring. She has been with the office for thirteen years, and has served as an able legal assistant with her primary role being client relations coordinator. Quite a run!

Those of you who know Tanya will remember her for her outgoing personality and contagious laugh. We'll remember her for that, and for her loyalty and can-do attitude.

Tanya, thank you for your many years of service, your role and help in making our firm what it is today, and your friendship.

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Thursday, May 9, 2019

Coping with a Terminal Diagnosis: Getting Your Affairs in Order, Living Your Life


A terminal illness diagnosis is always devastating, whether it’s you or a loved one receiving the sad news. It changes your priorities overnight, and initiates a flurry of activity as you work to get your affairs in order. It’s a profoundly emotional time, but you need to stay focused and take care of personal arrangements as quickly and thoroughly as possible. 

Paperwork

The first order of business is to make sure your Read more . . .


Friday, April 12, 2019

All Natural Ways To Cope With Grief & Loss


Unfortunately, loss is a part of life, and something that everyone will experience at some point — and usually more than once. Grief is a natural response to losing someone that is important to you. During the grief process, you may have feelings of loneliness, hopelessness, confusion, or even depression, which all can take a toll on your mental and physical health. Coping with grief and loss is not easy, but there are resources available to try to make it easier. Below, are a few natural and healthy ways to cope with grief and loss.


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